IndiQube, backed by leading venture capital firm Westbridge Capital, is planning an IPO that will raise Rs. 750 crore new equity sale and Rs. 100 crore in Offer for Sale (OFS).
The company proposes to use the net proceeds of the fresh issue to fund capital expenditure for setting up new centres, repayment of debt and general corporate purposes.
IndiQube Spaces, incorporated in 2015, operates a portfolio of 103 centers across 13 cities, covering 7.76 million square feet of area under management (AUM) in super built-up area with a total seating capacity of 172,451 by June 2024. A balanced portfolio of customers including Global Competency Centers (GCCs) and Indian Enterprises as part of it
IndiQube’s clients include GCC, Indian corporates, unicorns as well as startups in sectors like Myntra, upGrad, Zerodha, No Broker, Redbus, Juspay, Perfios, Moglix, Ninjacart, Siemens, Narayana Health.
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IndiQube Grow is the company’s flagship offering, representing a comprehensive workplace solution for plug-and-play workspaces that includes interiors, technology, facility management and value-added services.
It has also developed four additional verticals to cater to specific client needs, namely IndiQube Bespoke, IndiQube One, MiQube and IndiQube Cornerstone.
Company in FY24 Rs. 868 crores as compared to Rs. 601 crores.
Flexible workspaces are becoming an integral part of the commercial office market. The rise of hybrid work models, prudent use of capital, need for flexibility, changes in workspace planning and work culture are some of the factors fueling the demand for flexible workspaces.
According to a report by CBRE, the flexible workspace stock in India currently stands at over 79 million square feet. Of which Tier 1 cities are more than 72 million sq.ft. Tier 1 stock is estimated to grow to around 124 Mn sq ft by the end of CY2027.
ICICI Securities and JM Financial are book-running lead managers for the offering.
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