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Indiqube Spaces Limited
12.24xsubscribed

Indiqube Spaces Limited

listed
₹14,175Min. investment

Indiqube Spaces Limited IPO Details

Price range₹225 – ₹237
IPO type
Regular
Lot size63 shares
Issue size₹700Cr
Red Herring Prospectus
Read

Indiqube Spaces Limited 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

As on 23-Jul-25, 5:30 PM

Indiqube Spaces Limited Timeline

  1. Pre-apply
    21 Jul 2025
  2. Bid start
    23 Jul 2025
  3. Bid end
    25 Jul 2025
  4. Allotment
    28 Jul 2025
  5. Release of funds
    29 Jul 2025
  6. Demat transfer
    29 Jul 2025
  7. Listing
    30 Jul 2025

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.

Indiqube Spaces Limited IPO Analysis

IPO REVIEW

Indiqube Spaces Limited | Analysis Video

Should you apply?

Watch our analysts break down the Indiqube Spaces Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

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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.

Objectives of Indiqube Spaces Limited IPO

Capital expenditure
71.18%
The company will spend ₹462.65 crores on new client facilities.
Repayment or prepayment of borrowings
14.31%
The company will use ₹93.04 crores to repay or prepay some of its borrowings.
General corporate purposes
Not assigned
The company will allocate up to 25% of gross proceeds for general corporate purposes.
Carry out the offer for sale
Not assigned
The IPO's ₹50 crore offer for sale goes to selling shareholders, not the company.

Indiqube Spaces Limited Contact Details

Company NameIndiqube Spaces Limited

How to apply for Indiqube Spaces Limited?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Indiqube Spaces Limited IPO FAQs

Investors can apply for the Indiqube Spaces Limited through their Demat account via the stock exchange or through their broker.
The issue size of the Indiqube Spaces Limited is 700 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
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.
Indiqube Spaces Limited will be open between 2025-07-23 and 2025-07-25.
Indiqube Spaces Limited allotment date is 2025-07-29. For Indiqube Spaces Limited allotment status check, you can visit the website of the registrar of the IPO.
For Indiqube Spaces Limited, the IPO registrar is MUFG Intime India Private Limited. You can check Indiqube Spaces Limited allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Indiqube Spaces Limited shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Indiqube Spaces Limited lot size is 63 and minimum order quantity is 63.
Indiqube Spaces Limited has set the price band for its IPO at 237 per equity share with a face value of 1.