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Workplace solutions company IndiQube on Friday filed its draft red herring prospectus (DRHP) with markets regulator SEBI to raise funds through an initial public offering (IPO).

The company’s IPO consists of a fresh issue of equity shares of up to Rs 750 crore and an offer for sale of equity shares of up to Rs 100 crore by the promoter-selling shareholders, Rishi Das and Meghna Agarwal.

IndiQube intends to use Rs 462.6 crore of the raised proceeds towards funding capital expenditures related to establishing new centres and Rs 100 crore towards the repayment of certain borrowings availed by the company.

Founded in 2015, the company currently manages around 103 centres across 13 cities and has a clientele roster ranging from Indian corporates as well as startups such as No Broker, Redbus, upGrad, among others.

The company reported a total income of Rs 867.6 crore in FY24 compared to Rs 601.2 crore in FY23.

Interestingly, for the three months ended June 30, 2024, the company derived 91.59% of its revenue from operations from centers in Bengaluru, Pune, and Chennai collectively. This trend was observed in FY24, FY23, and FY22.

IndiQube has become the latest company to file for an IPO after several startups such as EV-maker Ola Electric and food delivery platform Swiggy went public in 2024. Several companies including Ather Energy and omnichannel jewellery brand Bluestone has also filed draft papers to go public.

The company’s DRHP also comes at a time when flexible workspaces are becoming a rising trend in the commercial office market as shifting work culture amidst hybrid working models become more common.

The Book Running Lead Managers to the offer are ICICI Securities Limited and JM Financial Limited and the equity shares are proposed to be listed on BSE and NSE.