IndiQube IPO To Open On July 23, Cuts IPO Size By INR 150 Cr

On the day of Smartworks’ listing, its competitor IndiQube filed its red herring prospectus (RHP) for its IPO. The managed workplace solutions provider’s public issue will open on July 23 and close on July 25. 

Like three new-age tech companies that have gone public so far this year, IndiQube has also reduced its issue size by INR 150 Cr. The company has slashed its fresh issue size by INR 100 Cr to INR 650 Cr and the offer for sale (OFS) component has been halved to INR 50 Cr. The cofounders of the company, Rishi Das and Meghna Agarwal, are the only selling shareholders in the issue. 

IndiQube plans to utilise INR 462.6 Cr from the net proceeds from the fresh issue to establish new centres, INR 100 Cr to repay certain borrowings, and the remaining amount for general corporate purposes.

Founded in 2015, IndiQube is a managed office space provider that offers ‘office in a box’ experience to clients, encompassing workspace design, interior build out and a plethora of B2B & B2C services by leveraging technology. 

It has raised $45 Mn from investors like WestBridge Capital, MFV Partners’ partner Ashish Gupta, and the company’s promoters. 

In the run up to its IPO, the company saw a 28% rise in its operating revenue to INR 1,059.3 Cr in FY25 from INR 830.6 Cr in the previous fiscal year. Meanwhile, its net loss declined 60% YoY to INR 139.6 Cr. Further, its FY25 EBITDA stood at INR 660 Cr. 

With this, IndiQube is preparing to be the third listed coworking space provider in India. While Awfis was the first company in the space to go for a listing last year, shares of Smartworks listed today on the bourses. Both the companies had a bumper listing, with their shares listing at a premium on the exchanges. 

It is pertinent to mention that while IndiQube continues to remain a loss-making entity for FY25, the bottom lines of Awfis and Smartworks were in better shape in the fiscal year. While Awfis reported a profit of INR 68 Cr on an operating revenue of INR 1,207 Cr in FY25, Smartworks’ loss stood at INR 63.2 Cr on an operating revenue of INR 1,374.1 Cr. 

While all three companies operate in the office space business, IndiQube differentiates its business model from its competitors by adopting an asset-light model centered on long-term leases (often 10 years with a 3-year lock-in). 

Its operations are unlike Awfis, which heavily leverages a managed aggregation model where landlords often cover fit-out capital expenditure and revenue is shared, and Smartworks, which focuses on leasing entire large properties and transforming them into managed campuses.

IndiQube is a managed workplace solutions provider offering an “office in a box” experience with an emphasis on end-to-end solutions, including workspace design, interior fit-outs, and a suite of B2B and B2C services powered by technology, such as facility management, food and transport. 

The company primarily provides workspaces to businesses within its leased properties, customising their workspaces as per the clients’ requirements under ‘IndiQube Bespoke’. Under IndiQube One, it offers comprehensive B2B and B2C solutions ranging from facility management, asset maintenance and plantation to catering, and transportation services. 

Besides, it also enhances aging properties through its ‘IndiQube Cornerstone’ vertical, focusing on modernising aging properties. 

As of now, it serves 769 clients including the likes of Enphase, Myntra, Zerodha, NoBroker, upGrad, Siemens, Juspay, Perfios, Moglix, among others.