Indiqube Spaces IPO opens for subscription on July 23, 2025, and closes on July 25, 2025. The allotment for the Indiqube Spaces IPO is expected to be finalised on Monday, July 28, 2025. Indiqube Spaces IPO will be listed on BSE and NSE, with a tentative listing date fixed on Wednesday, July 30, 2025.
Incorporated in 2015, Indiqube Spaces Limited offers managed, flexible, and tech-enabled workplace solutions designed for businesses of all sizes. The company provides a range of workspace formats, including office suites, startup hubs, growth centres, and custom-designed corporate facilities.
This blog will further cover Indiqube Spaces IPO details, including issue size, price band, business model insights, and financial performance.
Indiqube Spaces IPO Date
The key pointers for the Indiqube Spaces IPO dates are:
- Bidding Opening Date: July 23, 2025
- Bidding Closing Date: July 25, 2025
- Allotment Date: July 28, 2025
- Initiation of Refunds (in case of less or no allotment): July 29, 2025
- Shares Credited to Your Demat Account: July 29, 2025
- IPO Listing Date: July 30, 2025
- Listing on Exchange: BSE and NSE
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Indiqube Spaces: IPO Issue Size
Indiqube Spaces IPO valuation, as denoted by the market capitalization, is targeted at ₹5,000 crores. Here are the important Indiqube Spaces IPO details:
- Indiqube Spaces IPO Price Band: ₹225 to ₹237 per share
- Lot Size: 63 Shares
- Issue Size and Amount: 2.95 crore shares (aggregating up to ₹700 crores)
- Fresh Issue Size and Amount: 2.74 crore shares (aggregating up to ₹650 crores)
- Offer for Sale: 21 lakh shares (aggregating up to ₹50 crores)
Indiqube Spaces IPO Proceeds Usage
Indiqube Spaces IPO proceeds will be used for the following purposes:
- Capital Expenditure: ₹462.65 crores will be allocated towards establishing new centres to expand the company’s pan-India presence and enhance infrastructure offerings.
- Loan Repayment: ₹93.04 crores will be utilised for repayment or pre-payment, either fully or partially, of borrowings availed by the company.
- General Corporate Purposes: The remaining funds will be used to support strategic initiatives, operational needs, and other corporate activities in line with the company’s long-term goals.
Indiqube Spaces IPO Reservations
Indiqube Spaces IPO reservations to different investors are:
- For QIBs: Not less than 75% of the offer
- For NIIs: Not more than 15% of the offer
- For Retail Investors: Not more than 10% of the offer
Indiqube Spaces IPO Lot Size
Indiqube Spaces IPO lot size is 63 shares, wherein bidding can be done in multiples. The minimum amount that each category of investor needs to bid in this IPO is:
| Investors | Lots | Shares | Amount |
|---|---|---|---|
| Retail | 1 | 63 | ₹14,931 |
| S-HNI | 14 | 882 | ₹2,09,034 |
| B-HNI | 67 | 4,221 | ₹10,00,377 |
Indiqube Spaces IPO Details: Promoter Holding
Anshuman Das, Rishi Das, and Meghna Agarwal are the promoters of the company, with a total pre-offer shareholding of 62.84%. Rishi Das and Meghna Agarwal are the selling shareholders in this IPO.
Indiqube Spaces IPO: Company Overview
Indiqube Spaces Limited was incorporated in 2015. The company offers ready-to-use office spaces that are modern, flexible, and designed to meet the needs of today’s businesses. These offices come with furniture, internet, meeting rooms, and other facilities, so companies can move in and start working without delay.
Indiqube provides different types of workspaces, such as full corporate offices and branch setups. Their aim is to improve how people work by offering comfortable interiors, useful amenities, and helpful services. They also focus on upgrading old buildings into smart offices. This includes renovating the space, creating custom setups for clients, and offering both B2B and B2C services.
As of March 31, 2025, Indiqube manages 115 centres in 15 cities, out of which 105 are operational and 10 are under agreement. The total area managed by them is 8.40 million square feet, with space to seat 1.86 lakh people. Between March 2023 and March 2025, the company added 41 new properties and entered five new cities.
Currently, Indiqube operates in 15 Indian cities, including major ones like Bengaluru, Pune, Chennai, Mumbai, Noida, Gurugram, and Hyderabad, as well as other cities such as Coimbatore, Kochi, Madurai, and Jaipur.
Indiqube mainly chooses full buildings in busy areas where demand is high and vacancies are low. They work with property owners to lease old buildings and turn them into attractive, eco-friendly office spaces.
They focus on upgrading each property with better interiors, facilities, and green design. As of March 31, 2025, about 29% of their properties have already been renovated. Their primary focus is on large companies that need long-term and scalable office solutions.
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Indiqube Spaces IPO: Financial Performance
Indiqube Spaces Ltd. key financials for different periods are as follows:
| Particulars (in ₹ Cr) | 31 Mar 2025 | 31 Mar 2024 | YoY Change |
|---|---|---|---|
| Revenue from Operations | 1,059.29 | 830.57 | 28% |
| Profit After Tax / (Loss) | -139.62 | -341.51 | -59% |
| EBITDA | 660.19 | 263.42 | 151% |
| Net Worth | -3.11 | 130.63 | -102% |
| Total Assets | 4,685.12 | 3,667.91 | 28% |
| Net Debt | 337.93 | 163.57 | 107% |
- Indiqube Spaces’ revenue from operations increased by 28% YoY to ₹1,059.29 crores in FY25. However, the losses have dropped by 59% YoY, but it is still a loss-making company.
- The EBITDA increased sharply by 151% YoY to ₹660.19 crores, highlighting its strong operational performance despite sharp losses.
- The net worth turned negative in the financial year 2024-25 at ₹3.11 crores.
- The total assets grew by 28% to ₹4,685.12 crores, while net debt also increased by 107% to ₹337.93 crores in FY25.
Indiqube Spaces IPO Risk Factors
Indiqube Spaces IPO GMP is ₹40 as of July 19, 2025 (at 13:00). It is expected to list at a 16.88% gain at a price of ₹277. However, GMP is not a safe or assured criterion to bid for an IPO.
Indiqube Spaces Limited is exposed to various risk factors that can eventually affect its business and investors’ perception:
- More than 88% of the revenue is earned from the specific centers in Bengaluru, Pune, and Chennai. The rising competition or reduction in demand in these locations can affect the overall business growth.
- The real estate market fluctuations directly affect the company’s occupancy rate.
- The change in commercial property prices can also impact the leasing costs.
- It is a loss-making company, which means that its EPS is negative and can hamper shareholders’ earnings in the future as well.
- If work trends shift more towards remote or hybrid models, the need for ready-to-use office spaces may reduce.
This could have an adverse effect on the company’s business, cash flow, and overall financial health.
Indiqube Spaces IPO Details: Contact Details
Here are details of the registered address and registrar name of Indiqube Spaces Limited:
- Registered Office Address: Plot # 53, Careernet Campus, Kariyammanna Agrahara Road, Devarabisanahalli, Outer Ring Road, Bengaluru, Karnataka, 560103
- Email: cs.compliance@indiqube.com
- Website: http://www.indiqube.com/
- Registrar Name: MUFG Intime India Private Limited (Link Intime)
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Frequently Asked Questions – FAQs
1. What are the Indiqube Spaces IPO Dates?
The IPO will open for subscription on July 23, 2025, and close on July 25, 2025. The allotment is expected to be finalised on July 28, 2025, and the shares will be listed on July 30, 2025, on BSE and NSE.
2. What is the price band and lot size for Indiqube Spaces IPO?
The price band for the Indiqube Spaces IPO is set between ₹225 and ₹237 per share. The minimum lot size is 63 shares, and retail investors need to apply with a minimum bidding of ₹14,931.
3. How will the IPO proceeds be used by the company?
The funds raised from the IPO will mainly go towards setting up new office centres (₹462.65 crores), repayment of loans (₹93.04 crores), and general corporate purposes, such as business growth and operational needs.
4. What are the key risks involved in Indiqube’s business model?
Indiqube’s performance depends heavily on the demand for flexible office spaces. Factors such as real estate price changes, shifting work models like remote/hybrid work, or government policy changes could impact its growth and financial health.
References: https://www.icicisecurities.com/Upload/ArticleAttachments/RHP%20-%20Indiqube%20Spaces%20Limited.pdf
https://www.investorgain.com/gmp/indiqube-spaces-ipo-gmp/1333/
Author: All Content is verified by SMC Global Securities.
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