📌 Summary :
-
IPO Size: INR 850 Cr (approx. $99.33 Mn)
-
Fresh Issue: INR 750 Cr | Offer for Sale (OFS): INR 100 Cr
-
Promoters’ Stake: Rishi Das and Meghna Agarwal hold around 37%
-
Lead Managers: ICICI Securities and JM Financial
-
Founded: 2015 | Core Business: Managed office spaces
-
Stock Exchanges: BSE and NSE
-
IPO Approval Date: March 24, 2025
SEBI Approves IndiQube’s INR 850 Cr IPO
In a major milestone for coworking space provider IndiQube, the Securities and Exchange Board of India (SEBI) has given its nod to the company’s Initial Public Offering (IPO) worth INR 850 Cr. The Bengaluru-based startup received the observation letter from SEBI on March 24, which, in regulatory terms, signals a go-ahead for the public issue.
This IPO clearance places IndiQube among a growing list of Indian startups securing approval to hit the capital markets, joining names like Ather Energy, Ecom Express, ArisInfra, BlueStone, and its direct competitor Smartworks.
IPO Structure: Fresh Issue and Offer for Sale
According to the Draft Red Herring Prospectus (DRHP) filed in December 2024, the IPO will include:
-
A fresh issue of equity shares worth up to INR 750 Cr
-
An Offer for Sale (OFS) component totaling INR 100 Cr
Promoters and cofounders Rishi Das and Meghna Agarwal, who together hold around 37% stake in the company, will be partially exiting their investment through the OFS route.
From Private to Public: IPO Journey So Far
IndiQube initiated its IPO process in December 2024, by converting into a public limited company and filing its DRHP within the same month. The IPO, once launched, will see the company’s shares listed on both BSE and NSE, with ICICI Securities and JM Financial acting as the book-running lead managers (BRLMs).
About IndiQube: Redefining Office Spaces Since 2015
Founded in 2015, IndiQube has carved a niche for itself in the competitive managed office space segment. The startup offers an end-to-end ‘office in a box’ experience, which includes workspace design, interior setup, and integrated B2B and B2C services, all driven by technology.
The company caters to startups, SMEs, and large enterprises looking for flexible, scalable office spaces without the hassle of managing day-to-day infrastructure and operations.
Rising Tide of Startup IPOs in India
IndiQube’s IPO green light reflects the broader momentum in India’s startup ecosystem, where several companies are now looking to tap the public markets for growth capital. With its upcoming IPO, IndiQube is well-positioned to further strengthen its brand presence, expand its operations, and invest in technology to enhance its offerings.