IndiQube's Strategic Move Before IPO

Managed workspace provider IndiQube Spaces has successfully raised Rs 314.3 crore from anchor investors, with shares priced at Rs 237 apiece, the upper end of its IPO price band. This significant financial milestone comes just before its public issue opens on July 23.

Who Are The Key Investors?

The anchor book saw participation from heavyweight institutional investors including Aditya Birla Sun Life Mutual Fund, Invesco India ELSS Tax Saver Fund, WhiteOak Capital, Bandhan Mutual Fund, Motilal Oswal, and Malabar Funds. Other notable investors include Max Life Insurance, Edelweiss MF, BNP Paribas Financial Markets, Citigroup Global Markets Mauritius, Societe Generale, and Groww Mutual Fund.

IPO Details and Future Plans

The IPO comprises a Rs 650 crore fresh issue and a Rs 50 crore offer for sale by promoters Rishi Das and Meghna Agarwal. With a price band set at Rs 225-237 per share, the subscription window is open from July 23 to July 25, and shares are expected to list on July 30. WestBridge Capital, holding a 27.95% pre-offer stake, is not participating in the sale.

IndiQube's Growth Trajectory

Founded in 2015, IndiQube has expanded to over 8.4 million square feet of managed workspace across 15 cities. The company reported Rs 1,103 crore in revenue for FY25, showcasing a 35% CAGR since FY23, and reduced losses by 58% to Rs 141 crore. The IPO proceeds aim to add 3 million square feet to its portfolio, targeting Bengaluru, Chennai, and Tier-II cities, to reach 11.5 million square feet by FY28.