Bengaluru-based managed workspace provider IndiQube Spaces has secured approval from the Securities and Exchange Board of India (SEBI) to raise ₹850 crore through an initial public offering (IPO). The company filed its Draft Red Herring Prospectus (DRHP) in December 2024, receiving SEBI’s observation letter on March 24, 2025.

The IPO comprises a fresh issue of ₹750 crore and an offer for sale (OFS) of ₹100 crore. According to the DRHP, IndiQube plans to allocate ₹426.6 crore for capital expenditure, ₹100 crore for debt repayment, and the rest for general corporate needs. The funding will help the company scale its operations and strengthen its presence in India’s growing flexible workspace market.

Founded by Rishi Das and Meghna Agarwal, IndiQube has established itself as a key player in India’s managed office space sector, serving startups, enterprises, and multinational corporations. With significant backing from WestBridge Capital and investor Ashish Gupta, the company is well-positioned for expansion.

The IPO comes when demand for flexible and co-working spaces rises, fueled by hybrid work models and a booming startup ecosystem. Industry experts see this move as a strategic push to capitalize on market trends and bolster IndiQube’s competitive edge.

As the company prepares for its market debut, analysts closely watch investor sentiment and the IPO’s pricing strategy, anticipating strong interest in India’s evolving office space industry.