Managed workplace solutions provider IndiQube Spaces Limited has filed its draft red grass prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).

The Bengaluru-based company, founded in 2015, plans to raise Rs 750 crore through a fresh issue of equity shares and Rs 100 crore through an offer for sale (OFS) from its promoter selling shareholders Rishi Das and Meghna Agarwal. Backed by WestBridge Capital and individual investor Ashish Gupta, IndiQube aims to revolutionize traditional office spaces with sustainable and technology-driven work solutions.

Proceeds from the fresh issue will be used for capital expenditure for setting up new centers (Rs 462.6 crore), repayment or prepayment of loans (Rs 100 crore) and general social purposes.

As on June 30, 2024, IndiQube operates 103 centers across 13 cities, with a portfolio spanning 7.76 million square feet of superbuilt-up area and a total seating capacity of 1,72,451. Its clientele includes Global Capability Centers (GCCs), Indian companies, unicorns and startups like Myntra, upGrad, Zerodha, NoBroker, Redbus and Siemens, among others.

The company reported total revenue of Rs 867.6 crore in FY24, up from Rs 601.2 crore in FY23. Its FY24 EBITDA stood at 263.4 crore, while Q1 2025 EBITDA came in at Rs 153 crore.

IndiQube’s flagship offering, IndiQube Grow, offers plug-and-play workspaces that integrate interiors, technology, facility management and value-added services. The company has also diversified its portfolio with four additional verticals – IndiQube Bespoke, IndiQube One, MiQube and IndiQube Cornerstone – catering to the specialized needs of customers.

In a recent move, IndiQube expanded its board, bringing in four independent directors, including an independent woman director. The new members include Naveen Tewari, founder and CEO of the InMobi Group; Avalur Gopalaratnam Muralikrishnan, Chartered Accountant; Rahul Matthan, Partner at Trilegal; and HR veteran Sachi Krishana.

ICICI Securities Limited and JM Financial Limited are the lead bookrunners for the IPO. The equity shares will be listed on the BSE and NSE.