IndiQube, a Bengaluru-based coworking provider, plans to raise INR 1,000-1,500 Cr through an IPO, primarily via fresh share issuance. The company, which operates in 12 cities and serves clients like Walmart and Philips, aims to file its draft red herring prospectus within three months.
Bengaluru-based coworking provider IndiQube is preparing to go public, seeking to raise INR 1,000-1,500 Cr (approximately $120-180 million) through an IPO. Sources reveal that IndiQube is in advanced discussions to finalise merchant bankers and aims to file its draft red herring prospectus (DRHP) within the next three months.
The startup, founded in 2015 by entrepreneurs Rishi Das and Meghna Agarwal, plans for the public issue to consist primarily of fresh share issuances. Existing investors and promoters are not looking to dilute significant holdings, so any offer for sale (OFS) will likely be minimal. “The IPO will largely be focused on new shares, with minimal dilutions expected,” sources shared.
IndiQube, known for its’ office in a box’ concept, offers a comprehensive suite of managed office solutions, including workspace design, interior build-outs, and a range of tech-enabled B2B and B2C services. The company has established a presence in 12 Indian cities, including key markets like Bengaluru, Mumbai, Delhi NCR, and Hyderabad. Its client roster includes major names such as Standard Chartered, redBus, Syncron, Walmart, Philips, and Hitachi.
Backed by investors like WestBridge Capital and Helion Ventures’ Ashish Gupta, IndiQube has raised around $45 million. The planned IPO is expected to bolster its financial position as it competes with established players like Awfis, Smartworks, and 91Springboard in the burgeoning coworking space sector.
IndiQube’s decision to go public comes when competitors tap into the IPO market. Awfis, for instance, was listed on the BSE in May, with shares debuting at INR 432.25—a 12.8% premium to the issue price. Since then, Awfis shares have surged over 80%, closing at INR 782.50 in early September. Similarly, Smartworks recently filed its own DRHP, with plans to raise INR 550 Cr through new equity issuance and an OFS.
With IndiQube’s IPO plans now in motion, the managed office space provider looks poised to capitalize on the sector’s rapid growth and further expand its reach across India’s booming flexible workspace market.
