Introduction to Indiqube Spaces IPO
Indiqube Spaces Limited, a leading managed workspace provider in India, is coming up with its initial public offering (IPO). With a mix of fresh issue and offer for sale, the Indiqube Spaces IPO aims to raise ₹ 700 crore. The IPO will open for subscription on July 23, 2025 and close on July 25, 2025. The shares are proposed to be listed on both BSE and NSE, with a tentative listing date of July 30, 2025.
About Indiqube Spaces Ltd
Indiqube Spaces, founded in 2015, provides tech-driven, flexible and sustainable workplace solutions across India. It manages over 115 centres across 15 cities with an area of 8.4 million sq. ft. and seating capacity of 1.86 lakh seats. The company caters to enterprise clients, SMEs and startups with offerings such as plug-and-play offices, fully managed campuses, co-working spaces and tech-enabled facility management.
The company operates under key verticals:
- Indiqube Grow: Co-working and shared offices.
- Indiqube Bespoke: Customised office designs.
- Indiqube One: Facility and property management services.
- MiQube: Workplace management app.
Competitive Strengths
- Presence in fast-growing flexible workspace industry.
- Capital-efficient model with renovated assets.
- Strategic expansion into Tier I and Tier II cities.
- Robust client portfolio with long-term contracts.
- Experienced leadership and strong governance.
- Green building and ESG-focused operations.
Indiqube Spaces IPO Issue Details
| Detail | Information |
|---|---|
| IPO Opening Date | July 23, 2025 |
| IPO Closing Date | July 25, 2025 |
| Listing Date (Tentative) | July 30, 2025 |
| Face Value | ₹ 1 per share |
| Price Band | ₹ 225 to ₹ 237 per share |
| Lot Size | 63 shares |
| Fresh Issue Size | ₹ 650 crore |
| Offer for Sale (OFS) | ₹ 50 crore |
| Total Issue Size | ₹ 700 crore |
| Listing At | BSE, NSE |
| Employee Discount | ₹ 22 per share |
Financial Performance
| Particulars (₹ in Cr) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | 601.28 | 867.66 | 1,102.93 |
| EBITDA | 258.23 | 263.42 | 660.19 |
| PAT | -198.11 | -341.51 | -139.62 |
| Net Worth | -308.10 | 130.63 | -3.11 |
| Debt | 623.16 | 164.02 | 343.96 |
The company has shown consistent revenue growth, though it remains loss-making primarily due to Ind AS adjustments.
Objects of the IPO
Proceeds from the fresh issue will be used for:
- Establishment of new centres – ₹ 462.65 crore
- Repayment/pre-payment of borrowings – ₹ 93.04 crore
- General corporate purposes
Indiqube Spaces IPO Valuation & Peer Comparison
| KPI | FY2025 (Post Issue) |
|---|---|
| EPS (₹) | Negative |
| P/E Ratio | NA (Loss-making) |
| EBITDA Margin | 58.20% |
| ROCE | 34.21% |
| PAT Margin | -12.66% |
As the company is loss-making, traditional P/E comparison is not meaningful. However, its EBITDA margin and ROCE are healthy.
Grey Market Premium (GMP)
As of the latest update, the GMP for Indiqube Spaces IPO is around ₹ 32-35 per share, indicating positive sentiment among investors.
Reasons to Invest in Indiqube Spaces IPO
- Strong revenue and EBITDA growth.
- Well-diversified presence across Tier I & II cities.
- Demand for flexible, tech-enabled offices is on the rise.
- Anchor investor participation of ₹ 314.32 crore indicates confidence.
- Asset-light model with good scalability.
Risk Factors
- Company has been posting losses in recent years.
- High competition from other coworking and commercial leasing players.
- Regulatory and compliance risks related to real estate.
- High valuation despite being loss-making.
How to Apply for Indiqube Spaces IPO?
You can apply for the IPO through:
- Net banking (ASBA)
- UPI-based apps like Zerodha, Upstox, Groww, Paytm Money
Choose the lot size of 63 shares, price within the band, and ensure mandate approval before 5 PM on July 25, 2025.
Conclusion: Should You Subscribe or Avoid?
Indiqube Spaces IPO presents a unique opportunity to invest in India’s growing flexible workspace segment. While the company is loss-making, it has strong EBITDA and operational metrics. Investors with a medium to long-term horizon and high-risk appetite can consider subscribing to this IPO. Alternatively one can wait and invest post listing if available at discounted price.
Frequently Asked Questions (FAQs)
- What are the IPO dates for Indiqube Spaces?
IPO opens on July 23, 2025, and closes on July 25, 2025. - What is the Indiqube Spaces IPO price band?
The price band is set between ₹ 225 to ₹ 237 per share. - How much is the GMP for Indiqube Spaces IPO?
The grey market premium is currently around ₹ 32-35 per share. - Is Indiqube Spaces a profitable company?
No, the company has posted losses, but it has positive EBITDA and growth in revenues. - What is the lot size and minimum investment?
The lot size is 63 shares. Minimum investment for retail investors is ₹ 14,931. - When will Indiqube Spaces IPO get listed?
Tentative listing date is July 30, 2025. - Who are the lead managers for the IPO?
ICICI Securities and JM Financial are the BRLMs (Book Running Lead Managers).
Disclaimer: This article is for educational purpose only. Investors should consult their financial advisor before investing in any IPO.
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