Workspace solutions provider IndiQube Spaces has filed the draft red herring prospectus (DRHP) with capital markets regulator Sebi to raise Rs 850 crore through an initial public offering (IPO).IndiQube, backed by the prominent venture capital firm WestBridge Capital, is planning an IPO that includes a fresh equity sale of Rs 750 crore and an offer for sale (OFS) of Rs 100 crore.The company proposes to utilise the net proceeds of the fresh issue to fund capital expenditure for the establishment of new centres, repayment of debt and general corporate purposes.IndiQube Spaces, incorporated in 2015, manages a portfolio of 103 centres across 13 cities, covering 7.76 million square feet of area under management (AUM) in the super built-up area with a total seating capacity of 172,451 as of June 2024. It has a balanced portfolio of global capability centres (GCCs) and Indian enterprises as part of its clientele.IndiQube’s clients include GCCs, Indian corporates, unicorns as well as startups across sectors like Myntra, upGrad, Zerodha, No Broker, Redbus, Juspay, Perfios, Moglix, Ninjacart, Siemens, Narayana Health to name a few.IndiQube Grow is the company’s core offering, representing a comprehensive workplace solution, for plug-and-play workspaces incorporating interiors, technology, facility management and value-added services.It has also developed four additional verticals, namely IndiQube Bespoke, IndiQube One, MiQube and IndiQube Cornerstone to service specialised client requirements.The company reported a total income of Rs 868 crore in FY24 as against Rs 601 crore in the previous fiscal.Flexible workspaces are becoming an integral part of the commercial office market. The rise of hybrid work models, prudence in the use of capital, the need for flexibility, workspace planning, and a shift in work culture are among the factors fuelling the demand for flexible workspaces.According to a CBRE report, the flexible workspace stock in India currently stands over 79 million sq.ft. of which Tier 1 cities account for over 72 million sq.ft. The Tier 1 stock is estimated to grow to approximately 124 Mn sq. ft. by the end of CY2027.ICICI Securities and JM Financial are the book-running lead managers to the offer.