The Bengaluru-based company is gearing up for its ₹700 crore IPO, which opens on July 23. The offering includes a fresh issue of ₹650 crore and an offer for sale of ₹50 crore. Of the proceeds, ₹463 crore has been earmarked for capex expansion. “We have 2.1 million square feet of headroom, and at a capex cost of ₹1,500 per square foot, that comes to about ₹300 crore. The remaining ₹150 crore is kept as a buffer,” explained Meghna Agarwal, Executive Director and COO of IndiQube.
The company’s reported EBITDA margins stand at 58%. However, Das emphasised that cash EBIT, currently at 10.8%, is a more reliable indicator of operating performance, particularly in light of changes to accounting standards. “We were following the IGAAP standard till 2023. Under IndAS, because lease rentals are capitalised and treated as both assets and liabilities, we see higher notional depreciation and interest, resulting in book losses,” he explained.
IndiQube’s customer base is heavily skewed towards large enterprises. About 63% of its seating capacity is occupied by clients with over 300 seats. Of this, 44% of revenues come from Global Capability Centres (GCCs), while the remaining 56% is contributed by Indian MNCs, conglomerates, and startups.The company differentiates itself by offering customised, integrated workspace solutions rather than a one-size-fits-all approach. “We ask clients about their real estate needs and where their talent is located. Based on that, we design solutions. Sometimes we even build a centre for them,” said Agarwal.
Value-added services—such as catering, transport, and IT support—are emerging as a key revenue stream, contributing 12.7% to FY25 topline, up from 9% three years ago. “Once a customer comes to us and likes our service, they start buying more and more,” Das said. Around 44% of the company’s revenues now come from clients that occupy multiple IndiQube centres.
On the investor side, WestBridge is the company’s largest institutional backer, having invested ₹190 crore to date. Promoters have put in ₹125 crore, while individual investor Ashish Gupta is also on the cap table. In total, IndiQube has raised ₹325 crore in equity so far.
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