Bengaluru: Managed workspace options agency IndiQube Areas Ltd will launch its preliminary public providing (IPO) on 23 July, after competitor Smartworks’ profitable public itemizing on Thursday.
Bengaluru-based IndiQube will increase ₹700 crore, comprising a recent situation of ₹650 crore and a proposal on the market (OFS) of ₹50 crore by the promoters Rishi Das and Meghna Agarwal, as per the crimson herring prospectus (RHP) filed on Thursday. Current investor WestBridge Capital won’t be doing any OFS. IndiQube plans to make use of ₹462.6 crore of the IPO proceeds for establishing new centres, ₹93 crore in direction of debt reimbursement and the remainder on normal company functions.
As of 31 March 2025, the corporate manages a portfolio of 8.40 million sq ft throughout 115 properties in 15 cities with a complete seating capability of 186,719.
Funding rounds
In two funding rounds throughout 2018 and 2022, IndiQube raised a complete fairness of ₹324 crore, led by WestBridge Capital with ₹190 crore, adopted by promoter funding of ₹131 crore, and the remaining from angel investor Ashish Gupta.
The e book working lead managers to the supply areICICI Securities Ltd andJM Monetary Ltd.
IndiQube reported whole earnings of ₹1,103 crore in FY25 in comparison with ₹868 crore within the previous 12 months. It posted an Ebitda of ₹660 crore in FY25.
Income from value-added companies doubled from ₹68 crore in FY23 to ₹135 crore in FY25.
As per property advisory JLL India, India has seen outstanding progress of operational versatile area inventory, which has now reached a considerable 79.1 million sq ft throughout the highest seven cities. The operational flex inventory is anticipated to just about double over the subsequent 4 to 5 years, and attain 135 million sq ft by 2028.
Indiqube and Smartworks are managed workplace operators, whereas Awfis’ portfolio is a mixture of co-working areas and managed workplaces.
The tech-dominated cities of Bengaluru, Hyderabad, Pune, and Chennai at present account for greater than 72% of the operational flex footprint throughout the highest seven cities, in line with JLL.
“The 12 months 2025 has began strongly for flex operators, backed by the demand they’re attracting from a cross-section of corporations. Within the final 12 months, operators have acquired area in lots of Grade A buildings to strengthen provide. The IPO route will assist these corporations entry capital and develop quicker,” Karan Singh Sodi, senior managing director – Mumbai MMR and Gujarat and head-alternatives, India, JLL, informedMint.
In the meantime, Smartworks listed on the exchanges on Thursday at a premium of seven.15%. The inventory debuted at ₹436.10 on BSE, towards the problem worth of ₹407. Its ₹583 crore IPO that concluded earlier this week was subscribed 13.92 occasions total. A 12 months in the past,Awfis House Options was the primary firm within the versatile workspace sector to go public. Earlier this week, WeWork India additionally secured approval from the markets regulator Sebi to launch its IPO.
