Workplace solutions company IndiQube Spaces on Friday fixed a price band of ₹225 to ₹237 per share for its ₹700-crore initial public offering (IPO).
The IPO of the Bengaluru-based firm will open for public subscription on July 23 and conclude on July 25. The bidding for anchor investors will open for a day on July 22, the company announced.
At the upper end of the price band, the company's valuation is nearly ₹5,000 crore.
The company is raising ₹650 crore through issuance of fresh issue and promoters would offload shares worth ₹50 crore under the offer for sale (OFS).
WestBridge Capital, a key investor in the firm since 2018, is not divesting any stake in the OFS.
IndiQube Spaces proposes to utilise the fresh issue to the tune of ₹462.6 crore towards funding capex for setting up new centres, ₹93 crore for repayment and rest for general corporate purposes.
The company, which was incorporated in 2015, manages a portfolio of 8.40 million sqft across 115 properties in 15 cities with a total seating capacity of 1,86,719 as of March 2025. This was a growth from 74 centres and 4.94 million sq ft in March 2023.
IndiQube serves 769 clients of which 44% clients are global capability centres. The company follows an enterprise-first strategy owing to which 63% of its occupied area comes from clients who have leased over 300 seats. Further, 44 per cent of its revenue is generated from multi-centre clients. Its diverse client mix includes Enphase, Myntra, Zerodha, NoBroker, upGrad, Siemens, Juspay, Perfios, Moglix, Ninjacart, Narayana Health, and Allegis to name a few.
On the financial front, the company reported a total income of ₹1,103 crore in FY25, recording a CAGR of 35% from FY23.
The company raised a total of ₹324 crore in two funding rounds during 2018 and 2022. WestBridge Capital led the investment with ₹190 crore, followed by ₹131 crore from the promoters, and the rest came from angel investor Ashish Gupta.
The company announced that 75% of the offer size has been set aside for qualified institutional buyers, 15% for non-institutional investors and the remaining 10% for retail investors.
ICICI Securities and JM Financial are book-running lead managers to the issue. The equity shares are expected to be listed on July 30 on the BSE and the NSE.
