WestBridge Capital-backed Indiqube Spaces Rs 700-crore IPO to hit Dalal Street on July 23, offer size reduced

Indiqube Spaces IPO

Bengaluru-based managed workplace solutions provider Indiqube Spaces is set to hit Dalal Street with its Rs 700-crore initial share sale in the coming week on July 23. It has filed Red Herring Prospectus (RHP) with the Registrar of Companies on July 17 after getting approval for its draft papers from the market regulator SEBI in the last week of March this year.

The IPO comprises fresh issuance of equity shares worth Rs 650 crore, and an offer-for-sale of Rs 50 crore worth shares by promoters Rishi Das, and Meghna Agarwal.

The company has reduced the fresh issue size from Rs 750 crore, and an offer-for-sale component from Rs 100 crore earlier.

The anchor book of the offer will be launched for institutional investors on July 22. The IPO for the public will close on July 25. The IPO share allotment will be finalised by the end of July 28.

Indiqube Spaces shares will be available for trading on the bourses effective July 30.

The company proposes to utilise Rs 426.6 crore of the fresh issue towards funding capital expenditure, Rs 100 crore for payment of debt and balance towards general corporate purposes.

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Of the net fresh issue funds, Rs 462.6 crore will be utilised for establishment of new centers, Rs 93 crore for repaying its debt, and the remainder funds for general corporate purposes.

As of May 2025, "we had total borrowings of Rs 332 crore," Indiqube in its RHP said.

Led by co-founders Rishi Das and Meghna Agarwal, the company, which is backed by well-known venture capital firm, WestBridge Capital with 5.79 percent stake, and ace investor, Ashish Gupta with 0.98 percent stake, manages a portfolio of 115 centers across 15 cities, consisting of 105 operational centres and 10 centres for which we have executed letters of intent. These centers cover 8.40 million square feet of area under management (AUM) in super built-up area with a total seating capacity of 1,86,719 in fiscal 2025.

The company has reserved up to 75 percent of the public issue size for qualified institutional buyers. The remainder 15 percent shares are set aside for non-institutional investors, and 10 percent for retail investors.

Awfis Space Solutions is the only listed peer for the company. ICICI Securities, and JM Financial are the merchant bankers handling the Indiqube Spaces IPO.