Bengaluru: Managed workspace solutions firm IndiQube Spaces Ltd will launch its initial public offering (IPO) on 23 July, after competitor Smartworks’ successful public listing on Thursday.
Bengaluru-based IndiQube will raise ₹700 crore, comprising a fresh issue of ₹650 crore and an offer for sale (OFS) of ₹50 crore by the promoters Rishi Das and Meghna Agarwal, as per the red herring prospectus (RHP) filed on Thursday. Existing investor WestBridge Capital will not be doing any OFS. IndiQube plans to use ₹462.6 crore of the IPO proceeds for setting up new centres, ₹93 crore towards debt repayment and the rest on general corporate purposes.
As of 31 March 2025, the company manages a portfolio of 8.40 million sq ft across 115 properties in 15 cities with a total seating capacity of 186,719.
Funding rounds
In two funding rounds during 2018 and 2022, IndiQube raised a total equity of ₹324 crore, led by WestBridge Capital with ₹190 crore, followed by promoter investment of ₹131 crore, and the remaining from angel investor Ashish Gupta.
The book running lead managers to the offer areICICI Securities Ltd andJM Financial Ltd.
IndiQube reported total income of ₹1,103 crore in FY25 compared to ₹868 crore in the preceding year. It posted an Ebitda of ₹660 crore in FY25.
Revenue from value-added services doubled from ₹68 crore in FY23 to ₹135 crore in FY25.
As per property advisory JLL India, India has seen remarkable growth of operational flexible space stock, which has now reached a substantial 79.1 million sq ft across the top seven cities. The operational flex stock is expected to nearly double over the next four to five years, and reach 135 million sq ft by 2028.
Indiqube and Smartworks are managed office operators, while Awfis’ portfolio is a mix of co-working spaces and managed offices.
The tech-dominated cities of Bengaluru, Hyderabad, Pune, and Chennai currently account for more than 72% of the operational flex footprint across the top seven cities, according to JLL.
“The year 2025 has started strongly for flex operators, backed by the demand they are attracting from a cross-section of companies. In the last year, operators have acquired space in many Grade A buildings to strengthen supply. The IPO route will help these companies access capital and grow faster,” Karan Singh Sodi, senior managing director – Mumbai MMR and Gujarat and head-alternatives, India, JLL, toldMint.
Meanwhile, Smartworks listed on the exchanges on Thursday at a premium of 7.15%. The stock debuted at ₹436.10 on BSE, against the issue price of ₹407. Its ₹583 crore IPO that concluded earlier this week was subscribed 13.92 times overall. A year ago,Awfis Space Solutions was the first company in the flexible workspace sector to go public. Earlier this week, WeWork India also secured approval from the markets regulator Sebi to launch its IPO.
