IndiQube Prepares for Rs 800 Crore IPO as It Expands in the Managed Office Space Sector
IndiQube, a managed office space provider, is gearing up to file for an initial public offering (IPO) worth Rs 800 crore in November 2024. The IPO aims to fund its expansion plans as the demand for flexible office spaces continues to surge across India, driven by the rise of hybrid work models.
Founded in 2015 by Rishi Das and Meghna Agarwal, IndiQube has quickly grown into a major player in the coworking space industry, catering to startups, SMEs, and large enterprises. As of 2024, the company operates over 5 million square feet of office space across 15 cities in India, with more than 600 clients. The rapid urbanization and increasing demand for plug-and-play office solutions have provided a strong foundation for the company's growth.
The upcoming IPO will be used to support IndiQube's aggressive expansion strategy. A significant portion of the funds is expected to go toward adding new properties and enhancing infrastructure. The managed office sector has witnessed strong growth due to the increasing preference for flexible workspace models by businesses looking to reduce operational costs while maintaining scalability. This trend is expected to continue, positioning IndiQube as one of the top beneficiaries of the evolving workspace ecosystem.
IndiQube previously raised approximately Rs 550 crore from marquee investors such as WestBridge Capital and Innovent Capital, which allowed the company to expand its portfolio and enhance its technological infrastructure. With the upcoming IPO, IndiQube plans to solidify its position in the market by capturing a larger share of India’s coworking and managed office space segment. Its focus on a hybrid workspace model, offering tailor-made solutions for various types of clients, has set it apart from traditional office providers.
The broader market for managed office spaces has been witnessing a post-pandemic boom, and companies like IndiQube are well-placed to capitalize on this. As businesses reevaluate their real estate strategies to adapt to more flexible work models, the demand for managed office spaces is expected to grow. IndiQube’s strategy includes not only expansion but also further development of their tech-enabled office spaces, providing clients with enhanced flexibility and productivity.
With the IPO scheduled for November, market experts believe it could attract substantial interest, given IndiQube's strong brand presence and the positive outlook for the managed office space market in India.
Image source: IndiQube
