Indiqube Spaces IPO
Bookbuilding IPO | ₹700.00 Cr | Listing at BSE, NSE
IPO Open
Wed, Jul 23, 2025
IPO Close
Fri, Jul 25, 2025
Price Band
₹225.00 to ₹237.00
Market Cap (Pre-IPO)
₹4,977.12 Cr
IPO Details
| IPO Date | Jul 23, 2025 to Jul 25, 2025 |
| Listing Date | Tentative: Jul 30, 2025 |
| Face Value | ₹1.00 per share |
| Price Band | ₹225.00 to ₹237.00 |
| Lot Size | 63 Shares (Minimum: ₹14,931.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹700.00 Crores |
| Total Shares Offered | 29,542,340 shares |
| Fresh Issue | 27,432,636 shares |
| Offer For Sale | 2,109,704 shares |
Subscription Data
| Category | Times Subscribed |
|---|---|
| QIB | 15.12x |
| NII | 8.68x |
| RII | 13.28x |
| Total | 13.00x |
Indiqube Spaces IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 2,21,04,431 (74.82%) |
| Retail Shares Offered | 29,47,257 (9.98%) |
| NII Shares Offered | 44,20,885 (14.96%) |
Indiqube Spaces IPO Lot Size
Investors can bid for a minimum of 63 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 63 | ₹14,931 |
| Retail (Max) | 13 | 819 | ₹194,103 |
| S-HNI (Min) | 14 | 882 | ₹209,034 |
| S-HNI (Max) | 66 | 4,158 | ₹985,446 |
| B-HNI (Min) | 67 | 4,221 | ₹1,000,377 |
Indiqube Spaces Financial Information (Restated Consolidated)
Indiqube Spaces Ltd.'s revenue increased by 27% and profit after tax (PAT) rose by 59% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 4,685.12 | 3,667.91 | 2,969.32 |
| Total Income | 1,102.93 | 867.66 | 601.28 |
| Profit After Tax | 139.62 | -341.51 | -198.11 |
| EBITDA | 660.19 | 263.42 | 258.23 |
| NET Worth | -3.11 | 130.63 | -308.10 |
| Reserves and Surplus | -23.30 | 129.44 | -308.28 |
| Total Borrowing | 343.96 | 164.02 | 623.16 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | -2.19% |
| ROCE (Return on Capital Employed) | 34.21% |
| Debt/Equity | -110.58 |
| RoNW (Return on Net Worth) | -12.66% |
| PAT Margin (Profit After Tax Margin) | 0.00% |
| EBITDA Margin | 58.20% |
| Price to Book Value | 0.00 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | -7.65 | 0.00 |
| P/E (x) | 0.00 | 0.00 |
| Promoter Holding | 70.37% | 60.23% |
Company Promoters
- Rishi Das
- Meghna Agarwal and Anshuman Das are the promoters of the company.
Company Overview
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).
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
- Focussed on Fostering an Ecosystem of Green Buildings
Use of Proceeds
| 1) | Funding capital expenditure towards establishment of new centers | 462.65 |
| 2) | Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company | 93.04 |
| 3) | General corporate purposes | 48.78 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Indiqube Spaces IPO Peer Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Indiqube Spaces Limited | -7.65 | -7.65 | -0.24 | 0.00 | 0.00 | 0.00 | Standalone |
| Awfis Space Solutions Limited | 9.75 | 9.67 | 64.71 | 66.66 | 14.78 | 10.06 | Consolidated |
Quick Info
| Sector | Real Estate/Infrastructure Developers & Operators |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹4,977.12 Cr |
| GMP | 0.00 |
Important Dates
| IPO Open | Jul 23, 2025 |
| IPO Close | Jul 25, 2025 |
| Allotment Date | Jul 28, 2025 |
| Credit to Demat | Jul 29, 2025 |
| Listing Date | Tentative: Jul 30, 2025 |
Lead Manager(s)
ICICI Securities Ltd.
Registrar
Description
- Indiqube Spaces IPO is a book build issue of ₹700.00 crores. The issue is a combination of fresh issue of 2.74 crore shares aggregating to ₹650.01 crores and offer for sale of 0.21 crore shares aggregating to ₹49.99 crores.
- Indiqube Spaces IPO bidding started from Jul 23, 2025 and ended on Jul 25, 2025. The allotment for Indiqube Spaces IPO was finalized on Jul 28, 2025. The shares got listed on BSE, NSE on Jul 30, 2025.
- Indiqube Spaces IPO price band is set at ₹237.00 per share . The lot size for an application is 63. The minimum amount of investment required by an retail is ₹14,931 (63 shares) (based on upper price). The lot size investment for sNII is 14 lots (882 shares), amounting to ₹2,09,034, and for bNII, it is 67 lots (4,221 shares), amounting to ₹10,00,377.
- The issue includes a reservation of up to 69,767 shares for employees offered at a discount of ₹22.00 to the issue price.