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Indiqube Spaces

Indiqube Spaces IPO

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Open Date

23 Jul 2025

Close Date

25 Jul 2025

Min Investment

₹ 14,175

Max Investment

₹ 5,00,000

Lot Size

63

Issue Size

₹ 737.50 Cr

Price Range

₹ 225 - ₹ 237
status

This IPO is now Live.

Click here for live price
IPO Timeline
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IPO Offer Start
23 Jul 2025
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IPO Offer Ends
25 Jul 2025
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Allotment Finalisation
28 Jul 2025
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Refund Initialisation
29 Jul 2025
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Non-Institutional Buyers (sHNI)
29 Jul 2025
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Listing of Shares
30 Jul 2025
IPO Subscription Details as on 18 Aug 2025, 10:39 AM
Qualified Instituational Buyers (QiB)
14.35 x
Retail
12.35 x
Employees
6.46 x
Total
12.29 x
Non-Institutional Buyer (bHNI)
7.93 x
Non-Institutional Buyer (sHNI)
8.84 x
Note: This information is provided for general guidance only. Dates may be subject to change.
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About the Company
The company is one of the leading players in the large and growing flexible workspace market in India. It focuses on an acquisition strategy with value creation and demand-driven locations. The company employs prudent business management practices with strong operational metrics and operates on a capital efficient model with resilience and comprehensive risk mitigation. It is led by experienced leadership and has a prominent investor base. The company is focussed on fostering an ecosystem of green buildings. Its growth strategies include expanding area under management, enhancing average revenue per square feet through an integrated workspace solutions ecosystem, becoming a preferred workspace outsourcing solutions partner for enterprises, and scaling IndiQube Bespoke to offer comprehensive office interiors solutions.
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Founded In

2015

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CEO

-

Financials of Indiqube Spaces IPO

Income Statement
Balance Sheet
Cash Flows
Total Income
Total Expenses
Total Profit
Key Performance IndicatorsMar 2023Mar 2024Mar 2025
Operating Revenue57,973.8083,057.301,05,928.60
Other Income2,153.703,708.704,364.50
Total Income
60,127.5086,766.001,10,293.10
Total Expenses
82,920.601,25,248.201,26,023.40
Profit Before Tax-22,793.10-38,482.20-15,730.30
Total Profit
-19,810.90-34,150.80-13,961.70

All figures are in lakhs (₹)

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Utilisation of Proceeds

All figures are in lakhs (₹)

PurposeAmount
To establish new centers covering 1.29 million square feet, 1.24 million square feet and 0.54 million square feet in Fiscal 2026, 2027 and 2028 respectively across cities like Bangalore, Chennai, Pune and other tier-II cities.46,265
To repay or prepay, in full or in part, certain borrowings availed by the Company from Axis Bank Limited.9,304
To fund general corporate purposes and business requirements of the Company as approved by the Board, subject to such amount not exceeding 25% of the Gross Proceeds.-
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  • Leading player in the large and growing flexible workspace market in India: The company is amongst the leading operators in Bengaluru as of March 31, 2025. It has a comprehensive footprint spanning 15 cities, including 8 Tier-I and 7 non-Tier I cities. With over 186,719 seats in 115 centers, the company offers a comprehensive portfolio that spans workspace leasing and value-added services.
  • Acquisition strategy focused on value creation and demand-driven locations: As of March 31, 2025, 85.39% of the company's portfolio properties are located in key micro markets of India. The company renovates and upgrades older Grade-B properties in central business districts, transforming them into technology-enabled workspaces. As of March 31, 2025, renovated centers make up 25.22% of the company's total portfolio.
  • Prudent business management practices with strong operational metrics: The company has a low monthly churn rate of -0.23% as of March 31, 2025. Its cash EBIT margin is 10.81% as of March 31, 2025. The company's revenue to rent ratio was 2.42 as of March 31, 2025, indicating efficient management of rental revenues versus lease payments.
  • Capital efficient model with resilience and comprehensive risk mitigation: The company has adopted an asset-light model, focusing on leasing rather than owning properties. Its capital expenditure per square feet is ₹1,507.00 as of March 31, 2025, which is lower than the industry average. The company maintains a well-diversified client base across industries and regions, with its top client accounting for only 3.47% of revenue as of March 31, 2025.
  • Experienced leadership and prominent investor base: The company is led by experienced Promoters and a professional management team with experience in the workspace industry. It has established an investor base including prominent venture capital firm WestBridge Capital and renowned individual investor Ashish Gupta.
  • Focus on fostering an ecosystem of green buildings: As of March 31, 2025, 36.44% of the company's operational area spread across 29 centers covering an area of 2.52 million square feet have received certifications from the Indian Green Building Council and Leadership in Energy and Environmental Design. The company incorporates various sustainability initiatives in its operations such as rooftop solar plants, sewage treatment plants, and rainwater harvesting systems.

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