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Flexible workspace provider IndiQube Spaces is set to launch its INR 700 crore IPO from July 23 to 25, with a price band of INR 225-INR 237 per share, valuing the company at nearly INR 5,000 crore. The IPO includes a fresh issue of INR 650 crore to fund new centers (INR 462.6 crore), repay debt (INR 93 crore), and support general corporate needs. An additional INR 50 crore will be raised via an Offer For Sale by promoters, while investor WestBridge Capital retains its stake. With 115 properties across 15 cities and a FY25 income of INR 1,103 crore, IndiQube's shares will list on BSE and NSE on July 30.
IndiQube Spaces, a leading provider of flexible workplace solutions, is preparing to launch its Initial Public Offering (IPO) this week, seeking to raise INR 700 crore. The public subscription window for the IPO is scheduled to open from July 23 and will close on July 25. The price band for the offering has been set between INR 225 and INR 237 per share, with the company's valuation estimated at close to INR 5,000 crore at the upper end of the band. Advertisement
The IPO structure includes a fresh issue component of INR 650 crore, with the proceeds earmarked for the company's growth initiatives. Specifically, INR 462.6 crore is allocated for setting up new centers, and INR 93 crore is designated for debt repayment, with the remaining funds intended for general corporate purposes. The offering also features an Offer For Sale (OFS) of INR 50 crore by promoters. Notably, WestBridge Capital, a significant investor in IndiQube since 2018, will not be divesting its stake in this offering.
IndiQube Spaces, a Bengaluru-based company incorporated in 2015, has rapidly expanded its footprint across India. As of March 2025, its portfolio boasts 8.40 million square feet across 115 properties in 15 cities, accommodating a total seating capacity of 1,86,719. Financially, IndiQube Spaces reported a total income of INR 1,103 crore in the last fiscal year. The company had previously raised INR 324 crore in two funding rounds between 2018 and 2022, with WestBridge Capital contributing INR 190 crore to these rounds.
The IPO's offer size allocation designates 75 percent for qualified institutional buyers, 15 percent for non-institutional investors, and 10 percent for retail investors. ICICI Securities and JM Financial are serving as the book-running lead managers for the offering. The equity shares are expected to be officially listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on July 30.
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