Indiqube Spaces IPO is a bookbuilding of ₹700.00 crores. The issue is a combination of fresh issue of 2.74 crore shares aggregating to ₹650.00 crores and offer for sale of 0.21 crore shares aggregating to ₹50.00 crores.
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 finalized on Monday, July 28, 2025. Indiqube Spaces IPO will be list on BSE, NSE with a tentative listing date fixed as Wednesday, July 30, 2025.
Indiqube Spaces IPO price band is set at ₹225 to ₹237 per share. The lot size for an application is 63. The minimum amount of investment required by an retail is ₹14,175 (63 shares). The lot size investment for sNII is 14 lots (882 shares), amounting to ₹2,09,034, and for bNII, it is 67 lots (4,221 shares), amounting to ₹10,00,377.
The issue includes a reservation of up to 63,291 shares for employees offered at a discount of ₹22.00 to the issue price.
ICICI Securities Limited is the book-running lead manager of the Indiqube Spaces IPO, while MUFG Intime India Private Limited (Link Intime) is the registrar for the issue.
Indiqube Spaces IPO Details
| IPO Date | July 23, 2025 to July 25, 2025 |
| Listing Date | [.] |
| Face Value | ₹1 per share |
| Issue Price Band | ₹225 to ₹237 per share |
| Lot Size | 63 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 2,95,35,864 shares (aggregating up to ₹700.00 Cr) |
| Fresh Issue | 2,74,26,160 shares (aggregating up to ₹650.00 Cr) |
| Offer for Sale | 21,09,704 shares of ₹1 (aggregating up to ₹50.00 Cr) |
| Employee Discount | ₹22.00 |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 13,01,83,612 shares |
| Share Holding Post Issue | 15,76,09,772 shares |
Indiqube Spaces IPO Reservation
Indiqube Spaces IPO offers total 2,95,35,864 shares. Out of which 2,21,04,431 (74.84%) allocated to QIB, 88,41,773 (29.94%) allocated to QIB, 44,20,885 (14.97%) allocated to NII, 29,47,257 (9.98%) allocated to RII and 1,32,62,658 (44.90%) allocated to Anchor investors.
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| QIB Shares Offered | 2,21,04,431 (74.84%) | NA |
| NII (HNI) Shares Offered | 44,20,885 (14.97%) | NA |
| Retail Shares Offered | 29,47,257 (9.98%) | 46,781 |
| Employee Shares Offered | 63,291 (0.21%) | NA |
| Total Shares Offered | 2,95,35,864 (100.00%) |
Investor Category Reservations
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Up to Rs 5 Lakhs | Yes |
| Employee + RII/NII |
| Yes for Employee and RII/NII |
Indiqube Spaces IPO Anchor Investors Details
Indiqube Spaces IPO raises ₹314.32 crore from anchor investors. Indiqube Spaces IPO Anchor bid date is July 22, 2025.
| Bid Date | July 22, 2025 |
| Shares Offered | 1,32,62,658 |
| Anchor Portion Size (In Cr.) | 314.32 |
| Anchor lock-in period end date for 50% shares (30 Days) | August 27, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | October 26, 2025 |
Indiqube Spaces IPO Timeline (Tentative Schedule)
Indiqube Spaces IPO opens on July 23, 2025, and closes on July 25, 2025.
| IPO Open Date | Wed, Jul 23, 2025 |
| IPO Close Date | Fri, Jul 25, 2025 |
| Tentative Allotment | Mon, Jul 28, 2025 |
| Initiation of Refunds | Tue, Jul 29, 2025 |
| Credit of Shares to Demat | Tue, Jul 29, 2025 |
| Tentative Listing Date | Wed, Jul 30, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 25, 2025 |
Indiqube Spaces IPO Lot Size
Investors can bid for a minimum of 63 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 63 | ₹14,931 |
| Retail (Max) | 13 | 819 | ₹1,94,103 |
| S-HNI (Min) | 14 | 882 | ₹2,09,034 |
| S-HNI (Max) | 66 | 4,158 | ₹9,85,446 |
| B-HNI (Min) | 67 | 4,221 | ₹10,00,377 |
Indiqube Spaces IPO Promoter Holding
| Share Holding Pre Issue | 70.47% |
| Share Holding Post Issue | 60.23% |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
About Indiqube Spaces Ltd.
Incorporated in 2015, Indiqube Spaces Limited provides managed, sustainable, and tech-driven workplace solutions, aiming to transform the traditional office experience for modern businesses.
The company offers diverse workplace solutions, including corporate hubs and branch offices, enhancing employee experience with interiors, amenities, and services.
The company integrates asset renovation, customized models, and B2B/B2C value-added services, offering comprehensive workspace solutions with plug-and-play offices for clients and employees.
The company manage a portfolio of 115 centres across 15 cities, consisting of 105 operational centres and 10 centres for which the company have executed letters of intent, covering 8.40 million square feet of area under management (“AUM”) in a super built-up area (“SBA”) with a total seating capacity of 186,719 as of March 31, 2025.
Between March 31, 2023, and March 31, 2025, they added 41 properties and expanded to five new cities.
The company focuses on acquiring full buildings in high-demand areas with strong infrastructure and low vacancy rates. They partner with landlords to lease and transform aging properties into modern, sustainable workspaces.
The company upgrades properties with interiors, amenities, and sustainability. As of March 31, 2025, 25.22%% of their portfolio is renovated. Their "enterprise-first" strategy serves large clients with long-term, scalable workspaces.
As of March 31, 2025, the company operates in 15 Indian cities, including seven Tier I cities (Bengaluru, Pune, Chennai, Mumbai, Noida, Gurugram, Hyderabad) and 11 non-Tier I cities (Coimbatore, Kochi, Madurai, Jaipur, Calicut, Vijayawada).
Offerings:
- IndiQube Grow:The company offers customized enterprise workspaces and co-working solutions with shared amenities. They provide meeting rooms, day passes, and virtual office services, with flexible bookings and tailored options for clients through digital channels.
- IndiQube Bespoke: IndiQube Bespoke offers fully customizable office designs with standard, premium, and luxury options. The company provides sustainable, eco-friendly solutions, with an in-house team for design, project management, and maintenance, offering flexible financial arrangements.
- IndiQube One: The company offers technology-enabled property and facility management services, including maintenance, asset management, employee services, IT solutions, and green initiatives, all aligned with ISO certifications to ensure quality, safety, and sustainability.
- MiQube™ Workplace Technology Stack: The company’s technology stack enhances workspace efficiency and engagement. The MiQube™ Community App offers employees easy access to services like booking meeting rooms, transportation, meals, desk reservations, helpdesk requests, and community events.
As of March 31, 2025, the company has a diverse team of 625 permanent employees.
Competitive Strengths:
- One of the leading players in the Large and Growing Flexible Workspace Market in India.
- Acquisition Strategy with a Focus on Value Creation and Demand-Driven Locations.
- Prudent Business Management Practices with Strong Operational Metrics
- Capital Efficient Model with Resilience and Comprehensive Risk Mitigation
- Experienced Leadership and Prominent Investor Base
- Focussed on Fostering an Ecosystem of Green Buildings
Company Financials
Indiqube Spaces Ltd. Financial Information (Restated)
Indiqube Spaces Ltd.'s revenue increased by 27% and profit after tax (PAT) rose by 141% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 4,685.12 | 3,667.91 | 2,969.32 |
| Revenue | 1,102.93 | 867.66 | 601.28 |
| Profit After Tax | 139.62 | -341.51 | -198.11 |
| EBITDA | 660.19 | 263.42 | 258.23 |
| Net Worth | -3.11 | 130.63 | -308.10 |
| Reserves and Surplus | -23.30 | 129.44 | -308.28 |
| Total Borrowing | 343.96 | 164.02 | 623.16 |
| Amount in ₹ Crore | |||
Key Performance Indicator (KPI)
| KPI | Values |
|---|---|
| ROCE | 34.21% |
| Debt/Equity | -110.58 |
| PAT Margin | -12.66% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | -7.65 |
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2025 that is available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2025 that is available in RHP.
Objects of the Issue (Indiqube Spaces IPO Objectives)
The Company Indiqube Spaces IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|---|
| 1 | Funding capital expenditure towards establishment of new centers | 462.65 |
| 2 | Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company | 93.04 |
| 3 | General corporate purposes |
Indiqube Spaces Ltd. 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/
Indiqube Spaces IPO Registrar
MUFG Intime India Private Limited (Link Intime)
Phone: +91-22-4918 6270
Email: indiqubespaces.ipo@linkintime.co.in
Website: https://linkintime.co.in/Initial_Offer/public-issues.html