IndiQube Spaces Files Draft Red Herring Prospectus (DRHP) for Rs 850 crore Initial Public Offering (IPO)

                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. 
 



Source : Business Standard