IndiQube's ₹700cr IPO opens next week: What you should know
What's the story
IndiQube Spaces Limited, a leading workplace solutions provider, is gearing up for its Initial Public Offering (IPO). The company's public issue will open on July 23 and close on July 25, according to its Red Herring Prospectus (RHP). The IPO includes a fresh issue worth ₹650 crore and an Offer for Sale (OFS) of ₹50 crore.
Share details
IPO details and use of proceeds
The window for anchor investors to bid for IndiQube's shares will open on July 22. As per the RHP, promoters Rishi Das and Meghna Agarwal plan to offload shares worth ₹25 crore each in this public issue. The proceeds from the fresh issue will be used primarily for capital expenditure toward new centers, debt repayment, and general corporate purposes.
Tech advancements
IndiQube's workplace technology stack, MiQube
IndiQube is known for its innovative workplace technology stack, MiQube. The platform provides one-touch access to a range of services, including booking meeting rooms and ordering meals. The company has already crossed a transaction volume of over one million in FY25. As of March 31, 2025, IndiQube served 769 clients, with Global Capability Centers accounting for 44% of its clientele.
Business model
Enterprise-first strategy with focus on large occupancy clients
IndiQube follows an enterprise-first strategy, with 63% of its occupied area coming from clients leasing over 300 seats. The company's revenue is also mainly generated from multi-center clients. Some of the big names in IndiQube's client mix include Zerodha, Myntra, Siemens, Enphase, NoBroker, upGrad, Narayana Health, Juspay, Perfios, Allegis, Moglix, Ninjacart, among others
Expansion
Company managed a portfolio of 186,719 seats
As of March 31, 2025, IndiQube managed a portfolio of 8.40 million square feet across 115 properties in 15 cities. The total seating capacity of these properties is a whopping 186,719. This is a massive jump from the company's portfolio of just 74 centers and 4.94 million square feet in March 2023. The company's assets under management (AUM) have grown at a CAGR of an impressive 30% over two years.
Financials
Financials for FY25 and key investors
IndiQube reported a total income of ₹1,103 crore in FY25, marking a 35% CAGR from FY23. The company's EBITDA for FY25 stood at ₹660 crore with a return on capital employed (RoCE) of 34.21%. WestBridge Capital has been a key investor in IndiQube since 2018, leading two funding rounds in 2018 and 2022 that raised a total equity of ₹324 crore.