IndiQube Spaces, backed by private equity heavyweight WestBridge Capital, listed below its ₹237 IPO price, reflecting initial investor caution. But long-term conviction from WestBridge, which retained its ~28% stake, turns the narrative toward a multibagger outcome driven by scale, institutional backing, and operational maturity.
On debut, IndiQube shares opened around ₹218–₹219, nearly 9% below the ₹237 issue price, highlighting subdued early sentiment despite its strong oversubscription and anchor backing.
IPO Highlights & WestBridge Continuity
- Total IPO raised ₹700 crore: ₹650 crore via fresh issue and ₹50 crore via promoter OFS.
- WestBridge Capital, a major early investor since 2018, did not divest any stake, signalling long-term belief in IndiQube’s growth potential.
- From the IPO, ₹462.6 crore is earmarked for new centre capex, ₹93 crore for debt repayment, and the rest for corporate uses.
Operational Snapshot
- As of March 2025, IndiQube manages 8.4 million sq. ft. across 115 centres in 15 cities, with ~187,000 seats, growing from 74 centres two years prior.
- Its enterprise-focused approach sees 63% of leased space under clients with 300+ seats; GCCs form 44% of revenues and serve a backdrop of diversified clients like Myntra, Zerodha, and upGrad.
- FY25 revenue stood at ₹1,103 crore, a 28–35% CAGR since FY23; EBITDA reached ₹660 crore with occupancy steady at 86.5%
WestBridge’s Multibagger Case
- With initial investments of ~₹190 crore since 2018 and no stake divestment now, despite a ₹5,000 crore valuation, WestBridge stands to gain materially as the company scales. This reflects a classic multibagger setup: early entry, scaling growth, and long-term holding.
What Listing Day Suggests
- Listing softness suggests short-term caution, but doesn’t undermine IndiQube’s enterprise-scale operations or client depth.
- Institutional appetite, anchored by QIB/growth allocations, remains strong despite retail volatility.
- WestBridge’s continued stake signals that the company isn’t just another exit play; it’s a value play with structural potential.
The Flexinsights Take
- A weaker listing is not a verdict; it could mark a pause before scale begins.
- WestBridge’s decision to stay invested reinforces confidence in long-term earnings and operational leverage.
- With strong occupancy, expanding client base, and disciplined capital deployment, IndiQube remains a compelling mid-to-long-term sector play.
For investors, patience might be rewarded especially when fundamentals and institutional belief are aligned.
