Curation Team
NEW DELHI: Bengaluru-based IndiQube, a managed workplace solutions company, has received SEBI’s approval to raise ₹850 crore through an initial public offering (IPO).
The company had filed its draft red herring prospectus (DRHP) in December 2024.
According to the DRHP, the proposed IPO is combination of a fresh issue of equity shares aggregating up to ₹750 crore and an offer for sale (OFS) of equity shares aggregating up to ₹100 crore.
It proposes to utilize ₹426.6 crore from the net proceeds of the fresh issue towards funding capital expenditure; ₹100 crore for repayment or prepayment, of borrowings; and balance towards general corporate purposes.
The company was incorporated in 2015 by co-founders Rishi Das and Meghna Agarwal and manages a portfolio of 103 centers across 13 cities. It has a portfolio covering 7.76 million sq ft of assests under management (AUM) with a total capacity of 172,451 seats as of June 30, 2024.
IndiQube reported a total income of ₹867.6 crore in FY24 as against ₹601.2 crore in FY23. The company’s FY24 EBITDA stood at ₹263.4 crore, while for Q1FY25 itself the EBITDA was ₹153 crore.
ICICI Securities and JM Financial are the book running lead managers to the offer.
