NEW DELHI: IndiQube Spaces, a managed workplace solutions company, has filed the draft red herring prospectus (DRHP) with capital markets regulator, SEBI to raise Rs 850 crore through an initial public offering (IPO).
The IPO of the Bengaluru-based company comprises of a fresh issue of equity shares aggregating up to Rs 750 crore and an offer for sale (OFS) of equity shares aggregating up to Rs 100 crore by the promoter selling shareholders – Rishi Das and Meghna Agarwal.
The company proposes to utilize the net proceeds of the fresh issue towards funding capital expenditure towards establishment of new centers (Rs 462.6 crore); repayment or prepayment, in full or in part, of certain borrowings availed by the company (Rs 100 crore); and general corporate purposes.
The book running lead managers to the offer are ICICI Securities and JM Financial.
Incorporated in 2015, it manages a portfolio of 103 centers across 13 cities, covering 7.76 million sq ft of area under management (AUM) in super built-up area with a total seating capacity of 172,451 as of June 30, 2024. The company is backed by WestBridge Capital and individual investor, Ashish Gupta.
It reported a total income of Rs 867.6 crore in FY24 as against Rs 601.2 crore in FY23. FY24 EBITDA stood at Rs. 263.4 crore, while for Q1 FY25 itself the EBITDA was Rs. 153 crore.
