Westbridge-backed managed workplace solutions company IndiQube Spaces Ltd has filed its draft red herring prospectus (DRHP) with capital markets regulator SEBI to raise money through an initial public offering. The company plans to raise ₹750 crore through a fresh issue of shares and ₹100 crore through an offer-for-sale (OFS) through its promoter-selling shareholders, Rishi Das and Meghna Agarwal.
The company plans to use the net proceeds from the fresh issue to fund capital expenditure for setting up new centers (₹462.6 crores); repayment or prepayment, in whole or in part, of certain loans available to the company (₹100 crore); and general business purposes.
IndiQube reported total income of ₹867.6 crore in FY24, up from ₹601.2 crore in FY23. EBITDA for the period stood at ₹263.4 crore, while for Q1FY25 itself, EBITDA stood at ₹153 crore.
IndiQube’s customers include GCCs, Indian companies and unicorns, as well as start-ups in sectors such as Myntra, upGrad, Zerodha, No Broker, Redbus, Juspay, Perfios, Moglix, Ninjacart, Siemens and Narayana Health.
Founded in 2015, IndiQube operates a portfolio of 103 centers spread across 13 cities, covering an area of 7.76 million square meters in super built-up area with a total capacity of 172,451 seats as of June 30, 2024, and has a balanced portfolio of Global Capability Centers (GCCs) and Indian companies as part of its clientele.
The shares are proposed to be listed on BSE and NSE.
