IndiQube Spaces filed DRHP to SEBI to raise funds of ₹850 crore through an IPO.

IndiQube Spaces, a Bengaluru-based company registered DRHP with SEBI for an IPO. The IPO is comprised of both fresh issues and offer-for-sale components.

IndiQube Spaces submitted its DRHP Draft red herring prospectus with SEBI in order to raise funds ₹850 crores through launching an IPO (Initial Public Offering). According to the DRHP, The IPO comprises both fresh issues of ₹750 crore and an offer for sale of ₹100 crore equity shares with a face value of ₹1 each. 

The funds raised through the IPO will be used to repay and prepay of company’s old borrowings, and funds used to build new centers, while the remaining funds will be used for general corporate needs. 

Rishi Das and Meghna Agarwal the founders and promoters of the IndiQube Spaces, will sell their ₹100 crore worth of shares. Both Rishi Das and Meghna Agarwal hold a 7.68% stake in IndiQube. While the company’s non-executive director, Anshuman Das holds a 25.15% equity share. The company might also raise ₹150 crore as a pre-IPO placement before raising funds through an IPO using methods like preferential allotment or rights issues.

WestBridge Capital and Ashish Gupta are the supporters of the IndiQube Spaces. WestBridge Capital is an investment company located in Bengaluru and active in the USA and currently owns 5.08% of the company’s equity shares. 

IndiQube Spaces is currently available in 13 cities in India. Their 103 properties and 7.76 million square feet area are under management. In the Fiscal year 2024, the company raised ₹867.6 crore in revenue from operations. In the fiscal 2024 company raised ₹263.4 crore in EBITDA.

ICICI Securities and JM Financial are the book-running lead managers of this issue. It is proposed that the equity shares be listed on both the National Stock Exchange and the BSE. 

IndiQube Spaces IPO Prospectus:

IndiQube Spaces Company Financial Report

Amount ₹ in Crores

IndiQube Spaces IPO Valuation – FY2024

IndiQube Spaces IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.

Peer Group Comparison

Objects of the Issue

• Funding capital expenditure towards establishment of new centers;
• Repayment/pre-payment, in full or in part, of certain borrowings availed by our Company; and
• General corporate purposes.

IPO Lead Managers aka Merchant Bankers

• ICICI Securities Limited
• JM Financial Limited