Indiqube Spaces Limited

12.24x

subscribed

Indiqube Spaces Limited

listed
₹14,175Min. investment
  1. Pre-apply
    21 Jul
  2. Bid start
    23 Jul
  3. Bid end
    25 Jul
  4. Allotment
    28 Jul
  5. Release of funds
    29 Jul
  6. Demat transfer
    29 Jul
  7. Listing
    30 Jul

About Indiqube Spaces Limited

Price range₹225 – ₹237
IPO type
Regular
Lot size63 shares
Issue size₹700Cr
Red Herring Prospectus
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Indiqube Spaces Limited IPO Overview

Indiqube Spaces Limited IPO Date

Indiqube Spaces IPO will open for subscription on July 23, 2025, and the closing date for the IPO is July 25, 2025. After this, investors are expected to be updated about the allotment status on Monday, July 28, 2025.

Investors who have been allotted shares can expect them to be credited to their demat account on July 29, 2025. The shares will be listed on the NSE and the BSE on Wednesday, July 30, 2025.

Indiqube Spaces Limited IPO Price Band

The IPO includes both fresh issue of shares and offer for sale. The IPO price band has been set between ₹225 to ₹237 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹650.00 crore and offer for sale of ₹ 50.00 crore.

The Indiqube Spaces IPO listing price will be determined on July 30, 2025. The listing price is the price at which a company’s shares debut on the stock exchanges.

Indiqube Spaces Limited IPO Lot Size

The Indiqube Spaces IPO details have been declared. The minimum lot size for an application is 63 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹700.00 crore.

Checklist

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Revenue growth
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Objectives

Capital expenditure
71.18%
Repayment or prepayment of borrowings
14.31%
General corporate purposes
Not assigned
Carry out the offer for sale
Not assigned

Strength and Weakness

Strategic positioning in a flexible workspace market

Indiqube operates in India’s flexible workspace sector, which is projected to reach 280–300 Mn sq. ft. and ₹730–960 Bn by 2027. With 115 centres and 186,719 seats across 15 cities, Indiqube is among the largest players, particularly in Bengaluru, the top commercial office market in APAC.

Diversified revenue streams through VAS

While workspace leasing remains core with 87.46% of revenue from operations, Value-Added Services (VAS) now contribute 12.74% of revenue. VAS revenue grew at a 40.69% CAGR from FY23 to FY25, faster than leasing revenue (34.10%), led by F&B services that scaled from ₹19.2 crore to ₹35.9 crore over 2 years.

Location-led acquisition strategy with high-quality utilisation

Indiqube’s acquisition approach is anchored in high-demand micro-markets, 85.39% of properties are in such locations. Nearly 42% of centres are within 3 km of operational metro stations, and 39% are near upcoming ones, offering superior last-mile connectivity. The portfolio also boasts a high occupancy rate of 86.5% as of March 31, 2025. Additionally, 25.22% of properties are renovated Grade-B assets, unlocking value through adaptive reuse in prime urban areas.

Robust operational metrics and stability

Indiqube’s lock-in alignment between landlords which has a three-year lock-in period, while clients have a weighted average lock-in tenure of 33 months. ensures operational stability and minimises risks associated with early lease terminations. Its payback period is just 24.87 months, almost half the industry average of 44–48 months. Additionally, low churn rates (–0.23% in FY25) highlight high client stickiness. Also, its CRISIL A+/Stable rating underlines financial robustness and creditworthiness, providing assurance to institutional and retail investors alike.

About Indiqube Spaces Limited

Incorporated in 2015, IndiQube Spaces Limited is a managed workplace solutions company offering comprehensive, sustainable, and technology-driven workplace solutions dedicated to transforming the traditional office experience. It operates through 5 distinct business verticals: IndiQube Grow (core plug-and-play workspace solutions), IndiQube Bespoke (customisable design and build solutions), IndiQube One (B2B and B2C solutions), MiQube (technology platform), and IndiQube Cornerstone (property renovation and upgradation services).
As of FY25, the company manages a portfolio of 115 centres across 15 cities, consisting of 105 operational centres and 10 centres with executed letters of intent. The company covers 8.40 Mn square feet of area under management (AUM) in super built-up area (SBA) with a total seating capacity of 186,719. The company has expanded its portfolio by 3.46 Mn square feet of AUM with the addition of 41 properties and 5 new cities between March 31, 2023, and March 31, 2025.
Bengaluru serves as the company's largest market, with a portfolio of 65 centres spanning 5.43 Mn square feet in AUM as of March 31, 2025. The city is both the largest commercial office and flexible workspace market in India, accounting for around 30% of the total flexible workspace stock among Tier I cities. IndiQube is among the leading operators in Bengaluru, benefiting from the city's position as the largest market in the Asia-Pacific region in terms of absorption.
As of FY25, it serves 769 clients across various sectors, with IT/IT IT-enabled services comprising 51.24% of the client base, followed by BFSI, Insurance, and Consulting at 18.60%. The company focuses on mid-to-large enterprise clients, with Global Capability Centres (GCCs) comprising 43.56% of the clientele, while the remaining 56.44% consists of Indian enterprises, demonstrating a balanced portfolio bridging domestic and multinational corporation needs.
The Asia-Pacific region, particularly India, has emerged as a global hub for technological innovation and corporate expansion, with the overall APAC commercial office stock growing at a CAGR of 5.4% from 2018 to H1 2024, reaching approximately 1,176 Mn sq. ft. India dominates the flexible workspace market in APAC with over 72 Mn sq. ft. of total stock across tier-1 cities, driven by changing occupier preferences toward hybrid work models and demand for high-quality office spaces with enhanced amenities. Key Indian cities like Bengaluru, Mumbai, and Hyderabad are among the leading markets globally, with Bengaluru alone accounting for 22.0-24.0 Mn sq. ft. of flexible workspace stock, supported by strong demand from the technology, finance, and business services sectors.
The company maintains strong operational metrics with a committed occupancy of 90.73% and an actual occupancy of 85.12% as of FY25. Its supply acquisition strategy targets high-demand micro-markets with robust infrastructure, following a hub-and-spoke model. Renovated properties account for 2.48 Mn sq. ft. (29.57%) of the portfolio, with a lease renewal rate of 99.74%. The company operates in 8 Tier I and 7 non-Tier I cities, with 6.66 Mn sq. ft. (79.28%) concentrated in Bengaluru and Chennai. Its non-Tier I portfolio spans 0.51 Mn sq. ft. across 11 locations, tapping into rising demand in growth regions. Strategically, 80.87% of centres are within 3 km of operational or planned metro stations, and 85.39% of properties lie in key office micro-markets as per CBRE.
Now, Indiqube Spaces Limited is launching its initial public offering (IPO), which consists of a fresh issue worth up to ₹650.00 crore and an offer for sale worth up to ₹50.00 crore. The total issue size of the IPO is ₹700.00 crore. Its shares will be listed on the NSE and BSE.

IPO Analysis

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IPO Subscription Status

Date
QIB
NII
Retail
Total
23-Jul-25
0.0 times (X)
0.36 times (X)
1.99 times (X)
0.47 times (X)
24-Jul-25
1.42X
1.8X
6.86X
2.53X
25-Jul-25
14.35X
8.04X
12.21X
12.24X

Latest News on IPO

news logo
Indiqube Spaces IPO: The ₹700 crore initial share sale comprises new equity shares aggregating to ₹650 crore as well as an offer for sale (OFS) of ₹50 crore.

2 min read

news logo
IndiQube Spaces, a managed workplace solutions company, has filed a draft red herring prospectus to raise Rs 850 crore through an IPO, comprising a fresh issue of Rs 750 crore and an offer for sale of Rs 100 crore. The company plans to use the proceeds for capital expenditure, debt repayment, and general corporate purposes.
news logo
IndiQube Spaces IPO: The company seeks to raise ₹700 crore via fresh issuance of shares worth ₹650 crore and an offer for sale aggregating to ₹50 crore by promoters Rishi Das and Meghna Agarwal.

2 min read

news logo
Indiqube Spaces IPO allotment finalised: The ₹700 crore initial share sale, with a price band of ₹225 to ₹237 per share, consisted of a fresh issuance of ₹650 crore as well as an offer for sale of ₹50 crore.

3 min read

Frequently asked questions

How to invest in the IPO?

Investors can apply for the IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Indiqube Spaces Limited ?

The issue size of the Indiqube Spaces Limited is 700 Cr.

What is 'pre-apply' for Indiqube Spaces Limited ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Indiqube Spaces Limited shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.