IndiQube Spaces Sets IPO Price Band, Targets Rs 700 Crore

IndiQube Spaces, a leading workplace solutions company based in Bengaluru, has announced its plans for an Initial Public Offering (IPO) with a price band set between Rs 225 and Rs 237 per share. The IPO, aiming to collect Rs 700 crore, is scheduled to open for public subscription from July 23 to July 25, while bidding for anchor investors will commence on July 22.

At the higher end of the pricing spectrum, IndiQube Spaces' valuation could reach approximately Rs 5,000 crore. The company plans to utilize Rs 650 crore of the funds raised through fresh issuance and will allocate Rs 50 crore from its promoters under an offer for sale (OFS). WestBridge Capital, a significant stakeholder in IndiQube since 2018, will retain its current holding, opting not to divest any shares through the OFS.

The proceeds from the fresh issue are primarily intended for capital expenditure to establish new centers, with Rs 462.6 crore earmarked for this purpose, and Rs 93 crore designated for debt repayment. The remaining funds will cater to general corporate needs. IndiQube manages a portfolio spanning 8.40 million square feet across 115 properties in 15 cities and serves a diverse clientele, including firms like Enphase and Myntra.

(With inputs from agencies.)