IndiQube, a workspace provider, submitted its Draft Red Herring Prospectus (DRHP) for an IPO to the Securities and Exchange Board of India (SEBI) on Tuesday.
According to the DRHP, the IPO consists of an offer for sale (OFS) of equity shares worth Rs 100 crore and a new issue of equity shares for Rs 750 crore, or roughly $89 million.
Via the OFS, co-founders Rishi Das and Meghna Agarwal would each sell shares valued at Rs 50 crore. The fact that no outside investors are taking part in the OFS is noteworthy and emphasizes the founders’ important position in the offering.
With 25.32% of the company, Anshuman Das is IndiQube’s largest shareholder, followed by Aravali Investment Holding (22.07%), according to the DRHP. WestBridge Capital (5.79%), Carenet Technologies (5.15%), and Hirepro Consulting (2.15%) are further noteworthy shareholders. Together, Meghna Agarwal and Rishi Das, the company’s co-founders, control 37.92% of the business.
Both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) will list IndiQube’s shares. As the book-running lead managers, ICICI Securities Limited and JM Financial will oversee the IPO.
The company claims that the net proceeds from the new issue will be used for borrowing repayment, the opening of new centers, and other general business needs.
IndiQube reported Rs 242 crore in sales and Rs 42 crore in losses for the first quarter of the current fiscal year.
Revenue for the WestBridge Capital-backed company increased by 43% year over year to Rs 830 crore in FY24 from Rs 580 crore in FY23. Nevertheless, the drive for expansion came at a price, as losses increased from Rs 198 crore in FY23 to Rs 341 crore in FY24, a 72.2% increase.
Smartworks recently received SEBI permission for its proposed initial public offering (IPO), while Awfis became the first Indian co-working firm to be listed on the stock exchange. Numerous more co-working spaces, such as WeWork India, Simpliwork, Table Space, DevX, and Indiqube, are reportedly getting ready for their initial public offerings (IPOs), according to media sources.
