IndiQube's Rs 700 crore IPO to open on July 23

IndiQube Spaces Limited, a leading managed workplace solutions provider, has announced the launch of its Initial Public Offering (IPO), which will open for subscription on Wednesday, July 23, 2025, and close on Friday, July 25, 2025, as per the company's Red Herring Prospectus (RHP).

The IPO comprises a fresh issue of equity shares aggregating up to Rs 650 crore and an Offer for Sale (OFS) of Rs 50 crore by the company's promoters, Rishi Das and Meghna Agarwal. Notably, WestBridge Capital, a key investor in IndiQube since 2018, will not be participating in the OFS.

The company plans to utilize the proceeds from the fresh issue to fund capital expenditure towards new centers (Rs 462.6 crore), repay debt (Rs 93 crore), and for general corporate purposes.

As of March 31, 2025, IndiQube manages a portfolio of 8.40 million sq. ft. across 115 properties in 15 cities, with a total seating capacity of 186,719, up from 74 centers and 4.94 million sq. ft. in March 2023. Its Assets Under Management (AUM) has grown at a CAGR of 30% over the last two years. According to CBRE, Bengaluru is India's largest flex space market, and IndiQube is among its leading operators with 65 centers spanning 5.43 million sq. ft.

The company currently serves 769 clients, of which 44% are Global Capability Centers (GCCs). With an enterprise-first approach, 63% of its occupied area comes from clients leasing 300+ seats, and 44% of revenue is contributed by multi-center clients. Notable clients include Enphase, Myntra, Zerodha, NoBroker, upGrad, Siemens, Juspay, Perfios, Moglix, Ninjacart, Narayana Health, and Allegis.