Bengaluru-based managed workspace provider IndiQube has announced the price band for its upcoming Initial Public Offering (IPO), set between ₹225 and ₹237 per equity share. The company plans to raise ₹700 crore through a combination of fresh issue and an Offer for Sale (OFS). The IPO will open for subscription from July 23 to July 25, with anchor investor bidding scheduled for July 22.
Out of the total ₹700 crore target, ₹650 crore will be raised via fresh issuance of equity shares. The remaining ₹50 crore will be offloaded by existing promoters Rishi Das and Meghna Agarwal through the OFS route. Notably, WestBridge Capital, the largest institutional backer in the company, is not participating in the OFS and will retain its entire stake post-listing.
The equity shares are expected to be listed on both the BSE and NSE on July 30.
As of March 2025, IndiQube operates 115 properties across 15 cities in India, with a total managed workspace footprint of 8.40 million sq ft. The platform offers a seating capacity of 1.87 lakh and serves 769 clients, 44% of whom are Global Capability Centres (GCCs). This segment has been a strong growth driver for the managed office space industry in recent years.
According to the company’s disclosures, ₹462.6 crore from the IPO proceeds will be allocated toward capital expenditure for setting up new workspaces. Another ₹93 crore will be used for debt repayment, while the balance will be reserved for general corporate purposes.
In the financial year ending March 2025, IndiQube reported a total income of ₹1,103 crore. Its funding history includes a ₹190 crore investment from WestBridge Capital, ₹131 crore from promoters, and additional backing from angel investor Ashish Gupta.
The IPO will see 75% of the shares allocated to Qualified Institutional Buyers (QIBs), 15% to Non-Institutional Investors (NIIs), and 10% to retail investors. ICICI Securities and JM Financial are acting as the book-running lead managers for the issue.
Ahead of the IPO, IndiQube converted into a public limited company and received the necessary regulatory clearances from SEBI earlier this year. The company is looking to expand its presence in Tier-1 and emerging Tier-2 cities, capitalizing on increasing demand for flexible and scalable workspaces post-pandemic.
With consistent growth in enterprise demand and a high retention rate among clients, the IPO marks a significant step in IndiQube’s transition from a funded private enterprise to a publicly listed company focused on national expansion.
