IndiQube, a leading managed workspace solutions provider, is set to open its Initial Public Offering (IPO) on July 23, with the issue closing on July 25. The company filed its Red Herring Prospectus (RHP) on the same day its competitor Smartworks debuted on the stock exchanges.
In a move similar to other tech-led companies that have gone public this year, IndiQube has revised its IPO size downwards by ₹150 Cr. The fresh issue component has been reduced by ₹100 Cr to ₹650 Cr, while the Offer for Sale (OFS) has been halved to ₹50 Cr. Notably, only the company’s cofounders, Rishi Das and Meghna Agarwal, are participating in the OFS.
From the net proceeds, IndiQube plans to allocate ₹462.6 Cr toward establishing new centres, ₹100 Cr for debt repayment, and the balance for general corporate purposes.
Founded in 2015, IndiQube offers a comprehensive “office in a box” solution that includes workspace design, interior build-outs, and a range of B2B and B2C services driven by technology.
To date, the company has secured $45 Mn in funding from investors such as WestBridge Capital, Ashish Gupta of MFV Partners, and its own promoters.
In FY25, IndiQube reported a 28% growth in operating revenue, reaching ₹1,059.3 Cr compared to ₹830.6 Cr in the previous year. Its net loss narrowed significantly by 60% YoY to ₹139.6 Cr, while EBITDA stood at ₹660 Cr.
IndiQube will become the third coworking space provider to go public in India, following Awfis and Smartworks. Both companies saw strong listings, with their shares debuting at a premium.
While IndiQube remained in the red for FY25, its competitors posted stronger bottom lines. Awfis reported a profit of ₹68 Cr on ₹1,207 Cr in revenue, and Smartworks posted a loss of ₹63.2 Cr on ₹1,374.1 Cr in revenue.
IndiQube distinguishes itself with an asset-light model built around long-term leases—typically 10 years with a 3-year lock-in—unlike Awfis’ revenue-sharing model with landlords and Smartworks’ approach of leasing large campuses.
The company offers tailored solutions through segments like IndiQube Bespoke, which delivers custom workspaces; IndiQube One, offering a full suite of B2B and B2C services including catering and transport; and IndiQube Cornerstone, which focuses on rejuvenating aging properties.
Currently, IndiQube serves over 769 clients, including notable names such as Enphase, Myntra, Zerodha, NoBroker, upGrad, Siemens, Juspay, Perfios, and Moglix.
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