IndiQube Spaces files draft papers with Sebi for Rs 850-crore IPO

The flexible workspace provider is backed by WestBridge Capital. It will use the proceeds for funding capital expenditure towards the establishment of new centres, repayment or pre-payment

Workspace solutions provider IndiQube Spaces on Tuesday filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO) of Rs 850 crore.

 

Of the total issue, Rs 750 crore will be raised through a fresh issue of equity shares of face value Rs 1 each, according to the document. While Rs 100 crore will be raised via an offer for the sale of equity shares with a face value of Rs 1 each.

 

The proceeds of the issue will be used for funding capital expenditure towards the establishment of new centres, repayment or pre-payment, in full or in part, of certain borrowings availed by the company; and general corporate purposes.

 

The Bengaluru-based company’s founders and promoters, Rishi Das and Meghna Agarwal will sell their shares worth Rs 100 crore. Das and Agarwal hold 37.68 per cent stake in IndiQube, on a fully diluted basis. Anshuman Das, the company’s non-executive director, holds 25.15 per cent equity share capital.

 

Further, the company may raise Rs 150 crore in its pre-IPO funding round through private placements or rights issues.

 

The company is backed by WestBridge Capital and Ashish Gupta. WestBridge AIF I holds pre-offer paid-up equity share capital of 5.80 per cent on a fully diluted basis. WestBridge is an investment firm based out of Bengaluru and active in the USA as well as Mauritius.

 

The company is present in 13 cities in India with 103 properties and 7.76 million square feet of area under management.

 

Additionally, for the quarter ended June 2024, the company’s revenue from operations stood at Rs 242.3 crore. It incurred a total comprehensive loss of Rs 42.11 crore during the quarter.

 

The Book Running Lead Managers to the offer are ICICI Securities and JM Financial. The equity shares are proposed to be listed on the BSE and the National Stock Exchange.