IndiQube Spaces Limited, a leading managed workplace solutions provider headquartered in Bengaluru, has successfully raised more than Rs 314 crore from anchor investors at Rs 237 per equity share. This milestone comes just before the company’s highly anticipated initial public offering (IPO) scheduled from July 23 to July 25, 2025.
Strong Backing from Renowned Institutional Investors
IndiQube’s anchor book received robust participation from prominent investors, including:
Aditya Birla Sun Life Mutual Fund
Motilal Oswal Large Cap Fund
Ashoka WhiteOak ICAV & WhiteOak Capital
Invesco India ELSS Tax Saver Fund
Bandhan Large & Mid Cap Fund
Malabar India Fund & Malabar Midcap Fund
Other major anchor investors include Max New York Life Insurance, Edelweiss Mutual Fund, Baroda BNP Paribas, TOCU Europe III S.A R.L., Groww Mutual Fund, BNP Paribas Financial Markets, Citigroup Global Markets Mauritius Private Limited, and Societe Generale.
This diverse and high-caliber list of anchor investors reflects strong confidence in IndiQube’s growth story and business fundamentals.
IndiQube’s Impressive Financial Health and Growth Trajectory
IndiQube has demonstrated exceptional financial performance, reported a total income of Rs 1,103 crore in the fiscal year 2025, marking a strong CAGR of 35% since 2023. Its EBITDA reached Rs 660 crore, with a Return on Capital Employed (RoCE) of 34.21% and cash EBIT margins of 10.81%. The company’s occupancy rate in steady-state centers stands impressively at 86.50%.
The company remains PAT positive under Indian GAAP accounting standards and has contributed significantly to income tax revenues—Rs 7.7 crore in FY24 and Rs 8.4 crore in FY25. IndiQube also enjoys a CRISIL A+ / Stable credit rating with consistent upgrades over multiple rating cycles.
IPO Details: Raising Rs 700 Crore to Accelerate Expansion
IndiQube’s IPO aims to raise a total of Rs 700 crore through:
A fresh issue of Rs 650 crore
An offer for sale (OFS) worth Rs 50 crore by promoters Rishi Das and Meghna Agarwal
Notably, WestBridge Capital—an early investor holding a significant 27.95% stake—is not diluting any shares in this IPO.
IPO Price Band and Share Allocation
The price band for the IPO has been fixed between Rs 225 and Rs 237 per equity share of face value Rs 1 each. A total of 13,262,658 equity shares have been allotted to 29 anchor investors at Rs 237 per share, aggregating to Rs 314.32 crore.
Among these, eight domestic mutual funds received approximately 8.9 million shares, constituting 67.35% of the total anchor allocation, indicating strong domestic institutional interest.
Planned Use of Proceeds and Future Outlook
IndiQube plans to deploy the fresh funds to fuel its aggressive expansion plans including:
Rs 462.6 crore towards capital expenditure for new centres
Rs 93 crore for repayment of debt
Remaining amount for general corporate purposes
The company aims to add 3 million sq ft of flexible workspace over the next three years, consolidating its position as a leader in managed office and coworking spaces in India.
Currently, IndiQube manages a portfolio of 8.40 million sq ft across 115 properties in 15 cities with seating capacity for 1,86,719 professionals, up from 4.94 million sq ft and 74 centres in 2023, underlining rapid scalability.
About IndiQube: Pioneering Managed Workplace Solutions
Founded in 2015, IndiQube offers intelligently designed managed office spaces catering to diverse clientele ranging from startups and unicorns to large enterprises and solopreneurs. The company provides a comprehensive “office in a box” solution that integrates workspace design, interior build-out, and technology-driven business services.
With a focus on flexibility, scalability, and technology-enabled work environments, IndiQube is positioned to tap into the burgeoning demand for flexible office space in India’s growing corporate ecosystem.
Conclusion: Robust Market Entry with Strong Investor Confidence
IndiQube’s Rs 314 crore anchor funding coupled with its Rs 700 crore IPO launch signals strong market validation and investor trust in the company’s growth potential. With solid financials, expansion plans, and reputed institutional backing, IndiQube is set to accelerate its journey as a key player in India’s flexible workspace industry.
Investors and market watchers will keenly observe IndiQube’s IPO performance and future trajectory as demand for managed office solutions continues to soar across the Indian business landscape.