Office options firm IndiQube Areas Ltd is submitting for a ₹850 crore preliminary public providing (IPO).
Versatile workspaces supplier IndiQube Areas has filed for a ₹850 crore IPO(Representational Picture/Pixabay)
In keeping with the draft purple herring prospectus (DRHP) filed on Tuesday, December 24, 2024, this might comprise a recent situation of fairness shares value ₹750 crore and an Supply for Sale (OFS) of fairness shares including as much as ₹100 crore by the promoters Rishi Das and Meghna Agarwal.
Out of the entire proceeds of the IPO, ₹462.6 crore could be used to determine new centres, ₹100 crore for repaying money owed, and the remaining for basic company functions.
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The corporate, included in 2015, is backed by enterprise capital agency WestBridge Capital and in addition by famend investor Ashish Gupta.
Its core providing is IndiQube Develop which gives plug-and-play workspace options for versatile workspaces, interiors, expertise, facility administration and value-added companies.
It additionally has 4 different choices, together with IndiQube Bespoke, IndiQube One, MiQube, and IndiQube Cornerstone.
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These shoppers embrace GCCs, Indian corporates, unicorns in addition to varied startups like Myntra, upGrad, Zerodha, No Dealer, Redbus, Juspay, Perfios, Moglix, Ninjacart, Siemens, and Narayana Well being amongst others.
In Tier 1 Indian cities, versatile workspaces are estimated to develop to roughly 124 million sq. ft by the top of the calendar yr 2027, from the present 9 million sq. ft, in keeping with the report which cited a CBRE report.
That is due to the rise of hybrid work fashions. Bengaluru tops the versatile workspaces chart, with greater than 30% of the entire share.
IndiQube is amongst these main in Bengaluru, having 60 centres, spanning 5.04 million sq. ft.
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The corporate reported a complete revenue of ₹867.6 crores for the monetary yr 2023-24, in comparison with ₹601.2 crore in the course of the earlier yr. It additionally had an working revenue of ₹263.4 crore in the identical time.
ICICI Securities and JM Monetary are the ebook working lead managers.