IndiQube files RHP for Rs 700 Cr IPO; issue opens on 23rd July

Managed workspace solutions provider IndiQube has filed its draft red herring prospectus (RHP) with market regulator SEBI for its proposed Rs 700 crore Initial Public Offering (IPO).

The offer consists of a fresh issue of equity shares worth Rs 650 crore and an offer for sale (OFS) of up to Rs 50 crore by co-founders Rishi Das and Meghna Agarwal, who will offload shares worth up to Rs 25 crore each.

IndiQube has trimmed its IPO size to Rs 700 crore from the earlier planned Rs 850 crore, which originally included a Rs 750 crore fresh issue and a Rs 100 crore offer for sale.

ICICI Securities and JM Financial have been appointed as the book-running lead managers for the issue. The IPO is being launched under Regulation 6(2) of SEBI’s ICDR regulations, as the company does not meet the profitability criteria mandated under Regulation 6(1) for mainboard listings.

The equity shares will be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The issue will open for subscription on July 23, 2025, and close on July 25, with the anchor book opening on July 22.

As per the RHP, Anshuman Das is the largest shareholder in IndiQube Spaces with a 25.15% stake, followed by Aravali Investment Holdings at 22.07%. WestBridge and Careernet Technologies hold 5.79% and 5.15%, respectively. Co-founders Rishi Das and Meghna Agarwal together own 37.68% of the company.

Founded in 2015, the Bengaluru-based company operates 103 centers across 13 cities, including six in Tier II locations. Its clients include Myntra, upGrad, Zerodha, NoBroker, Redbus, Juspay, Perfios, Moglix, Ninjacart, among others.

IndiQube reported a 27.5% year-on-year revenue growth to Rs 1,059 crore in FY25 from Rs 830 crore in FY24. The company also managed to cut its losses by 59%, to Rs 139.5 crore in FY25 from Rs 341.5 crore in FY24.

IndiQube competes with Awfis, which went public in May 2024 and currently trades at Rs 655. Awfis posted Rs 1,208 crore in revenue and Rs 68 crore in net profit in FY25. Smartworks also debuted on the stock exchange today, while WeWork India has received SEBI’s nod for its upcoming IPO.