Bengaluru-based IndiQube files DRHP with SEBI for Rs 850 crore IPO

IndiQube, the Bengaluru-based workspace solutions provider, has taken a significant step. As for the legal framework, the company has recently submitted DRHP to SEBI. IndiQube files DRHP for Rs 850 crore. The proposed IPO forms an important landmark in its history. Furthermore, the fresh issue of shares amounts to Rs 750 crore precisely. Additionally, the co-founders will offer shares worth Rs 100 crore through OFS. Consequently, this strategic move positions IndiQube strongly in the competitive market space.

The company plans to establish new centres with Rs 462.6 crore funding. Moreover, they aim to repay certain borrowings with Rs 100 crore allocation. Their expansion strategy aligns perfectly with India’s growing flexible workspace demands. ICICI Securities and JM Financial will manage this significant book-running process efficiently. The listing will take place on both NSE and BSE shortly.

The founders maintain substantial control with a combined shareholding of 37.92 percent. Meanwhile, Anshuman Das holds the largest individual stake at 25.32 percent currently. Subsequently, WestBridge Capital and other investors hold smaller but strategic positions.

Impressive Market Presence and Operational Excellence

IndiQube currently manages 103 centres spread strategically across 13 major Indian cities. The company’s total operational area spans an impressive 7.76 million square feet June 30, 2024. Their current seating capacity accommodates 172,451 professionals across various business segments daily. Additionally, Bengaluru hosts 60 centres, covering 5.04 million square feet effectively.

The company offers five distinct verticals to cater to diverse client needs. IndiQube Grow provides comprehensive plug-and-play workspace solutions with modern amenities readily. Moreover, their Bespoke, One, MiQube, and Cornerstone verticals serve specific market segments. Their client base includes prominent GCCs, Indian corporates, and emerging startups.

The flexible workspace market in India shows remarkable growth potential currently. Furthermore, CBRE reports indicate the total flexible workspace stock exceeds 79 million. Subsequently, experts project this figure to reach 124 million by 2027.

Financial Performance and Strategic Board Appointments

The company’s revenue reached Rs 242 crore in Q1 FY25 impressively. However, they reported losses of Rs 42 crore during this period. Their FY24 revenue grew significantly to Rs 830 crore from previous figures. Meanwhile, the total income for FY24 stood at Rs 867.6 crore.

The Q1 FY25 EBITDA reached Rs 153 crore, showing strong operational efficiency. Moreover, their FY24 EBITDA stood at Rs 263.4 crore, reflecting steady growth.

Notably, Naveen Tewari brings valuable entrepreneurial expertise from the InMobi Group. Additionally, Avalur Gopalaratnam contributes 35 years of financial expertise effectively. Furthermore, Rahul Matthan and Sachi Krishana bring legal and HR expertise respectively

IndiQube files DRHP: Conclusion

IndiQube aims to raise Rs 850 crore through its IPO which is a landmark event in the Indian flexible workspace segment. The Bengaluru-based firm has planned its expansion, it has less debt on its books, and is a market leader with operations in 13 cities. Under the leadership of the management team, appropriately funded and with rising market demand, IndiQube is poised to revolutionize workspace solutions.

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