IndiQube Raises INR 314 Cr From Anchor Investors

Managed workspace solutions provider IndiQube has raised INR 314.3 Cr from anchor investors a day before its initial public offering opens for bidding. Anchor investors subscribed to 1.3 Cr equity shares of the company at a price of INR 237 apiece.

Eight domestic mutual funds, through a total of 21 schemes, were allotted 89.2 Lakh shares of IndiQube for a cumulative INR 211.7 Cr. Groww, Edelweiss, BNP Paribas, Aditya Birla Sun Life, and Motilal Oswal were among these mutual funds. 

Other investors in the anchor round included Axis Max Life Insurance, Societe General, Invesco and Whiteoak. 

IndiQube has set a price band of INR 225 to INR 237 for its IPO, which will open tomorrow and close on July 25 (Friday). The public issue comprises a fresh issue of up to INR 650 Cr and an offer for sale of up to INR 50 Cr. Promoters and cofounders, Rishi Das and Meghna Agarwal, are the lone selling stakeholders in the IPO.

Founded in 2015 by the husband-wife duo, 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.

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. Its EBITDA stood at INR 660 Cr during the year.

IndiQube would become the third listed new-age flexible workspace provider in India following its listing, which is expected on July 30. Awfis and Smartworks are the two companies which are already listed on the bourses. Last week, SEBI also approved WeWork India’s IPO offer. Ahmedabad-based DevX, whose draft IPO papers are under process with SEBI, is another coworking startup that is in line for a public listing.