The corporate, which is backed by WestBridge Capital, had filed a draft red herring prospectus (DRHP) final December looking for to boost Rs 850 crore by the IPO. This includes Rs 750 crore in contemporary capital and Rs 100 crore in a proposal on the market. Founders Rishi Das and Meghna Aggarwal plan to promote shares price Rs 100 crore by the offer-for-sale phase.
Based on on-line information platform Entracker, IndiQube intends to make use of Rs 427 crore of the contemporary funds on capital expenditure, Rs 100 crore to repay or prepay current loans, and the remainder on common company actions.
Whereas it’s primarily centered on Bengaluru, which contributes two-thirds of its working income, IndiQube’s reliance on the town has been progressively reducing because of rising contributions from Pune and Chennai.
ICICI Securities Limited and JM Financial Limited would be the Ebook Operating Lead Managers for the IPO.
In FY24, IndiQube reported Rs 830 crore in income from operations, marking a 43% year-on-year enhance. Nonetheless, its internet loss widened to Rs 341 crore from Rs 198 crore in FY23.
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Based in 2015 by Das and Aggarwal, IndiQube competes with Awfis, which went public last May, and Smartworks Coworking Area, which received approval for its IPO last December, amongst others.Based on Tracxn, IndiQube has raised $45 million, together with a $30 million funding spherical in 2022 led by WestBridge Capital, which owns round 27% of the corporate.
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