December 25, 2024
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Coworking space firm Indiqube files DRHP
Indiqube, a Bengaluru-based coworking space provider, has filed a draft red herring prospectus (DRHP) for its Rs 850-crore initial public offering (IPO). The company plans to raise Rs 750 crore in fresh capital, while its founders, Rishi Das and Meghna Aggarwal, will sell shares worth Rs 100 crore through the offer-for-sale component of the IPO.
Backed by WestBridge Capital, Indiqube intends to use the funds raised from the primary capital offering to finance capital expenditures for the establishment of new shared working centers. Although the company has a strong focus on the Bengaluru market, which generates about two-thirds of its revenue, its reliance on the city has decreased over time, with Pune and Chennai emerging as significant contributors.
As of June 30, 2024, Indiqube operated 93 centers across 12 cities. In comparison, its competitor Awfis, which went public in May 2024, had 169 centers across 17 cities.
In FY24, Indiqube reported an operating revenue of Rs 830 crore, marking a 43% year-on-year growth. However, its net loss widened to Rs 341 crore, up from Rs 198 crore in FY23. For the first quarter of FY25 (April-June 2024), the company posted Rs 242 crore in operating revenue and a loss of Rs 42 crore after tax.
Indiqube competes with companies such as Awfis, which raised significant capital in its IPO, and Smartworks Coworking Spaces, which filed its DRHP in August 2024 for a Rs 550-crore IPO. Awfis, backed by Peak XV Partners and ChrysCapital, saw its public issue oversubscribed 108 times and listed with a 13-14% premium over its IPO price, currently holding a market capitalization of Rs 5,100 crore.
Founded in 2015, Indiqube has raised $45 million, including a $30 million funding round in 2022 led by WestBridge Capital, which currently owns a 27% stake in the company.
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