IndiQube Spaces IPO: IndiQube Spaces, invested by WestBridge, is now preparing to be listed in the domestic stock market. For this, the company has filed a draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI). This IPO of co-working and managed space operator Indicube Spaces can be worth around Rs 850 crore. Under this, new shares will also be issued. Apart from this, promoters will also dilute their stake through the Offer for Sale (OFS) window of the issue. The company can also consider its pre-IPO placement.
Highlights of IndiQube Spaces IPO
Under the Rs 850 crore IPO of Indicube Spaces, new shares worth Rs 750 crore will be issued. IndiCube can raise Rs 150 crore through private placement, rights issue or preferential offer and if this happens then the fresh issue size may be reduced. Apart from this, promoters Rishi Das and Meghna Agarwal will sell shares worth up to Rs 100 crore through the offer for sale window of the issue.
Now if we talk about the use of IPO money, the money from the offer for sale will go to those selling the shares. Out of the money raised through new shares, new centers will be built with Rs 462.6 crore. The debt will be lightened by Rs 100 crore. It has a debt of Rs 227.45 crore. The remaining money will be used for general corporate purposes.
About IndiCube
IndiCube Spaces was started by Rishi Das, Meghna Agarwal and Anshumar Das in 2015 in Bengaluru. Rishi Das is its Chairman, Executive Director and CEO, Meghna Agarwal is the Chief Operating Officer (COO) and Executive Director while Anshuman Das is its Non-Executive Director. Westbridge had invested money in it in the year 2018 and Ashish Gupta in the year 2019. Promoters hold 70.86 percent stake in it and the remaining 29.14 percent is held by public shareholders including Westbridge.
Now talking about the company’s business, it has 103 centers in 13 cities of the country which are spread over 77.6 lakh square feet and the seating capacity is 1,72,451. Of these, 60 centers spread over 50.4 lakh square feet are in Bengaluru alone. The company had a net loss of Rs 341.5 crore in FY 2024. Its net loss was Rs 198 crore in FY 2023 and Rs 188.4 crore in FY 2022. It was hit by weak operating margins and a sharp rise in residual expenses. EBITDA fell 4.4 percent year-on-year to Rs 226.3 crore in FY 2024. The margin rapidly slipped from 13.57 percent to 27.25 percent. However, revenue increased by 43.3 percent to Rs 830.6 crore.
Another IPO of ₹450 crore is coming, there will be only new shares; Draft deposited with SEBI