All details for Indiqube Spaces IPO: Dates, price, subscription, financials, objectives, KPIs, registrar, and company overview.
Price Band: ₹225–237 | Allotment July 28 | Listing July 30, 2025
Indiqube Spaces IPO: At a Glance
IPO Timeline
| IPO Activity | Date |
|---|---|
| IPO Open Date | July 23, 2025 |
| IPO Close Date | July 25, 2025 |
| Tentative Allotment | July 28, 2025 |
| Refunds Initiation | July 29, 2025 |
| Credit of Shares to Demat | July 29, 2025 |
| IPO Listing Date | July 30, 2025 |
Anchor Investors
| Bid Date | Shares Offered | Anchor Portion Size (₹ Cr) | Lock-in (50%) | Lock-in (90%) |
|---|---|---|---|---|
| July 22, 2025 | 1,32,62,658 | 314.32 | Aug 27, 2025 | Oct 26, 2025 |
IPO Price & Lot Size
| Price Band | ₹225–237 per share |
|---|---|
| Market Lot | 63 Shares |
| Retail Min | 1 lot (63 shares) – ₹14,931 |
| Retail Max | 13 lots (819 shares) – ₹1,94,103 |
| S-HNI Min | 14 lots (882 shares) – ₹2,09,034 |
| S-HNI Max | 66 lots (4,158 shares) – ₹9,85,446 |
| B-HNI Min | 67 lots (4,221 shares) – ₹10,00,377 |
Company Financials (₹ Crore)
Bar Chart: Revenue, PAT & Net Worth
Line Chart: Revenue, PAT & Net Worth
| Period Ended | Assets | Revenue | Profit After Tax | EBITDA | Net Worth | Reserves & Surplus | Total Borrowing |
|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 4,685.12 | 1,102.93 | -139.62 | 660.19 | -3.11 | -23.30 | 343.96 |
| 31 Mar 2024 | 3,667.91 | 867.66 | -341.51 | 263.42 | 130.63 | 129.44 | 164.02 |
| 31 Mar 2023 | 2,969.32 | 601.28 | -198.11 | 258.23 | -308.10 | -308.28 | 623.16 |
Key Performance Indicators (KPI)
| KPI | Values |
|---|---|
| ROCE | 34.21% |
| Debt/Equity | -110.58 |
| PAT Margin | -12.66% |
| EPS (Pre IPO) | -7.65 |
Objects of the Issue
| S.No. | Objects | Expected Amount (₹ Cr) |
|---|---|---|
| 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 | — |
About Indiqube Spaces Ltd.
Incorporated: 2015
Business: Managed, sustainable, tech-driven workplace solutions.
Portfolio: 115 centres across 15 cities (105 operational, 10 LOI), 8.40 million sq.ft. AUM, 186,719 seating capacity (Mar 31, 2025).
Expansion: 41 properties, 5 new cities added between Mar 2023–Mar 2025.
Strategy: Acquire/renovate full buildings in high-demand, low-vacancy areas; partner with landlords, transform aging properties; focus on “enterprise-first” scalable workspaces.
Offerings:
- IndiQube Grow: Custom enterprise workspaces, co-working, shared amenities, flexible digital booking.
- IndiQube Bespoke: Customizable office designs (standard/premium/luxury), eco-friendly solutions, in-house design, flexible finance.
- IndiQube One: Tech-enabled property/facility management (maintenance, asset, IT, green initiatives, ISO-certified).
- MiQube™ Tech Stack: Community app for meeting room booking, transport, meals, desk reservations, helpdesk, events.
Promoters: Rishi Das, Meghna Agarwal, Anshuman Das
Strengths:
- Leading player in India’s flexible workspace market
- Acquisition strategy focused on value/demand
- Strong management & operational metrics
- Capital-efficient, resilient risk-mitigation model
- Experienced leadership, prominent investors
- Focus on green buildings ecosystem
Contact Details
Plot #53, Careernet Campus, Kariyammanna Agrahara Road, Devarabisanahalli, Outer Ring Road, Bengaluru, Karnataka, 560103
Phone: +91 99000 92210
Email: cs.compliance@indiqube.com
Website: http://www.indiqube.com/
Frequently Asked Questions (FAQ)
The price band for Indiqube Spaces IPO is ₹225–₹237 per share, as announced in the Draft Red Herring Prospectus (DRHP).
The IPO will open for subscription on July 23, 2025, and close on July 25, 2025, as per the announced timeline.
The minimum investment for retail investors is 1 lot (63 shares), which amounts to ₹14,931 at the upper end of the price band (₹237 per share). Employees are eligible for a ₹22 per share discount.
You can apply for the IPO through:
- Your bank's net banking platform (ASBA facility)
- Brokerage accounts (online or offline)
- Registered investment platforms
- Designated branches of syndicate banks
The exact application process will be detailed in the Red Herring Prospectus (RHP) when the IPO dates are confirmed.
Indiqube Spaces Ltd. provides managed, sustainable, tech-driven workplace solutions. Their revenue sources include:
- Rental income from 105 operational centres with 8.40 million sq.ft. AUM and 186,719 seating capacity
- Revenue from IndiQube Grow (enterprise workspaces and co-working)
- IndiQube Bespoke (customizable office designs)
- IndiQube One (property and facility management services)
- MiQube™ tech stack for digital bookings and community services
The company focuses on acquiring and renovating properties in high-demand areas, partnering with landlords, and offering eco-friendly solutions.
Key risks to consider include:
- Financial risk: Negative PAT (-₹139.62 Cr in FY25) and negative net worth (-₹3.11 Cr)
- Debt risk: High debt-to-equity ratio of -110.58 due to negative equity
- Market risk: Sensitivity to real estate and flexible workspace demand
- Competition: Intense competition from other co-working and managed workspace providers
- Regulatory risks: Compliance with real estate and environmental regulations
Investors should review the risk factors in the RHP before investing.
As per the DRHP, the net proceeds from the IPO (₹700 Cr) will be used for:
- Funding capital expenditure for establishing new centres (₹462.65 Cr)
- Repayment or pre-payment of certain borrowings (₹93.04 Cr)
- General corporate purposes
Specific allocations will be detailed in the RHP.
Indiqube Spaces has:
- Revenue growth from ₹601.28 Cr (FY23) to ₹1,102.93 Cr (FY25)
- EBITDA growth from ₹258.23 Cr (FY23) to ₹660.19 Cr (FY25)
- Portfolio of 115 centres (105 operational, 10 LOI) across 15 cities with 8.40 million sq.ft. AUM
- Added 41 properties and 5 new cities between Mar 2023–Mar 2025
- 625 employees as of March 31, 2025
- Focus on tech-driven, eco-friendly workspaces and enterprise-first solutions
Despite revenue growth, the company has reported losses, with PAT improving from -₹198.11 Cr (FY23) to -₹139.62 Cr (FY25).
As of March 31, 2025:
- Total borrowings: ₹343.96 crore
- Debt-to-equity ratio: -110.58 (due to negative net worth)
- EBITDA: ₹660.19 Cr, supporting debt servicing capacity
Part of the IPO proceeds will be used to repay or prepay borrowings to improve the capital structure.
The book running lead managers for Indiqube Spaces IPO are not specified in the provided data. They will be announced in the RHP and are responsible for managing the IPO process, including investor roadshows, price discovery, and allocation.
