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.
In FY25, IndiQube reported a total income of Rs 1,103 crore, registering a CAGR of 35% from FY23. EBITDA for FY25 stood at Rs 660 crore, with a Return on Capital Employed (RoCE) of 34.21%, cash EBIT margins of 10.81%, and an occupancy rate of 86.50% in steady state centers.
The company’s Value Added Services (VAS) revenue grew from Rs 68 crore in FY23 to Rs 135 crore in FY25, at a CAGR of 40.69%, contributing 13% to total revenues in FY25.
IndiQube has remained PAT positive under IGAAP accounting standards, paying income tax of Rs. 7.7 crore in FY24 and Rs. 8.4 crore in FY25. The company has received a CRISIL A+ / Stable rating, with consistent upgrades over the last three cycles.
The company’s proprietary workplace tech platform, MiQube, which enables one-touch access to services such as meeting room bookings and meal orders, surpassed 1 million transactions in FY25.
In line with its ESG focus, IndiQube is transforming old, standalone Grade B buildings into green-certified workspaces using sustainable practices. As of FY25, 30% of its portfolio comprises such renovated centers, while over 36% of the overall portfolio holds green certifications. Additionally, the company operates a 20 MW solar farm, with the first phase recently commissioned.
To date, IndiQube has raised Rs. 324 crore in equity funding across two rounds in 2018 and 2022. This includes Rs. 190 crore from WestBridge Capital, Rs 131 crore from the promoters, and the remainder from angel investor Ashish Gupta.
The demand for flexible workspaces continues to rise, driven by hybrid work trends, cost-conscious expansion, workspace adaptability, and evolving work culture. As per a CBRE report, the total flexible workspace stock of 82–86 million sq. ft. in CY2024 is projected to grow to 140–144 million sq. ft. by CY2027 across Tier 1 cities.
ICICI Securities Limited and JM Financial Limited are the Book Running Lead Managers to the issue. The equity shares are proposed to be listed on both the BSE and NSE.
