Indiqube Spaces IPO
GMP, Subscription, Price, Dates & Financial Details
Business Support
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…
Open Date
Wed, 23 Jul 2025
Close Date
Fri, 25 Jul 2025
Price Band
₹ 225 – 237
Lot Size
63
Issue Size
₹ 700.00 Cr
Minimum Investment
₹ 14,931 (63 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
Indiqube Spaces IPO has successfully completed its IPO process and is now listed on the NSE and BSE. According to the Red Herring Prospectus (RHP), the IPO was a book-built issue with a total issue size of ₹700.00 Crore, comprising a fresh issue of 2.74 Crore equity shares aggregating to ₹650.00 Crore and an offer for sale (OFS) of 21.10 Lakh equity shares aggregating to ₹50.00 Crore by the existing shareholders.
The Indiqube Spaces IPO remained open for subscription from July 23, 2025, to July 25, 2025. The basis of allotment was finalized on July 28, 2025, and the company's shares were listed on the NSE and BSE on July 30, 2025.
The company had fixed the price band at ₹225 to ₹237 per share, with a lot size of 63 shares. Retail investors were required to make a minimum investment of ₹14,931 (based on the upper price band) to apply for one lot.
The IPO also included a reservation of 73,891 equity shares for eligible employees, who received a discount of ₹22 per share.
MUFG Intime India Private Limited served as the registrar to the issue. ICICI Securities Limited, and JM Financial Limited acted as the Book Running Lead Managers (BRLMs) to the issue.
With the successful completion of the IPO process, Indiqube Spaces Limited is now a publicly listed company on the NSE and BSE. Investors can track the company's share price, trading performance, financial results, and corporate announcements through the stock exchanges.
Indiqube Spaces IPO Timeline (Tentative)
- IPO Open Date
- Wed, 23 Jul 25
- IPO Close Date
- Fri, 25 Jul 25
- Basis of Allotment
- Mon, 28 Jul 25
- Initiation of Refunds
- Tue, 29 Jul 25
- Credit of Shares to Demat
- Tue, 29 Jul 25
- Listing Date
- Wed, 30 Jul 25 — NSE & BSE
Open Date
23 July 2025
Close Date
25 July 2025
Basis Of Allotment
28 July 2025
Listing Date
30 July 2025
IPO Subscription
Check Live Subscription →The Indiqube Spaces IPO has received bids for 21,27,45,960 shares against 1,71,48,335 shares offered, resulting in an overall subscription of 12.41x. the NII category is subscribed 8.27x, Retail Investors 12.9x, Employees 6.83x, and QIBs 14.35x. Within the NII category, BNII is subscribed 7.93x, while SNII is subscribed 8.96x.
QIB
14.35x
NII
8.27x
BNII
7.93x
SNII
8.96x
RII
12.9x
EMP
6.83x
Total
12.41x
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 31,04,444 shares, representing 18.01% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 93,13,334 shares (54.31%), while Non-Institutional Investors (NIIs) receive 46,56,666 shares (27.16%).
| Category | Shares Offered | Shares Offered % |
|---|---|---|
| Qualified Institutions | 9,313,334 | 54.31% |
| Non-Institutional | 4,656,666 | 27.16% |
| BNII | 3,104,444 | 18.1% |
| SNII | 1,552,222 | 9.05% |
| Retail Investors | 3,104,444 | 18.01% |
| Employees | 73,891 | 0.43% |
| Total | 17,148,335 | 100% |
Financials Details(₹ 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 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
Indiqube Spaces Limited KPI Information
| 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 |
| Pat Margin % | -12.66 | -39.36 | -32.95 |
Peers Comparison
| 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 |
About Indiqube Spaces Limited
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.
Indiqube Spaces IPO Promoters
- Rishi Das
- Meghna Agarwal
- Anshuman Das
Promoters Holding
Holding Pre Issue
70.37%
Holding Post Issue
60.60%
Indiqube Spaces IPO Objective
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
Indiqube Spaces Limited Address / Contact Details
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
Indiqube Spaces IPO Lot Size
The Indiqube Spaces IPO has a lot size of 63 shares. Retail investors require a minimum investment of ₹14,931 by applying for 1 lot (63 shares). The maximum application allowed for the retail category is 13 lots (819 shares), requiring an investment of ₹1,94,103.
| 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 |
Issue Reservation
- QIB — 54.31%
- NII — 27.16%
- RII — 18.01%
- EMP — 0.43%
Book Running Lead Managers
- ICICI Securities Limited
- JM Financial Limited
IPO Documents & Links
Explore More IPOs
Currently Open
Coming Up Next
Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the Indiqube Spaces IPO?
Indiqube Spaces IPO is a Book-building IPO with a total issue size of ₹700 crore. The Indiqube Spaces IPO price band is ₹225 to 237 per share. The Indiqube Spaces IPO subscription opens on Wed, Jul 23, 2025, and closes on Fri, Jul 25, 2025. The Indiqube Spaces IPO will be listed on the BSE,NSE. MUFG Intime India Private Limited is the registrar for the Indiqube Spaces IPO.
When will the Indiqube Spaces IPO open for subscription?
The Indiqube Spaces IPO opens on Wed, Jul 23, 2025 and closes on Fri, Jul 25, 2025
What is Indiqube Spaces IPO Price Band?
Indiqube Spaces IPO Price Band is ₹225 to 237 per share.
What is Indiqube Spaces IPO Lot Size?
Indiqube Spaces IPO lot size is 63 shares, Retail investors need a minimum investment of ₹14931 based on the upper price band
What is the minimum investment for Indiqube Spaces IPO?
The minimum investment for Indiqube Spaces IPO is ₹14931, based on one lot of 63 shares at the upper price band of ₹237 per share.
How to apply for Indiqube Spaces IPO?
Investors can apply for the Indiqube Spaces IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Fri, Jul 25, 2025. The application amount remains blocked until the Indiqube Spaces IPO allotment is finalized.
What is Indiqube Spaces IPO Issue Size?
Indiqube Spaces IPO issue size is ₹700 crores.
What is the Indiqube Spaces IPO Allotment Date?
Indiqube Spaces IPO allotment date is Mon, Jul 28, 2025.
Who is the Indiqube Spaces IPO Registrar?
The registrar for Indiqube Spaces IPO is MUFG Intime India Private Limited. Investors can go to MUFG Intime India Private Limited website to check Indiqube Spaces IPO allotment status, refund processing, and other IPO-related information.
What is the Indiqube Spaces IPO GMP?
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 0.42% over the issue price.
Who is the Indiqube Spaces IPO Lead Manager?
The book-running lead managers (BRLMs) for the Indiqube Spaces IPO are ICICI Securities Limited, and JM Financial Limited. The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the Indiqube Spaces IPO Red Herring Prospectus (RHP).