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IndiQube Spaces has mobilised over INR 314 crore through anchor investors prior to its initial public offering (IPO). Key investors include Aditya Birla Sun Life MF, WhiteOak MF, and international entities such as BNP Paribas and Societe Generale. Shares were allotted at INR 237 each to 29 funds. The Bengaluru-based workplace solutions firm aims to raise INR 700 crore through the IPO, which includes a fresh issue of INR 650 crore and an INR 50 crore Offer for Sale. The capital will fund expansion, debt repayment, and corporate operations.
IndiQube Spaces, a Bengaluru-headquartered workplace solutions provider, announced that it had successfully raised over INR 314 crore from anchor investors ahead of its public IPO subscription. A total of 13,262,658 equity shares were allocated at INR 237 each to 29 institutional investors. Among these were Aditya Birla Sun Life Mutual Fund, WhiteOak MF, Bandhan MF, Motilal Oswal MF, Edelweiss MF, as well as global investors including TOCU Europe III S.A R.L., BNP Paribas Financial Markets, Citigroup Global Markets Mauritius, and Societe Generale. Advertisement
The company is targeting INR 700 crore through the IPO. Of this, INR 650 crore will be raised via fresh issue while INR 50 crore will be through an Offer for Sale (OFS) by promoters. Notably, WestBridge Capital, which has been a major investor in the firm since 2018, has opted not to offload its stake in this offering. Based on the upper price band of INR 237, the company is valued close to INR 5,000 crore.
The funds from the fresh issue will primarily be directed towards capital expenditure, with INR 462.6 crore earmarked for setting up new centres, INR 93 crore for debt repayment, and the remainder for general corporate purposes.
Established in 2015, IndiQube currently operates a portfolio of 8.40 million sq ft across 115 properties in 15 Indian cities, offering a total seating capacity of 1,86,719 as of March 2025. This marks significant growth compared to 74 centres and 4.94 million sq ft in March 2023.
Its clientele stands at 769 companies, with Global Capability Centres accounting for 44 per cent. The enterprise-centric approach of the firm has ensured that 63 per cent of its occupied space is from clients leasing over 300 seats, while 44 per cent of revenue stems from clients with multi-centre engagements. The client list includes names such as Enphase, Myntra, Zerodha, NoBroker, upGrad, Siemens, Juspay, Perfios, Moglix, Ninjacart, Narayana Health and Allegis.
On the financial front, IndiQube reported a total income of INR 1,103 crore for FY25, recording a compound annual growth rate of 35 per cent from FY23. Historically, the company raised INR 324 crore in two prior funding rounds in 2018 and 2022, led by WestBridge Capital with INR 190 crore, followed by INR 131 crore from the promoters, and contributions from angel investor Ashish Gupta.
ICICI Securities and JM Financial are managing the IPO as the book-running lead managers. The equity shares are anticipated to be listed on the BSE and NSE shortly after the issue concludes.
Source - PTI
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