Indiqube Spaces IPO
Open MainLineCurrent GMP
₹1 (+0.42%)
Price Band
₹ 225 – 237
Lot Size
63
Issue Size
₹700 Cr
Minimum Investment
₹14931 (63 Shares)
Listing Date
30 July 2025
Subscription
12.41x
About the Company
Incorporated in 2015, IndiQube Spaces Limited is a leading managed workspace solutions provider in India, offering sustainable, tech-driven, and customizable office environments. The company focuses on transforming traditional workspaces through a combination of design, technology, and value-added services (VAS).
Key Offerings:
- IndiQube Grow – Plug-and-play, managed office spaces with shared amenities, ideal for startups to large enterprises.
- IndiQube Bespoke – Custom design and build solutions tailored to clients’ brand identity and operational needs.
- IndiQube One – Full-suite B2B and B2C services including facility management, catering, transportation, and more.
- MiQube – Technology platform that enhances workspace operations and employee engagement via smart tools and apps.
- IndiQube Cornerstone – Renovation and upgradation of aging properties into modern, green-certified office spaces.
Business Footprint (as of March 31, 2025):
- 115 centers across 15 cities in India (105 operational, 10 under development).
- 8.40 million sq. ft. under management.
- 186,719 seats in total capacity.
- Strong presence in Bengaluru (65 centers, 5.43 million sq. ft.), the largest flexible workspace market in India.
Operational & Financial Highlights:
- Occupancy rate: 86.50% in steady-state centers.
- Return on capital employed: 34.21%
- Cash EBIT margin: 10.81%
- CRISIL A+/Stable credit rating
- 625 employees (as of June 30, 2024)
Client Strategy & Market Positioning:
- Follows an “enterprise-first” strategy, catering primarily to large clients (300+ seats) with scalable, long-term solutions.
- 63.06% of the portfolio comprises such enterprise clients, with an average lock-in period of 36 months.
- Diverse client base: 769 clients, with 43.56% being Global Capability Centers (GCCs) and 56.44% Indian enterprises.
- 59.56% of clients acquired directly by IndiQube.
Competitive Strengths:
- Among India’s leading players in the flexible workspace sector.
- Value-driven property acquisition and transformation strategy.
- Strong financial discipline and capital-efficient operations.
- Technology-first approach via the MiQube™ platform.
- Emphasis on green buildings and sustainability.
- Experienced leadership and backing by a reputed investor base.
Promoters
- Rishi Das
- Meghna Agarwal
- Anshuman Das
Promoters Holding
Holding Pre Issue
70.37%
Holding Post Issue
60.60%
Objects of the Issue
The Company Indiqube Spaces IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
- Funding capital expenditure towards establishment of new centers
- Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company
- General corporate purposes
Address / Contact Info
Indiqube Spaces Ltd.
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/
IPO Snapshot
IPO Timeline (Tentative)
IPO Open Date
Wednesday, 23 July 2025
IPO Close Date
Friday, 25 July 2025
Basis of Allotment
Monday, 28 July 2025
Initiation of Refunds
Tuesday, 29 July 2025
Credit of Shares to Demat
Tuesday, 29 July 2025
Listing Date
Wednesday, 30 July 2025 — NSE & BSE
Important Dates
Open Date
23 July 2025
Close Date
25 July 2025
Basis Of Allotment
28 July 2025
Listing Date
30 July 2025
Financial Performance (₹ in Crores)
| Particular | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 4685.12 | 3667.91 | 2969.32 |
| Revenue | 1102.93 | 867.66 | 601.28 |
| Profit After Tax | 139.62 | -341.74 | -198.11 |
| Net Worth | -3.11 | 130.63 | -308.1 |
| Reserve & Surplus | -23.3 | 129.44 | -308.28 |
| Total Borrowings | 343.96 | 164.02 | 623.16 |
EPS Pre
0.00%
EPS Post
0.00%
P/E Pre
0.00
P/E (Post Issue)
0.00x
Company Financial Information
KPI Information (₹ in Crores)
| Particular | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| ROE % | -2.19 | 3.85 | 0.89 |
| ROCE % | 34.21 | 38.52 | 15.66 |
| Debt / Equity | -110.58 | 1.26 | -2.02 |
| RoNW % | 0 | -261.43 | 0 |
| PbW | 0 | 0 | 0 |
| Pat Margin % | -12.66 | -39.36 | -32.95 |
Return Ratio
IPO Reservations
| Category | Shares Offered | Shares Offered % | Max Allotee |
|---|---|---|---|
| Qualified Institutions | 9313334 | 54.31 | 0 |
| Non-Institutional | 4656666 | 27.16 | 0 |
| BNII | 3104444 | 18.1 | 0 |
| SNII | 1552222 | 9.05 | 0 |
| Retail Investors | 3104444 | 18.01 | 0 |
| Employees | 73891 | 0.43 | 0 |
| Total | 17148335 | 100 | 0 |
Subscription Status ( Fri, 25 Jul 25 01:50 PM)
| Category | Shares Offered | Shares Bid For | Subscription (x) |
|---|---|---|---|
| Qualified Institutions | 9313334 | 133668801 | 14.35x |
| Non-Institutional | 4656666 | 38532438 | 8.27x |
| BNII | 3104444 | 24620652 | 7.93x |
| SNII | 1552222 | 13911786 | 8.96x |
| Retail Investors | 3104444 | 40040343 | 12.9x |
| Employees | 73891 | 504378 | 6.83x |
| Total | 17148335 | 212745960 | 12.41x |
Subscription figures are updated periodically and may change until issue closing. Data reflects bids placed across exchanges.
Peer Comparision
| Company | Face Value | PE Ratio | EPS Basic | EPS Diluted | RoNW | Net Assets |
|---|---|---|---|---|---|---|
| Indiqube Spaces Limited | 1 | 0.00 | -7.65 | -7.65 | 0.00 | -0.24 |
| Awfis Space Solutions Limited | 10 | 66.66 | 9.75 | 9.67 | 14.78 | 64.71 |
Lot Size & Investment Details
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 63 | 14,931.00 |
| Retail (Max) | 13 | 819 | 194,103.00 |
| S-HNI (Min) | 14 | 882 | 209,034.00 |
| S-HNI (Max) | 66 | 4,158 | 985,446.00 |
| B-HNI (Min) | 67 | 4,221 | 1,000,377.00 |
Registrar
MUFG Intime India Private Limited ((Link Intime)
91-22-4918 6270
ipo.helpdesk@in.mpms.mufg.com
https://in.mpms.mufg.com/home.html
Book Running Lead Managers
- ICICI Securities Limited
- JM Financial Limited
RHP Document
DRHP Document
Anchor Investors
Disclaimer: This data is for informational purposes only and does not constitute investment advice. Figures shown are illustrative sample data.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
Indiqube Spaces IPO is a Book-building IPO worth ₹700 crores. The price band is ₹225 to 237 per share. The IPO opens on Wed, Jul 23, 2025 and closes on Fri, Jul 25, 2025. It will be listed on BSE and NSE. MUFG Intime India Private Limited ((Link Intime) is the registrar.
The Indiqube Spaces IPO opens on Wed, Jul 23, 2025 and closes on Fri, Jul 25, 2025
Indiqube Spaces IPO Price Band is ₹225 to 237.
Indiqube Spaces IPO lot size is 63, and the minimum amount required for application is ₹14931.
The minimum investment for Indiqube Spaces IPO is approximately ₹14931 based on the upper price band.
To apply for the Indiqube Spaces IPO, investors can use the ASBA (Application Supported by Blocked Amount) process via their bank's net banking or apply through UPI using a registered broker or trading app. The IPO is available in retail, HNI, and institutional investor categories. Investors must select the lot size, enter bid details within the price band, and submit their application before the IPO closing date of Fri, Jul 25, 2025. After submission, funds are blocked until the basis of allotment of Indiqube Spaces IPO is finalised.
Indiqube Spaces IPO issue size is ₹700 crores.
Indiqube Spaces IPO allotment date is Sat, Jun 27, 2026.
The registrar for Indiqube Spaces IPO is MUFG Intime India Private Limited ((Link Intime). Investors can go to MUFG Intime India Private Limited ((Link Intime) website for IPO allotment status, refund processing, and other queries related to Indiqube Spaces IPO through their official website or helpline.
The Indiqube Spaces IPO GMP (Grey Market Premium) is ₹1 as of Wed, Jul 30, 2025. Based on the upper price band of ₹237 per share, the estimated Indiqube Spaces IPO listing price is ₹238, indicating a potential listing gain of approximately 31% over the issue price.