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On the day of Smartworks’ listing, its competitor IndiQube filed its red herring prospectus (RHP) for its IPO. The managed workplace solutions provider’s public issue will open on July 23 and close on July 25.
Like three new-age tech companies that have gone public so far this year, IndiQube has also reduced its issue size by INR 150 Cr. The company has slashed its fresh issue size by INR 100 Cr to INR 650 Cr and the offer for sale (OFS) component has been halved to INR 50 Cr. The founders of the company, Rishi Das and Meghna Agarwal, are the only selling shareholders in the issue.
IndiQube plans to utilise INR 462.6 Cr from the net proceeds from the fresh issue to establish new centres, INR 100 Cr to repay certain borrowings, and the remaining amount for general corporate purposes.
Founded in 2015, IndiQube is a managed office space provider that offers ‘office in a box’ experience to clients, encompassing workspace design, interior build out and a plethora of B2B & B2C services leveraging technology.
It primarily provides workspaces to businesses within its leased properties, customising their workspaces as per the clients’ requirements under ‘IndiQube Bespoke’. Under IndiQube One, it offers comprehensive B2B and B2C solutions ranging from facility management, asset maintenance and plantation to catering, and transportation services.
Besides, it also enhances aging properties through its ‘IndiQube Cornerstone’ vertical, focusing on modernising aging properties.
It serves 769 clients including the likes of Enphase, Myntra, Zerodha, NoBroker, upGrad, Siemens, Juspay, Perfios, Moglix, among others.
(The story will be updated soon)
The post IndiQube IPO To Open On July 23, Cuts IPO Size By INR 150 Cr appeared first on Inc42 Media.
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