IndiQube, a managed workspace solutions provider, has filed its red herring prospectus (RHP) with Sebi to launch a Rs 700 crore IPO, opening July 23. The issue comprises a Rs 650 crore fresh issue and a Rs 50 crore offer-for-sale by co-founders Rishi Das and Meghna Agarwal, who are offloading Rs 25 crore wroth of shares each.
Founded in 2015, the Bengaluru-headquartered company manages 8.4 million sq ft across 115 centres in 15 cities, including Coimbatore and other Tier II locations. The IPO marks a significant milestone in a journey that began with a single 160,000 sq ft building and has evolved into a nationwide workspace platform serving 769 unique clients.
Built By Grit
“I literally came to Bangalore with nothing and built IndiQube brick by brick,” says Rishi Das, Co-founder, IndiQube. “We are all in. The OFS is a testimony to our commitment, not an exit.” Das highlights that 64 per cent of their buildings are full assets, 30 per cent are renovated and over 80 per cent are located near metro stations, a deliberate play on functionality, sustainability and access.
Westbridge Capital, which has been a key backer since 2018, hold 5.79 per cent in the company, Careernet Technologies, co-founded by Das, owns 5.15 per cent. Other investors include Aravali Investment Holdings with 22.07 per cent and Anshuman Das, the largest shareholder, with 25.15 per cent. The co-founders Rishi Das and Meghna Agarwal jointly own 37.68 per cent. Post-IPO, the public shareholding is expected to rise to 15 per cent while the promoter group and existing investors will dilute proportionately.
Not Just Flexible Spaces
Meghna Agarwal, who describes herself as an “Entrepreneur by accident, not by choice,” emphasises the company’s solutions-led DNA. “We have never seen ourselves as just co-working or flexible. We are integrated workspace partners. From design-build to operations, everything on the platform is unified to ensure a consistent employee experience,” she asserts.
IndiQube posted Rs 1,059 crore in revenue in FY25, up 27.5 per cent from Rs 830 crore in FY24. Losses were narrowed significantly, down to Rs 139.5 crore in FY25 from Rs 341.5 crore the previous year. CRISIL has consistently upgraded the firm’s rating over the last three years.
Where The Money Goes
The capital raised will be utilised across key areas, Rs 42 crore for new centre expansion, Rs 93 crore for debt repayment, and the remainder for general corporate purposes. IndiQube has also installed a 20 MW solar plant in Karnataka, of which more than 50 per cent is already operational.
Das believes IndiQube’s strength lies in its hybrid model of plug-and-play workspaces and managed services. “We operate across three models, Bespoke (design-build-manage), Grow (plug-and-play) and One (servives only),” he explians.
The Tier-II Bet and The Green Edge
From a talent-first strategy to a ‘hub and spoke’ model, IndiQube has built for the new distributed workforce. “People like me went where jobs were. Today jobs go where people are. This is leading to a Tier II boom,” shares Das, pointing to Coimbatore as one of the fastest growing markets.
Agarwal adds, “We follow talent. We go where clients want to build, whether that is a tech park floor or a renovated 50-year old building. What matters is that the employee experience is seamless and inspiring.”
As of FY25, 44 per cent of IndiQube’s clients are global capability centres (GCCs). “And this number is only rising,” Das points out. “At a portfolio level, occupancy is north of 85 per cent. More than 60 per cent clients are acquired directly, which tells us the brand is working.”
A Billion-square-foot Opportunity
In a nod to the market opportunity, he opens up, “India has about 950 million sq ft of office space. CBRE data shows 52 per cent of it is over 10 years old and 44 per cent is non-green. Renovation is no longer optional, it’s mandatory. This presents a total addressable market (TAM) of 1 billion sq ft.”
The company, which competes with listed player Awfis and companies like Smartworks and WeWork India, is taking its green renovation strategy seriously. “We are green champions. 3.2 million sq ft of our portfolio is green. Many of our old buildings have been transformed into near-LEED-level assets,” explains Das.
“We are not here to grab a slice of the flexible workspace pie. We are here to redefine how the entire office space, new and old, is managed, scaled and made future-ready,” Das concludes with clarity.
The IPO is being launched under Sebi’s Regulation 6(2). Equity shares will list on both NSE and BSE. The anchor book opens July 22, followed by the public issue from July 23 to 25. ICICI Securities and JM Financial are the lead book-running managers.
