Workplace solutions company Indicube on Friday filed its draft red herring prospectus (DRHP) with market regulator Sebi to raise funds through an initial public offer (IPO).
The company’s IPO includes a fresh issue of equity shares of up to Rs 750 crore and an offer for sale of equity shares of up to Rs 100 crore by the promoter-selling shareholders, Rishi Das and Meghna Aggarwal.
IndiQube intends to use Rs 462.6 crore of the proceeds for capital expenditure related to setting up new centers and Rs 100 crore to repay certain borrowings taken by the company.
Founded in 2015, the company currently manages around 103 centers across 13 cities and has a client list that includes Indian corporates as well as startups like NoBroker, RedBus, upGrad, etc.
The company reported a total income of Rs 867.6 crore in FY24 as against Rs 601.2 crore in FY23.
Interestingly, for the three months ending June 30, 2024, the company collectively derived 91.59% of its revenue from centers in Bengaluru, Pune and Chennai. This trend was observed in FY24, FY23 and FY22.
IndiQube has become the latest company to file an IPO after several startups such as EV-maker Ola Electric and food delivery platform Swiggy have gone public in 2024. Several companies, including Ather Energy and omnichannel jewelery brand Bluestone, have also filed draft documents to go public.
The company’s DRHP also comes at a time when flexible workspaces are becoming a growing trend in the commercial office market as work culture shifts between hybrid work models.
The book running lead managers for the offer are ICICI Securities Limited and JM Financial Limited and the equity shares are proposed to be listed on BSE and NSE.