Khaitan & Co has guided workspace operator Indiqube Spaces, along with its promoter selling shareholders, on its recent initial public offering comprising a fresh issue worth INR 650 crore and an offer for sale by selling promoters worth INR 50 crore. Cyril Amarchand Mangaldas and Hogan Lovells served as domestic and international counsel to the book running lead managers.
The BRLMs are ICICI Securities and JM Financial.
Indiqube is the third company in India’s co-working and managed offices sector to go public in recent times. Awfis Space Solutions completed a INR 600 crore IPO last year, which was India’s first listing by a major co-working firm. Earlier this year, Smartworks Coworking completed a public issue worth INR 583 crore, opening with a blockbuster debut.
WeWorks India and The Executive Centre India have also filed draft red herring prospectuses for IPOs likely to be completed later this year worth INR 3500 crore and INR 2600 crore respectively.
Notably, Khaitan & Co has emerged as a leader in IPO advisory in the co-working sector, acting as the issuer’s counsel in listings by Awfis, Smartworks and Indiqube, while acting as underwriter’s counsel in Wework India’s upcoming listing. Shardul Amarchand Mangaldas is the issuer’s counsel on WeWorks and The Executive Centre’s DRHPs.
The sector’s large market potential—projected to reach around $829 million by 2033—and the increasing share of flexible workspaces in India’s office real estate (around 20 percent of gross leasing in 2024) underpin strong investor appetite. IPOs provide these companies with liquidity and a platform for growth, as well as an opportunity for early investors to monetize holdings. Cities like Bangalore and Pune emerge as key hubs fueling this demand and growth, with expansion plans targeting tier-2 and tier-3 cities to broaden the workspace ecosystem beyond metros.
Khaitan’s capital markets team was led by partner Thomas George and included Prathiksha Panduranga, Jash Botadra, Lakshmi Raj, Rupa Veena S and Pooja Agarwal.
CAM’s team was led by partners Reuben Chacko and Vartika Jain, with support from associates Dhruv Sharma, Akhil Sreenadhu, and Zubin Ronnie.
The Hogan Lovells capital markets team was led by India practice head Biswajit Chatterjee with support from Varun Jetly, Kaustubh George, Aditya Rajput, Suchisubhra Sarkar, Aditya DSouza, Sanjana Ravjiani, Komal Israni and Purva Mishra.
