IndiQube Spaces Files Draft for ₹850 Crore IPO With SEBI to Expand and Reduce Debt

IndiQube Spaces, a workspace solutions provider, has filed a DRHP (draft red herring prospectus ) with the SEBI (Securities and Exchange Board of India) for an initial public offering (IPO) worth ₹850 crore.

Breakdown of the IPO 

The IPO will consist of 2 parts:

• Fresh Issue: ₹750 crore will be raised through the issue of new equity shares, each with a face value of ₹1.
• Offer for Sale: ₹100 crore will be raised through the sale of existing equity shares, also with a face value of ₹1.

Use of Proceeds 

The funds raised from the IndiQube Spaces IPO will be utilised for:

• Establishing new centres
• Repaying or pre-paying borrowings
• General corporate purposes

Share Sale by Founders and Promoters 

Founders Rishi Das and Meghna Agarwal, who together hold 37.68% of IndiQube on a fully diluted basis, will sell shares worth ₹100 crore. Non-executive director Anshuman Das holds 25.15% of the company.

The company may also raise ₹150 crore in a pre-IPO round through private placements or rights issues.

Company Overview 

IndiQube is a Bengaluru-based company with a presence in 13 cities across India. It manages 103 properties covering 7.76 million square feet of space.

For the quarter ended June 2024, IndiQube reported revenue of ₹242.3 crore but incurred a comprehensive loss of ₹42.11 crore.

IPO Details 

ICICI Securities and JM Financial are the Book Running Lead Managers for the IndiQube Spaces IPO. The equity shares will be listed on both the stock exchanges the BSE (Bombay Stock Exchange) and the National Stock Exchange (NSE).

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