Indiqube Spaces IPO

Indiqube Spaces IPO is a bookbuilt issue of ₹700.00 crore. It combines a fresh issue of 2.74 crore shares aggregating to ₹650.00 crores and an offer for sale of 0.21 crore shares aggregating to ₹50.00 crores.

The IPO opens for subscription on July 23, 2025, and closes on July 25, 2025. The allotment is expected to be finalized on Monday, July 28, 2025. The price band for the IPO is set at ₹225 to ₹237 per share, and the minimum lot size for an application is 63 shares. 

Company Summary

Incorporated in 2015, Indiqube Spaces Limited provides managed, sustainable, and tech-driven workplace solutions, aiming to transform the traditional office experience for modern businesses.

The company offers diverse workplace solutions, including corporate hubs and branch offices, enhancing employee experience with interiors, amenities, and services.

The company integrates asset renovation, customized models, and B2B/B2C value-added services, offering comprehensive workspace solutions with plug-and-play offices for clients and employees.

The company manage a portfolio of 115 centres across 15 cities, consisting of 105 operational centres and 10 centres for which the company have executed letters of intent, covering 8.40 million square feet of area under management (“AUM”) in a super built-up area (“SBA”) with a total seating capacity of 186,719 as of March 31, 2025.

Between March 31, 2023, and March 31, 2025, they added 41 properties and expanded to five new cities.

The company focuses on acquiring full buildings in high-demand areas with strong infrastructure and low vacancy rates. They partner with landlords to lease and transform aging properties into modern, sustainable workspaces.

The company upgrades properties with interiors, amenities, and sustainability. As of March 31, 2025, 25.22%% of their portfolio is renovated. Their “enterprise-first” strategy serves large clients with long-term, scalable workspaces.

As of March 31, 2025, the company operates in 15 Indian cities, including seven Tier I cities (Bengaluru, Pune, Chennai, Mumbai, Noida, Gurugram, Hyderabad) and 11 non-Tier I cities (Coimbatore, Kochi, Madurai, Jaipur, Calicut, Vijayawada).

Company Offerings

  • IndiQube Grow:The company offers customized enterprise workspaces and co-working solutions with shared amenities. They provide meeting rooms, day passes, and virtual office services, with flexible bookings and tailored options for clients through digital channels.
  • IndiQube Bespoke: IndiQube Bespoke offers fully customizable office designs with standard, premium, and luxury options. The company provides sustainable, eco-friendly solutions, with an in-house team for design, project management, and maintenance, offering flexible financial arrangements.
  • IndiQube One: The company offers technology-enabled property and facility management services, including maintenance, asset management, employee services, IT solutions, and green initiatives, all aligned with ISO certifications to ensure quality, safety, and sustainability.
  • MiQube™ Workplace Technology Stack: The company’s technology stack enhances workspace efficiency and engagement. The MiQube™ Community App offers employees easy access to services like booking meeting rooms, transportation, meals, desk reservations, helpdesk requests, and community events.

As of March 31, 2025, the company has a diverse team of 625 permanent employees.

Company Strengths

  • One of the leading players in the Large and Growing Flexible Workspace Market in India.
  • Acquisition Strategy with a Focus on Value Creation and Demand-Driven Locations.
  • Prudent Business Management Practices with Strong Operational Metrics
  • Capital Efficient Model with Resilience and Comprehensive Risk Mitigation
  • Experienced Leadership and Prominent Investor Base
  • Focused on Fostering an Ecosystem of Green Buildings

Company Financials

Period Ended31 Mar 202531 Mar 202431 Mar 2023
Assets4,685.123,667.912,969.32
Revenue1,102.93867.66601.28
Profit After Tax139.62-341.51-198.11
EBITDA660.19263.42258.23
Net Worth-3.11130.63-308.1
Reserves and Surplus-23.3129.44-308.28
Total Borrowing343.96164.02623.16
                                                                                                                                                                                                     Amount in ₹ Crore

Objectives of IPO

  • Funding capital expenditure towards the establishment of new centers
  • Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company
  • General corporate purposes

Promoters of the company

Rishi Das, Meghna Agarwal and Anshuman Das are the promoters of the company.

IPO Details

IPO DateJuly 23, 2025 to July 25, 2025
Listing DateJuly 30, 2025
Face Value₹1 per share
Price Band₹225 to ₹237 per share
Lot size63 shares
Total Issue Size2,95,35,864 shares (aggregating up to ₹700.00 Cr)
Fresh Issue2,74,26,160 shares (aggregating up to ₹650.00 Cr)
Offer for sale21,09,704 shares of ₹10 (aggregating up to ₹50.00 Cr)
Issue typeBookbuilding IPO
Listing atNSE, BSE
Share Holding Pre Issue13,01,83,612 shares
Share Holding Post Issue15,76,09,772 shares

Category Reservation

Application CategoryMaximum Bidding LimitsBidding at Cut-off Price Allowed
Only RIIUpto Rs 2 LakhsYes
Only sNIIRs 2 Lakhs to Rs 10 LakhsNo
Only bNIIRs 10 Lakhs to NII Reservation PortionNo
Only employeeUpto Rs 5 lakhsYes
Employee + RII/NII1. Employee limit: Upto Rs 5 lakhs (In certain cases, employees are given discount if bidding amount is upto Rs 2 Lakhs)
2. If applying as RII: Upto Rs 2 Lakhs
3. If applying as NII: sNII > Rs 2 Lakhs and upto Rs 10 Lakhs and bNII > Rs 10 lakhs
Yes for Employee and RII/NII

Lot Allocation Details

ApplicationLotsSharesAmount
Retail (Min)163₹14,931.00
Retail (Max)13819₹1,94,103.00
S-HNI (Min)14882₹2,09,034.00
S-HNI (Max)684158₹9,85,446.00
B-HNI (Min)694221₹10,00,377.00

Allotment Schedule

Basis of AllotmentMon, 28 Jul, 2025
Initiation of RefundsTue, 29 Jul, 2025
Credit of Shares to DematTue, 29 Jul, 2025
Tentative Listing DateWed, 30 Jul, 2025
Cut-off time for UPI mandate confirmation5 PM on July 25, 2025

IPO Reservation

Investor CategoryInvestor CategoryMaximum Allottees
QIB Shares Offered2,21,04,431 (74.84%)NA
NII (HNI) Shares Offered44,20,885 (14.97%)NA
Retail Shares Offered29,47,257 (9.98%)46,781
Employee Shares Offered63,291 (0.21%)NA
Total Shares Offered2,95,35,864 (100.00%)

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