Bengaluru-based IndiQube, which provides co-working and managed office spaces, has filed its draft papers with the regulator for an initial public offering to raise Rs 850 crore. The offer consists of Rs 750 crore of fresh issue of shares while the offer-of-sale component is up to Rs 100 crore.
Bengaluru-based IndiQube, a provider of co-working and managed office spaces, has filed draft papers with the regulator for an initial public offering (IPO) to raise Rs 850 crore. The IPO includes a fresh issue of shares worth Rs 750 crore and an offer-for-sale component of up to Rs 100 crore.
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The issue will see both its promoters, Rishi Das and Meghna Agarwal, selling shares worth Rs 50 crore each. Both Das and Agarwal hold an 18.84% stake in the company. The company is also backed by venture capital firm WestBridge Capital and individual investor Ashish Gupta.
The company said it plans to use the majority of the proceeds from the issue, around Rs 462.6 crore, as capex towards the establishment of new centres and another Rs 100 crore for repayment or prepayment of certain borrowings. The company might also opt for a pre-IPO placement of Rs 150 crore.
Founded in 2015, IndiQube has 103 centres across 13 cities, covering 7.76 million square feet of area under management (AUM) with a total seating capacity of 172,451 as of June 2024. It has provided office spaces to GCCs, Indian corporates, as well as start-ups such as Myntra, upGrad, Zerodha, and Perfios, among others.
In FY24, the company’s losses ballooned 72% year-on-year to Rs 341.5 crore, mainly due to a sharp rise in expenses. IndiQube’s revenue from operations was Rs 830.6 crores in FY24 as against Rs 579.7 crore in the preceding fiscal.
In the quarter ended June, it continued to post losses of Rs 42 crore on a revenue of Rs 242.3 crore. Among its total expenses of Rs 290.6 crore, nearly 40% came from depreciation and amortisation costs.
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With the draft papers, IndiQube joins a host of new-age companies that are scheduled to list in the coming months,
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