NEW DELHI: IndiQube Spaces, a workplace solutions provider, has set a price range of Rs 225 to Rs 237 per share for its Rs 700-crore initial public offering (IPO).
The IPO will be open for public subscription from July 23 to July 25, with bidding for anchor investors starting on July 22, as announced by the company.
At the upper limit of the price range, the company’s valuation is estimated at nearly Rs 5,000 crore.
IndiQube aims to raise Rs 650 crore from a fresh issue, while promoters will sell shares worth Rs 50 crore as part of the offer for sale (OFS).
Notably, WestBridge Capital, a significant investor in IndiQube since 2018, will not be selling any shares in the OFS.
The fresh issue proceeds will be allocated as follows: Rs 462.6 crore for funding capital expenditures for new centers, Rs 93 crore for debt repayment, and the remainder for general corporate purposes.
Founded in 2015, IndiQube currently manages a portfolio of 8.40 million square feet across 115 properties in 15 cities, accommodating a total of 1,86,719 seats as of March 2025. This marks an increase from 74 centers and 4.94 million square feet in March 2023.
IndiQube serves 769 clients, of which 44% are global capability centers. The company’s enterprise-first strategy means that 63% of its leased area is occupied by clients with over 300 seats. Additionally, 44% of its revenue comes from multi-center clients, including notable companies like Enphase, Myntra, Zerodha, NoBroker, upGrad, Siemens, Juspay, Perfios, Moglix, Ninjacart, Narayana Health, and Allegis.
Financially, IndiQube reported a total income of Rs 1,103 crore in FY25, reflecting a 35% CAGR from FY23.
Over two funding rounds in 2018 and 2022, the company raised Rs 324 crore, primarily led by WestBridge Capital with Rs 190 crore, and Rs 131 crore from the promoters, with the remaining amount from angel investor Ashish Gupta.
For the IPO, 75% of the offer size is reserved for qualified institutional buyers, 15% for non-institutional investors, and 10% for retail investors.
ICICI Securities and JM Financial are the lead managers for this issue, and the equity shares are anticipated to be listed on July 30 on the BSE and NSE.
