IndiQube is in advanced discussions to finalise the merchant bankers and is aiming to file its DRHP within the next three months
The startup is looking to raise INR 1,000 Cr – INR 1,500 Cr from its IPO, which will largely comprise a fresh issue of shares
The coworking space provider posted a profit of about INR 60 Cr in FY24 on an operating revenue of around INR 850 Cr
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Amid the IPO spring on the Indian bourses, Bengaluru-based IndiQube is the latest startup looking to go public. The coworking space provider is in advanced discussions to finalise the merchant bankers and is aiming to file its draft red herring prospectus (DRHP) within the next three months, sources told Inc42.
The startup is looking to raise INR 1,000 Cr – INR 1,500 Cr (about $120-$180 Mn) from its IPO. Its public issue will largely comprise a fresh issuance of shares. Offer for sale (OFS), if present at all, would be quite small as promoters and existing investors are not looking at any major dilutions, one of the sources said.
A mail sent to IndiQube seeking information about its IPO plans didn’t elicit any response till the time of publishing this story.
Founded in 2015 by serial entrepreneurs Rishi Das and Meghna Agarwal, IndiQube is a managed office space provider that claims to offer ‘office in a box’ experience to clients, encompassing workspace design, interior build out and plethora of B2B & B2C services leveraging technology.
It counts WestBridge Capital, Helion Ventures’ Ashish Gupta, and Aravali Investment Holdings among its backers.
While IndiQube is yet to file its financial statements for FY24 with the Ministry of Corporate Affairs, the sources said that the startup posted a profit of about INR 60 Cr on an operating revenue of around INR 850 Cr during the year.
It must be noted that the coworking space provider turned profitable in FY23. It posted a net profit of INR 20.63 Cr during the year as against a loss of INR 18.82 Cr in FY22. Revenue rose 69% to INR 592.41 Cr in FY23 from INR 351.43 Cr in the previous fiscal year.
The startup is eyeing a net profit of INR 100 Cr in the ongoing financial year (FY25).
IndiQube, which has raised a funding of around $45 Mn till date, has a presence in 12 cities, including Bengaluru, Mumbai, Delhi NCR and Hyderabad, among others. It counts the likes of Standard Chartered, redBus, Syncron, Walmart, Philips, and Hitachi among its clients.
It competes with Awfis, Smartworks, 91Springboard, among others. The public listing plans come months after Awfis got listed on the bourses. Shares of Awfis listed at INR 432.25 on the BSE in May this year, a premium of 12.8% to the issue price. The stock has surged over 80% from its listing price and closed Wednesday’s (September 4) trading session at INR 782.50.
Meanwhile, another competitor Smartworks also filed its DRHP in August. Its IPO comprises a fresh issue of equity shares worth INR 550 Cr and an OFS component of 67.49 Lakh shares.
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