Workspace supplier IndiQube has recorded its Draft Red Herring Prospectus (DRHP) with the Securities and Trade Board of India (SEBI) for an initial public offering (IPO) on Tuesday.

The IPO incorporates a new issue of value offers worth Rs 750 crore (roughly $89 million) and an offer for sale (OFS) of value offers producing to Rs 100 crore, as expressed in the DRHP.

Co-founders Rishi Das and Meghna Agarwal will each offer offers worth Rs 50 crore through the OFS. Strikingly, no outside shareholders are participating in the OFS, highlighting the founders' noteworthy part in the offering.

According to the DRHP, Anshuman Das is IndiQube's biggest shareholder, holding 25.32%, taken after by Aravali Investment Holding with 22.07%. Other notable shareholders incorporate WestBridge Capital (5.79%), Carenet Advances (5.15%), and Hirepro Counseling (2.15%). The company's co-founders, Rishi Das and Meghna Agarwal, in total possess 37.92% of the company.

IndiQube plans to list its offers on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The IPO will be overseen by ICICI Securities Constrained and JM Budgetary, who are acting as the book-running lead managers.

According to the company, the net continues from the new issue will be utilized for the foundation of unused centers, repayment of borrowings, and other common corporate purposes.

In the to begin with quarter of the continuous monetary year, IndiQube detailed income of Rs 242 crore, whereas its misfortunes stood at Rs 42 crore.

The WestBridge Capital-backed firm accomplished a 43% year-on-year development in income, coming to Rs 830 crore in FY24, up from Rs 580 crore in FY23. In any case, the interest of development came at a cost, with losses surging 72.2% to Rs 341 crore in FY24, compared to Rs 198 crore in FY23.

Awfis got to be the first Indian co-working startup to be recorded on the stock trade, whereas Smartworks as of late secured SEBI approval for its proposed IPO. Concurring to media reports, a few other co-working companies, counting WeWork India, Simpliwork, Table Space, DevX, and Indiqube, are too planning for their IPOs.

source: entrackr