IndiQube Spaces raises ₹314 crore from anchor investors ahead of IPO
IndiQube Spaces
, a managed workspace solutions company, has raised over ₹314.32 crore from anchor investors ahead of its initial public offering. The shares were allotted at ₹237 apiece, according to an exchange filing.
Key anchor investors include
Aditya Birla Sun Life MF
,
Ashoka WhiteOak ICAV
, Invesco India ELSS Tax Saver Fund, Bandhan Large & Mid Cap Fund, Motilal Oswal Large Cap Fund, Malabar India Fund, and Malabar Midcap Fund. Other participants include Max New York Life Insurance, Edelweiss MF, Baroda BNP Paribas, TOCU Europe III S.A R.L., Groww Mutual Fund, BNP Paribas Financial Markets, Citigroup Global Markets Mauritius, and Société Générale.
Out of 13.26 million equity shares allocated to anchor investors, 8.93 million shares (67.35%) were allotted to eight domestic mutual funds across 21 schemes.
Private equity investor WestBridge Capital, which holds a 27.95% pre-offer stake in IndiQube through its group entities, is not diluting its holding in the offer.
Founded in 2015, IndiQube had a portfolio of 8.40 million sq ft across 115 properties in 15 cities with a seating capacity of 1,86,719 as of March 2025, up from 4.94 million sq ft across 74 centres in March 2023. Of its 769 clients, 44% are Global Capability Centres, and 63% of occupied area comes from clients leasing over 300 seats.
The company reported a total income of ₹1,103 crore in FY25, with an EBITDA of ₹660 crore and an RoCE of 34.21%. Occupancy at steady state centres stood at 86.50%. IndiQube paid income tax of ₹7.7 crore in FY24 and ₹8.4 crore in FY25 under IGAAP, and holds a CRISIL A+/Stable rating.
The IPO opens on July 23, 2025, and closes on July 25, 2025, with a price band of ₹225–₹237 per share.
ICICI Securities
and
JM Financial
are the book-running lead managers.
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Economic Times
9 hours ago
- Economic Times
IndiQube leases 3.2 lakh sq ft in Bengaluru, targets AUM of 11.47 mn sq ft by FY28
Agencies Representative Image. Flexible managed office space provider IndiQubeSpaces Limited has leased approximately 320,000 sq ft spread across three towers in the Central Business District (CBD) of Bengaluru in a strategic move to deepen its footprint in India's largest flexible workspace market. The space, branded as IndiQube Symphony, is part of a renovate-and-upgrade project secured on a 15-year lease. This development is part of IndiQube's broader growth strategy funded through Rs 650 crore being raised as fresh capital from an IPO, of which Rs 462.6 crore has been earmarked for capex towards new centres. With the fresh fund raise, the company aims to add 3 million sq ft of flexible workspace stock over the next three years, taking its area under management (AUM) to 11.47 million sq ft by FY28.'Bengaluru is expected to account for a significant chunk of this growth, with 1.79 million sq ft of new workspace stock planned over the period. IndiQube's total AUM in Bengaluru is projected to rise to 7.22 million sq ft,' said a source aware of the plans. The firm currently has around 29 million sq ft of flexible workspace inventory as of Q1CY25. The company's expansion strategy also includes other key cities. Its Chennai portfolio is set to increase by 740,000 sq ft, while tier-2 cities will see an additional 360,000 sq ft over the same period. As of March 31, 2025, IndiQube operated 115 centres across 15 cities, managing 8.4 million sq ft of AUM with 186,719 seats. Of this, Bengaluru contributed 65 centres and 5.43 million sq ft of AUM. 'IndiQube's two-pronged growth approach includes deepening presence in existing tier-1 cities such as Mumbai, Hyderabad, Noida, Gurgaon, Pune and Chennai, while also expanding into emerging tier-2 markets using its hub-and-spoke model,' he said. The model allows the company to test markets with smaller properties and scale up to larger centres upon achieving operational robust capital backing, IndiQube is positioning itself as a key player in India's fast-evolving managed workspace segment. The company plans to add 1.29 million sq ft in FY26, 1.24 million sq ft in FY27 and 0.54 million sq ft in FY28, with projected capex of Rs 194.4 crore, Rs186.8 crore and Rs 81.3 crore, managed workplace solutions company on Wednesday raised over Rs 314.32 crore from anchor investors at Rs 237 per equity share, as per an exchange filing. Some of the key anchor investors who were allocated equity shares are Aditya Birla Sun Life MF, Ashoka WhiteOak ICAV, WhiteOak Capital, Invesco India ELSS Tax Saver Fund, Bandhan Large & Mid Cap Fund, MotilalOswal Large Cap Fund, Malabar India Fund and Malabar Midcap Capital through its group companies Aravali Investment Holdings, WestBridge AIF I, Konark Trust and MMPL Trust has a pre-offer shareholding of 27.95% in the company and is not diluting any reported a total income of Rs 1,103 crorein FY25, recording a CAGR of 35% from FY23. The company's FY25 EBITDA stood at Rs 660 crorewith a RoCE of 34.21%, cash EBIT margins of 10.81% with an occupancy rate of 86.50% in steady state centres. As per IGAAP accounting standards, the company has been PAT positive and has paid income tax to the tune of Rs 7.7 crore and Rs 8.4 crore in FY24 and FY25, respectively. According to Colliers, India's office market scaled up in H1 2025 with a 24% share for flex spaces. Flex leasing accounted for 6.5 million sq ft in the first half—up 48% year-on-year—and now contributes 19% to the overall leasing volume, up from 15% a year ago. The second quarter alone saw 4.3 million sq ft of flex leasing, a 65% jump over Q2 2024, making it one of the segment's best-performing quarters to date. Bengaluru accounted for one-third of Q2's flex activity, but other cities like Mumbai, Hyderabad and Chennai also saw a significant uptake, reflecting the segment's growing geographical spread and mainstream appeal.
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Business Standard
10 hours ago
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IndiQube Spaces IPO subscribed 12.3 times on final day of bidding
The company's IPO received bids for 211,496,292 shares against 17,148,335 shares on offer, according to NSE data The initial public offer of IndiQube Spaces Ltd got subscribed 12.33 times on the closing day of bidding on Friday. The company's IPO received bids for 211,496,292 shares against 17,148,335 shares on offer, according to NSE data. The Qualified Institutional Buyers (QIBs) part fetched 14.35 times subscription while the portion for Retail Individual Investors (RIIs) got subscribed 12.55 times. Non Institutional Investors category attracted 8.24 times subscription. IndiQube Spaces on Tuesday said it has raised over ₹314 crore from anchor investors. The ₹700-crore initial public offer (IPO) of the Bengaluru-based firm has a price band of ₹225-237 per share. At the upper end of the price band, the company's valuation is nearly ₹5,000 crore. The IPO has a fresh issue of₹ 650 crore and an Offer-for-Sale (OFS) of ₹50 crore. IndiQube Spaces proposes to utilise the fresh capital to the tune of ₹462.6 crore towards funding capex for setting up new centres,₹ 93 crore for repayment and the rest for general corporate purposes. The company, which was incorporated in 2015, manages a portfolio of 8.40 million square feet across 115 properties in 15 cities with a total seating capacity of 1,86,719 as of March 2025. This was a growth from 74 centres and 4.94 million sq ft in March 2023. IndiQube serves 769 clients, out of which 44 per cent are Global Capability Centres. The company follows an enterprise-first strategy, owing to which 63 per cent of its occupied area comes from clients who have leased over 300 seats. Further, 44 per cent of its revenue is generated from multi-centre clients. Its diverse client mix includes Enphase, Myntra, Zerodha, NoBroker, upGrad, Siemens, Juspay, Perfios, Moglix, Ninjacart, Narayana Health and Allegis, to name a few. ICICI Securities and JM Financial are the book-running lead managers to the offer. The equity shares are expected to be listed on July 30 on the BSE and NSE. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard
11 hours ago
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Indiqube Spaces IPO subscribed 12.33 times
The offer received bids for 21.14 crore shares as against 1.71 crore shares on offer. The initial public offer of Indiqube Spaces received bids for 21,14,96,292 shares as against 1,71,48,335 shares on offer, according to stock exchange data at 17:30 IST on Friday (25 July 2025). The issue was subscribed 12.33 times. The issue opened for bidding on 23 July 2025 and it will close on 25 July 2025. The price band of the IPO is fixed between Rs 225 and 237 per share. An investor can bid for a minimum of 63 equity shares and in multiples thereof. The issue comprises both the issue of fresh equity aggregating to Rs 650 crore and the offer for sale aggregating to Rs 50 crore. Of the net proceeds from the fresh issue, Rs 462.649 crore will be used for funding capital expenditure towards the establishment of new centers; Rs 93.035 crore towards repayment/prepayment/redemption, in full or in part, of certain borrowings availed by the company; and the balance for general corporate purposes. Total outstanding borrowings as of May 31, 2025, were Rs 332.079 crore on a consolidated basis. IndiQube Spaces is a managed workspace solutions provider offering tech-driven, sustainable office spaces. As of March 31, 2025, the company operated 115 centers across 15 cities with a total portfolio of 8.40 million sq. ft. and a seating capacity of 1.86 lakh. It has a strong presence in Bengaluru and Chennai, comprising over 79% of its total area under management. IndiQube primarily caters to enterprise clients, including Global Capability Centers, and maintains high occupancy and long lease tenures. The company earns revenue through workspace leasing and value-added services like F&B and IT support. Ahead of the IPO, Indiqube Spaces on Tuesday, 22 July 2025, raised Rs 314.32 crore from anchor investors. The board allotted 1.36 crore shares at Rs 237 each to 29 anchor investors. The firm reported a consolidated net loss of Rs 139.62 crore and sales of Rs 1,059.29 crore for the twelve months ended on 31 March 2025.
