Indiqube Space IPO

About Indiqube Spaces IPO

Indiqube Spaces Limited will launch its Initial Public Offering, comprising a fresh issue of equity shares and an offer for sale by its promoters. The total issue size is up to ₹7000 crores, consisting of the fresh issue of ₹6500 crores and an offer for sale of ₹500 crores by promoter selling shareholders.

The IPO opens on July 23, 2025. The closing date is July 25, 2025. The credit of shares will take place on July 29, 2025. The basis of allotment will take place on July 28, 2025 and the initiation of refunds will take place on July 29, 2025.

Indiqube is a managed workplace solutions company providing technology-driven, sustainable office spaces, catering to the design, build, operations, & management of workspaces for enterprises, startups, & SMEs across India. With its humble beginnings in 2015, this brainchild of co-founders Rishi Das and Meghna Agarwal now boasts of 103 centers across 13 cities, covering 7.76 million square feet, with an occupancy rate of 91%, a return on capital employed of 32.09%, and a CRISIL A+/Stable credit rating.

Objectives of Indiqube Spaces IPO

The proceeds from this fresh issue of funds will largely be utilised by Indiqube for:

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

Industry outlook

The industry outlook for Indiqube Spaces Limited, as detailed in the Draft Red Herring Prospectus (DRHP), highlights the growth potential and evolving dynamics of the flexible workspace segment in India. This sector has witnessed significant transformation, driven by changing work environments, increasing adoption of hybrid work models, and the rise of startups and SMEs as key contributors to demand.

The flexible workspace stock in India is currently over 79 million square feet. While over 85% of this stock is spread across key Tier-I markets in India, demand for flexible workspaces in non-Tier I cities has also been growing. The total addressable market (“TAM”) for flexible workspace operators is expected to be approximately a sizeable opportunity of 325 –330 million square feet (in terms of area) and ₹787 –₹1,035 billion (in terms of value) by 2027.

Company Information

Indiqube is a managed workplace solutions company providing technology-driven, sustainable office spaces, catering to the design, build, operations, & management of workspaces for enterprises, startups, & SMEs across India. With its humble beginnings in 2015, this brainchild of co-founders Rishi Das and Meghna Agarwal now boasts of 103 centers across 13 cities, covering 7.76 million square feet, with an occupancy rate of 91%, a return on capital employed of 32.09%, and a CRISIL A+/Stable credit rating.

Strengths of Indiqube Spaces IPO

• A key player in India’s expanding flexible workspace industry
  
• An expansion strategy focused on demand-driven locations
  
• Capital efficient model with robust risk management
  
• Experienced leadership and prominent investor base
  
• Prudent business management practices with strong operational metrics
  
• Focussed on Fostering an Ecosystem of Green Buildings
  

Risks of Indiqube Spaces IPO

• Any changes in demand-driven locations, along with real estate fluctuations and policy changes, could impact overall business
  
• The business is dependent on demand for flexible workspaces
  
• Competition from established coworking players could also have an impact on the business
  
• Economic downturns that could impact client retention and occupancy rates
  
• The business is dependent on commercial property prices
  
• The company has experienced losses in the last three fiscals and may incur loss in the future
  
• Inability to pay lease rentals to lessors could impact the business
  
• Their value-added services may not achieve the desired goals and results
  

IPO Registrar and Book Running Lead Manager

Link Intime India Private Limited is the registrar with Book Running Lead Mangers being -

1. ICICI Securities Limited
2. JM Financial Limited

Business Model

Indiqube Spaces is a managed flexible workspaces provider. It develops and operates managed workspaces and provide related services for entrepreneurs, small- and medium-sized enterprises, large enterprises, and anyone who requires flexible workspaces. The company leases properties and designs, builds out and operates flexible workspaces, providing infrastructure, services, amenities, and a sense of community. Indiqube generates revenue by leasing out desks, dedicated desks, private offices, meeting rooms and other workspace solutions on flexible terms.

Company Growth Trajectory

The company's EBITDA has grown ₹258.23 crores in Fiscal 2023 to ₹616.542 crores in Fiscal 2025. Similarly, Operational EBITDA rose from ₹236.690 crores in Fiscal 2023 to ₹616.542 crores in Fiscal 2025, showcasing strong operational performance. The revenue from operations also experienced substantial growth, climbing from ₹579.738 crores in Fiscal 2023 to ₹1059.286 crores in Fiscal 2025.

How to Check Allotment Status of Indiqube Spaces IPO?

• Go to the BSE website.
• Click on "Investor Services" then "Application Status Check".
• Select "Equity" or "Debt" for issue type.
• Choose "Indiqube Spaces Ltd" from the issue name drop-down menu.
• Enter your application number or PAN number.
• Check the box that says "I'm not a Robot".
• Click "Search" to see if allotment status.

How to Apply for Indiqube Spaces IPO?

To apply for this IPO:

• Step 1: Log in to your Kotak Neo Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section
• Step 2: Specify IPO details: Enter the number of lots and the price you wish to apply for
• Step 3: Enter UPI ID: After entering your UPI ID, click submit. This will place your bid with the exchange
• Step 4: Mandate Notification: Your UPI app will receive a mandate notification to block funds
• Step 5: Approve Request: Your funds will be blocked once you approve the mandate request on your UPI