IndiQube Spaces Limited, a Bengaluru-based managed workspace company, has raised over Rs 314 crore from anchor investors ahead of its IPO. Shares were allocated at Rs 237 each as per a recent exchange filing.
Key investors include Aditya Birla Sun Life MF, Ashoka WhiteOak ICAV & WhiteOak Capital, Invesco India ELSS Tax Saver Fund, Bandhan Large & Mid Cap Fund, Motilal Oswal Large Cap Fund, and Malabar India Fund.
Adds More Backers
Other prominent anchor investors like Max New York Life Insurance, Edelweiss MF, Baroda BNP Paribas, Groww Mutual Fund, Citigroup Global Markets Mauritius, and Societe Generale were also part of the round.
Importantly, WestBridge Capital, which already owns 27.95% of IndiQube through its group companies, has not sold any shares and will keep its stake unchanged.
Strong Business Growth
IndiQube reported a Total Income of Rs 1,103 crore in FY25, achieving a CAGR of 35% since FY23. The company also posted an EBITDA of Rs 660 crore, an RoCE of 34.21%, and cash EBIT margins of 10.81%. Steady state centers showed a healthy occupancy rate of 86.50%.
IndiQube has remained PAT positive under IGAAP accounting standards and paid income tax of Rs 7.7 crore in FY24 and Rs 8.4 crore in FY25. It also holds a CRISIL A+ / Stable rating that has seen consistent upgrades over three cycles.
IPO Details Shared
The IPO of IndiQube opens on Wednesday, July 23, 2025, and will close on Friday, July 25, 2025. The price band is fixed at Rs 225–Rs 237 per equity share, each with a face value of Rs 1.
The IPO includes a fresh issue of Rs 650 crore and an offer for sale of Rs 50 crore by the company’s promoters, Rishi Das and Meghna Agarwal. WestBridge Capital, a key investor since 2018, is not participating in the offer for sale.
Future Plans Explained
With the funds raised from the IPO, IndiQube plans to spend Rs 462.6 crore to set up new centers, repay Rs 93 crore in debt, and use the remaining funds for general corporate needs.
The company also plans to add 3 million sq. ft. of flexible workspaces over the next three years, strengthening its leadership in India’s growing flexible workspace market.
Out of 13.26 million equity shares allocated to anchor investors, nearly 67% went to eight domestic mutual funds across 21 different schemes, highlighting strong domestic interest.
IndiQube continues to focus on growth while keeping financial stability and investor confidence strong ahead of its IPO.
