APAC IPOs & Placements, Aequitas Research

Rosita Fernandes

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

IndiQube Spaces Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indiqube-spaces-ltd" target="_blank" data-smartkarma-citation="entities:44238:1" rel="noopener">IndiQube Spaces Ltd (1628202D IN)</a>  (ISL) is planning to raise about US$100m in its upcoming India IPO. </li>
<li>ISL is a managed workplace solutions provider offering technological workplace solutions. As per CBRE Report, ISL is among the leading operators in Bengaluru as of Jun 24.</li>
<li>ISL offers enterprise workplace solutions, from large hubs to small spokes, enhancing employee experience through integrated interiors, amenities, and various value-added services for a seamless, efficient office environment.</li>
</ul>



IndiQube Spaces Ltd (1628202D IN)  (ISL) is planning to raise about US$100m in its upcoming India IPO. 
ISL is a managed workplace solutions provider offering technological workplace solutions. As per CBRE Report, ISL is among the leading operators in Bengaluru as of Jun 24.
ISL offers enterprise workplace solutions, from large hubs to small spokes, enhancing employee experience through integrated interiors, amenities, and various value-added services for a seamless, efficient office environment.


IndiQube Spaces Pre-IPO - Capacity Has Been Expanding, Though Margins Remain Unstable

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indiqube-spaces-ltd" target="_blank" data-smartkarma-citation="entities:44238:1" rel="noopener">IndiQube Spaces Ltd (1628202D IN)</a> (ISL) is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are ICICI and JM fin.</li>
<li>IndiQube Spaces Limited (ISL) is a managed workplace solutions provider offering technological workplace solutions.</li>
<li>According to CBRE Report, ISL is among the leading operators in Bengaluru as of Jun 24. </li>
</ul>



IndiQube Spaces Ltd (1628202D IN) (ISL) is looking to raise about US$100m in its upcoming India IPO. The bookrunners for the deal are ICICI and JM fin.
IndiQube Spaces Limited (ISL) is a managed workplace solutions provider offering technological workplace solutions.
According to CBRE Report, ISL is among the leading operators in Bengaluru as of Jun 24. 


Akshat Shah

WeWork India Management Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a> raised about US$338m in its India IPO.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



WeWork India Management Ltd (1690124D IN) raised about US$338m in its India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


WeWork India IPO Trading - Muted Demand, Likely to Trade Weak

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>India’s Grade A office stock has surged to 883M sq. ft. in 2025, projected to hit 1,072M sq. ft. by 2027, with flexible workspaces already expanding to ~96M sq. ft.</li>
<li>
WeWork India leads the flex market with INR 19,492M revenue in FY25 and supported by 94% Grade A portfolio and an enterprise-heavy client base.</li>
<li>New offerings like WeWork Workplace SaaS, Zoapi, and Virtual Offices are boosting ancillary revenue (10% of operations, above industry average).</li>
</ul>


India’s Grade A office stock has surged to 883M sq. ft. in 2025, projected to hit 1,072M sq. ft. by 2027, with flexible workspaces already expanding to ~96M sq. ft.

WeWork India leads the flex market with INR 19,492M revenue in FY25 and supported by 94% Grade A portfolio and an enterprise-heavy client base.
New offerings like WeWork Workplace SaaS, Zoapi, and Virtual Offices are boosting ancillary revenue (10% of operations, above industry average).


WeWork India IPO: Not a Lifestyle Brand, Just Shared Office Space?

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

<ul>
<li>WeWork India is the Indian arm of global flex space major <a href="https://www.smartkarma.com/entities/wework-inc" target="_blank" data-smartkarma-citation="entities:28061:1" rel="noopener">(WEWKQ US)</a>; however, it is promoted by Indian real estate major Embassy group (~48% stake post IPO)</li>
<li>WeWork has differentiated itself from the crowded flex space market with a focus on premium Grade-A property and cornering market share in major markets like Bengaluru and Mumbai (MMA)</li>
<li>IPO valuation at 22x FY25 EBITDA prices in this premium relative to peers (12-14x). Can the company sustain these valuations?</li>
</ul>


WeWork India is the Indian arm of global flex space major (WEWKQ US); however, it is promoted by Indian real estate major Embassy group (~48% stake post IPO)
WeWork has differentiated itself from the crowded flex space market with a focus on premium Grade-A property and cornering market share in major markets like Bengaluru and Mumbai (MMA)
IPO valuation at 22x FY25 EBITDA prices in this premium relative to peers (12-14x). Can the company sustain these valuations?


WeWork India - IPO Review: A Premium Flex Space Player with Strong Promoter Backing

India

IndiQube Spaces Private Limited provides internet based services. The Company offers through its platform office properties search, information and real estate services. IndiQube Spaces serves customers in India.

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IndiQube Spaces Ltd (1628202D IN)

IndiQube Spaces Pre-IPO - Capacity Has Been Expanding, Though Margins Remain Unstable

IndiQube Spaces Ltd is set to raise $100m in its India IPO, offering managed workplace solutions to enhance employee experience and efficiency.

Rosita Fernandes

IndiQube Spaces Ltd Pre-IPO Tearsheet

IndiQube Spaces Ltd (ISL) plans to raise $100m in India IPO with ICICI and JM Fin as bookrunners, recognized as a top operator in Bengaluru by...

Rosita Fernandes

WeWork India IPO Trading - Muted Demand, Likely to Trade Weak

WeWork India raised about US$338m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

WeWork India IPO: Not a Lifestyle Brand, Just Shared Office Space?

India's Grade A office stock is on the rise, with flexible workspaces expanding rapidly and WeWork India leading the flex market with innovative...

Nimish Maheshwari

WeWork India - IPO Review: A Premium Flex Space Player with Strong Promoter Backing

WeWork India, backed by Embassy group, stands out in flex space market with a focus on premium properties. IPO valuation at 22x FY25 EBITDA prices...

Himanshu Dugar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IndiQube Spaces Pre-IPO - Capacity Has Been Expanding, Though Margins Remain Unstable

​IndiQube Spaces Ltd is set to raise $100m in its India IPO, offering managed workplace solutions to enhance employee experience and efficiency.

Rosita Fernandes

IndiQube Spaces Ltd Pre-IPO Tearsheet

​IndiQube Spaces Ltd (ISL) plans to raise $100m in India IPO with ICICI and JM Fin as bookrunners, recognized as a top operator in Bengaluru by...

Rosita Fernandes

WeWork India IPO Trading - Muted Demand, Likely to Trade Weak

WeWork India raised about US$338m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

WeWork India IPO: Not a Lifestyle Brand, Just Shared Office Space?

​India's Grade A office stock is on the rise, with flexible workspaces expanding rapidly and WeWork India leading the flex market with innovative...

Nimish Maheshwari

WeWork India - IPO Review: A Premium Flex Space Player with Strong Promoter Backing

​WeWork India, backed by Embassy group, stands out in flex space market with a focus on premium properties. IPO valuation at 22x FY25 EBITDA prices...

Himanshu Dugar

IndiQube Spaces Ltd is set to raise $100m in its India IPO, offering managed workplace solutions to enhance employee experience and efficiency.

IndiQube Spaces Ltd (ISL) plans to raise $100m in India IPO with ICICI and JM Fin as bookrunners, recognized as a top operator in Bengaluru by...

India's Grade A office stock is on the rise, with flexible workspaces expanding rapidly and WeWork India leading the flex market with innovative...

WeWork India, backed by Embassy group, stands out in flex space market with a focus on premium properties. IPO valuation at 22x FY25 EBITDA prices...