Managed workplace solutions company IndiQube is all set to open its IPO on July 23, 2025, which will close on July 25, 2025. The IPO includes a fresh issue of shares worth Rs 650 crore and an offer for sale of Rs 50 crore by its promoters Rishi Das and Meghna Agarwal.
WestBridge Capital, an early investor in IndiQube since 2018, has chosen not to sell any of its stake in this offering. The IPO proceeds will help IndiQube fund its next phase of growth and debt reduction.
IndiQube IPO 2025
The fresh issue of Rs 650 crore will be used primarily to set up new centers, with Rs 462.6 crore allocated for capital expenditure. Another Rs 93 crore is marked for debt repayment, and the rest will be used for general corporate purposes.
IndiQube, headquartered in Bengaluru, has expanded rapidly. As of March 31, 2025, it manages 115 properties across 15 cities, covering 8.40 million square feet with a seating capacity of nearly 1.87 lakh. This marks a sharp rise from 74 centers and 4.94 million sq. ft. in March 2023.
Bengaluru Market Leadership
According to CBRE, Bengaluru leads India’s flexible workspace market. IndiQube operates 65 centers in the city, occupying 5.43 million sq. ft., making it a top player.
The company follows an enterprise-first model. It serves 769 clients, of which 44% are Global Capability Centers (GCCs). Around 63% of its space is leased to companies with more than 300 seats, and 44% of revenue comes from multi-center clients.
Financial Growth Metrics
In FY25, IndiQube reported total income of Rs 1,103 crore, growing at a CAGR of 35% since FY23. EBITDA stood at Rs 660 crore with a healthy RoCE of 34.21%. Its occupancy in steady-state centers touched 86.5%.
Value-Added Services (VAS) revenue more than doubled from Rs 68 crore in FY23 to Rs 135 crore in FY25. VAS now contributes 13% to the company’s total revenue. IndiQube remains PAT positive and paid Rs 8.4 crore in income tax in FY25.
Tech and Sustainability
The company’s MiQube tech platform has crossed 1 million transactions, offering easy access to workspace services like meeting room bookings and meal orders.
IndiQube has also embraced green building practices. About 30% of its centers are refurbished old buildings upgraded for sustainability. Over 36% of its space is green-certified. The company also operates a 20 MW solar farm.
Investment and Valuation
IndiQube has raised Rs 324 crore across two funding rounds in 2018 and 2022. WestBridge Capital invested Rs 190 crore, while promoters and angel investor Ashish Gupta contributed the rest.
ICICI Securities and JM Financial are the book-running lead managers. The company’s shares will be listed on the BSE and NSE after the IPO.
Coworking Spaces in India
Flexible workspaces are seeing a huge boom in India due to hybrid work trends, capital efficiency, and demand for scalable office spaces. IndiQube’s success reflects this shift.
According to CBRE, flexible workspace supply is set to grow from 82–86 million sq. ft. in 2024 to 140–144 million sq. ft. by 2027 in major Indian cities. IndiQube is well-positioned to ride this wave with its tech-first approach, strong financials, and sustainable model.
