Indiqube Spaces IPO is a book-built issue of ₹700.00 crore. The issue includes a fresh equity offering of 2.74 crore shares worth ₹650.00 crore and an offer for sale of 0.21 crore shares worth ₹50.00 crore. The IPO opens for subscription on July 23, 2025, and closes on July 25, 2025.
The allotment is expected to be finalised on July 28, 2025, and the shares are proposed to be listed on BSE and NSE with a tentative listing date of July 30, 2025. The price band for the Indiqube Spaces IPO is fixed between ₹225 to ₹237 per share.
Investors can apply for a minimum lot of 63 shares, which requires an investment of ₹14,175 for retail investors. For sNII investors, the minimum application is 14 lots (882 shares) worth ₹2,09,034, while bNII investors must apply for 67 lots (4,221 shares), amounting to ₹10,00,377.
ICICI Securities Limited is acting as the book-running lead manager for this IPO, and MUFG Intime India Private Limited is appointed as the registrar. For complete details, refer to the Indiqube Spaces IPO RHP.
Industry Outlook
- India has become the third-largest startup ecosystem globally with over 1.57 lakh recognised startups and 1.7 million direct jobs as of December 2024. This rapid growth supports a steady demand for flexible and scalable office spaces across cities.
- With the National Highway network expanding by 60% since 2014 and operational airports increasing from 74 to 159 by 2024, India’s improving connectivity is enhancing the real estate potential in tier I, II, and III cities. Additionally, the government’s ₹10,300 crore IndiaAI Mission is expected to increase demand for tech-driven workspaces.
- The real estate sector has attracted around USD 40.8 billion in equity capital since 2018, with yearly inflows exceeding USD 6 billion. The new Small and Medium REITs framework makes it easier to monetise smaller office assets, opening up new investment and leasing avenues.
Indiqube Spaces IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Funds will be used to establish new office centres, helping the company expand its presence and cater to growing demand.
- A portion of the proceeds will go towards repaying or pre-paying existing borrowings, improving the company’s financial strength.
- Any remaining funds will be allocated toward general corporate purposes to strengthen overall business growth.
About Indiqube Spaces Limited
Indiqube Spaces Limited is a managed workplace solutions company offering technology-driven and sustainable workspace services. The company focuses on transforming traditional office setups through custom-designed interiors, value-added services, and tech-enabled facilities. Its offerings cater to both large corporate headquarters (hubs) and smaller branch offices (spokes), providing flexible and scalable solutions to enterprise clients.
As of March 31, 2025, Indiqube manages 115 centres across 15 Indian cities, including 105 operational centres and 10 centres under letters of intent. This portfolio covers 8.40 million square feet of area under management, with a total seating capacity of 1,86,719.
Between March 2023 and March 2025, the company added 41 properties and entered 5 new cities, expanding its footprint by 3.46 million square feet. Bengaluru remains its largest market, with 65 centres spread across 5.43 million square feet.
The company adopts a strategic supply acquisition approach by targeting full buildings in high-demand areas with strong infrastructure and low vacancy rates. It upgrades non-institutional and ageing Grade B properties into modern, green workspaces. These renovated properties account for nearly 29.57% of the total portfolio.
Indiqube’s client base includes over 769 companies as of March 2025, with 63.06% of the portfolio occupied by clients with over 300 seats. Global capability centres make up 43.56% of the clientele, while the rest are Indian enterprises, ensuring a balanced and diversified customer mix.
The company reported an occupancy rate of 86.50%, a return on capital employed of 34.21%, and cash EBIT margins of 10.81%, highlighting strong financial performance and operational efficiency.
How To Check the Allotment Status of Indiqube Spaces IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for the Indiqube Spaces IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Indiqube Spaces IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Indiqube Spaces IPO
Registered office: Plot # 53, Careernet Campus, Kariyammanna Agrahara
Road, Devarabisanahalli, Outer Ring Road, Bengaluru – 560 103, Karnataka, India
Phone: +91 99000 92210
E-mail: cs.compliance@indiqube.com
Indiqube Spaces IPO Reservation
|
Investor Category |
Shares Offered |
|
QIB Shares |
2,21,04,430 (74.82%) |
|
NII (HNI) Shares |
44,20,886 (14.96%) |
|
Retail Shares |
29,47,257 (9.98%) |
|
Employee Shares |
69,767 (0.24%) |
|
Total Shares |
2,95,42,340 (100.00%) |
Indiqube Spaces IPO Lot Size
|
Application |
Lots |
Shares |
Amount |
|
Retail (Min) |
1 |
63 |
₹14,931 |
|
Retail (Max) |
13 |
819 |
₹1,94,103 |
|
S-HNI (Min) |
14 |
882 |
₹2,09,034 |
|
S-HNI (Max) |
66 |
4,158 |
₹9,85,446 |
|
B-HNI (Min) |
67 |
4,221 |
₹10,00,377 |
Indiqube Spaces IPO Anchor Investors Details
|
Particulars |
Information |
|
Issue Opening Date |
July 23, 2025 |
|
Total Equity Shares on Offer |
1,32,62,658 |
|
Value of Anchor Investment (₹ in Crores) |
₹314.32 |
|
50% Anchor Lock-in Period Ends On (30 Days) |
August 27, 2025 |
|
Remaining Anchor Lock-in Period Ends On (90 Days) |
October 26, 2025 |
Indiqube Spaces IPO Promoter Holding
The promoters of the company include Rishi Das, Meghna Agarwal and Anshuman Das.
|
Share Holding Pre-Issue |
70.47% |
|
Share Holding Post Issue |
60.23% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Indiqube Spaces IPO Investor Category Reservation
|
Application Category |
Investment Limit |
Cut-off Price Allowed |
|
Retail Individual Investor (RII) |
Up to ₹2 lakh |
Yes |
|
Small NII (sNII) |
₹2 lakh to ₹10 lakh |
No |
|
Big NII (bNII) |
Above ₹10 lakh (up to NII portion) |
No |
|
Employee |
Up to ₹5 lakh |
Yes |
|
Employee + RII/NII |
● Employee: Up to ₹5 lakh ● RII: Up to ₹2 lakh ● sNII: ₹2–10 lakh ● bNII: Above ₹10 lakh |
Yes for employee (if within ₹2 lakh), No for NII |
Key Performance Indicators for Indiqube Spaces IPO
|
KPI |
Value |
|
RoCE (%) |
34.21 |
|
Debt/Equity  |
-110.58 |
|
PAT Margin (%) |
-12.66 |
Indiqube Spaces IPO Prospectus
Indiqube Spaces IPO Registrar and Lead Managers
Indiqube Spaces IPO Lead Managers
- ICICI Securities Limited
Registrar for Indiqube Spaces IPO
MUFG Intime India Private Limited (Link Intime)
- Contact Number: +91-22-4918 6270
- Email Address: ipo@linkintime.co.in
Indiqube Spaces IPO Registrar
Financial Performance of Indiqube Spaces Limited
| Particulars | Year ending on March 31, 2025 | Year ending on March 31, 2024 |
|---|---|---|
| Revenue from Operation (in ₹ million) | 10,592.86 | 8,305.73 |
| Profit/ (loss) for the year (in ₹ million) | (1,396.17) | (3,415.08) |
| Net Worth (in ₹ million) | (31.11) | 1,306.33 |
| Loss after tax margin (%) | (12.66) | (39.36) |
| Earnings per Share (in ₹) | (7.65) | (26.09) |
| Return on Capital Employed (RoCE) (%) | 34.21 | 38.52 |
| EBITDA (in ₹ million) | 6,601.87 | 2,634.23 |
Know before investing
Strengths
8Indiqube manages 115 centres across 15 cities, covering 8.40 million sq. ft.
A strong 64.71% of its properties are full buildings, improving space control and efficiency.
About 36.44% of its space is certified green, supporting sustainable and eco-friendly offices.
Bengaluru remains a key market with 65 centres spread over 5.43 million sq. ft.
The flexible workspace market is expected to reach ₹960 billion by 2027.
Nearly 85.39% of its properties are in top micro-markets with steady demand.
An asset-light leasing model with long-term contracts helps reduce risks and stay flexible.
Tech-led solutions like MiQube and IndiQube One offer complete workspace management services.
Risks
888.84% revenue depends on Bengaluru, Pune, Chennai – limited location diversification.
Occupancy rate dropped to 80.21% in FY24 from 83.68% in FY23.
The company reported losses in FY23, FY24, and FY25 despite revenue growth.
Lease payments are due regardless of client occupancy; FY25 lease ₹8,435.60 million.
Lease agreements without proper registration or stamp duty may not hold up in court.
Properties are not owned; title issues can lead to shutdowns and relocations.
Delays from third-party suppliers may affect timely delivery of workspace setups.
Rapid growth may be hard to manage, risking operations and client satisfaction.
Indiqube Spaces Limited Peer Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (₹) | P/E (x) |
|---|---|---|---|---|
| Indiqube Spaces Limited | -7.65 | -7.65 | -0.24 | - |
| Awfis Space Solutions Limited | 9.75 | 9.67 | 64.71 | 66.66 |
