IndiQube raises Rs 374 Cr from anchor investors

Managed workspace provider IndiQube has raised Rs 374 crore ($44 million) from anchor investors ahead of its Rs 700 crore IPO, which opens for subscription on July 23.

The anchor book saw participation from marquee institutional investors, including Aditya Birla Sun Life MF, Ashoka WhiteOak ICAV & WhiteOak Capital, Invesco India, Motilal Oswal, Malabar India Fund, Edelweiss MF, and Max Life Insurance. Other participants included BNP Paribas Financial Markets, Groww Mutual Fund, Societe Generale, and Citigroup Global Markets.

According to a BSE filing, the company allotted 1.32 crore equity shares at Rs 237 per share to anchor investors. Notably, domestic mutual funds cornered 67.35% of the total anchor allocation (8.93 million shares) across 21 schemes from 8 fund houses.

The Rs 700 crore public issue comprises a fresh issue of Rs 650 crore and an offer-for-sale of Rs 50 crore. The IPO is priced in the Rs 225–237 range, with a lot size of 63 shares, requiring a minimum investment of Rs 14,931 for retail investors. The shares will be listed on both NSE and BSE.

Founded in 2015, the Bengaluru-headquartered company operates 103 centres across 13 cities, including tier-II hubs. Its clientele includes Myntra, upGrad, Zerodha, NoBroker, Redbus, Juspay, Perfios, Moglix, and Ninjacart, among others.

Financially, IndiQube reported a 27.5% YoY revenue growth, clocking Rs 1,059 crore in FY25, compared to Rs 830 crore in FY24. The company also cut its losses by 59% to Rs 139.5 crore, from Rs 341.5 crore a year earlier.

For context, Entrackr had earlier reported on the co-working IPO wave involving Awfis, Smartworks, IndiQube, and WeWork India here.