Upcoming IPO: WestBridge Capital-backed IndiQube Spaces files DRHP with SEBI to raise ₹850 crore via IPO

IndiQube Spaces Limited, a managed workplace solutions company dedicated to transforming the traditional office experience through comprehensive, sustainable, and technology-driven solutions has filed the draft red herring prospectus with capital markets regulator, SEBI to raise Rs. 100 crores by the Promoter Selling Shareholders – Rishi Das and Meghna Agarwal IndiQube Spaces Limited proposes to utilize the Net Proceeds of the Fresh Issue towards funding capital expenditure towards establishment of new centers ; repayment or prepayment, in full or in part, of certain borrowings availed by the company ; and general corporate purposes. The company which was incorporated in 2015, manages a portfolio of 103 centers across 13 cities, covering 7.76 million square feet of area under management in super built-up area with a total seating capacity of 172,451 as of June 30, 2024 and has a balanced portfolio of global capability centers and Indian enterprises as part of its clientele. Bengaluru is the largest commercial office and flexible workspace market in India currently, accounting for over 30% of the total flexible workspace stock amongst Tier I cities.