Indiqube Spaces Limited IPO: Everything You Need to Know3 min read
Indiqube Spaces Limited is set to launch its IPO between July 23 and July 25, 2025, marking a significant milestone in its journey as a leading managed workspace solutions provider in India.
IPO Details
| IPO Date | July 23, 2025 – July 25, 2025 |
| Listing Date | July 30, 2026 (Tentative) |
| Price Band | ₹225 – ₹237 per share |
| Lot Size | 63 shares |
| Total Issue Size | ₹700 crore approx. |
| Issue Type | Fully Fresh Issue + OFS |
| Listing At | BSE, NSE |
Issue Structure
Out of the total ₹700 crore:
– ₹650 crore is a fresh issue (proceeds to be used for business expansion).
– ₹50 crore is an Offer for Sale (OFS) by promoters.
Promoters
The company is promoted by:
– Rishi Das
– Meghna Agarwal
– Anshuman Das
They bring extensive industry experience and will retain a significant stake post-IPO.
About the Company
Indiqube Spaces Limited offers technology-driven managed workplace solutions, catering to diverse clients—from large corporations to emerging startups. The company provides:
– Customized interiors
– Amenities and operational support
– Integrated facility management
– Value-added services
Objects of the Issue
The net proceeds from the IPO will be used for:
1. Capital expenditure for setting up new centres
2. Repayment or prepayment of borrowings
3. General corporate purposes
Financial Summary
Summary of Restated Statement of Profit and Loss (including other comprehensive income)
| Particulars | FY2023 | FY2024 | FY2025 |
| Total Income | 6,012.75 | 8,676.60 | 11,029.31 |
| Total Expenses | 8,292.06 | 12,524.82 | 12,602.34 |
| Comprehensive Loss | (1,978.97) | (3,417.36) | (1,410.46) |
| EPS (Basic & Diluted) | (15.28) | (26.09) | (7.65) |
(All amounts in Rs. millions, except share data and per share data, and unless otherwise stated)
Source: Company RHP
Basis of Offer Price
1. Financial Performance: Revenue has grown year-on-year, though the company has reported consistent losses.
2. Industry Outlook: The flexible workspace market in India is growing rapidly, offering significant potential.
3. Company Strengths:
– Asset-light model
– Strong brand presence in key cities
– Scalable and tech-enabled operations
4. Qualitative Aspects:
– Experienced management team
– Transparent governance
– Strong promoter holding
Key Risk Factors
1. Geographic Concentration: 89% of revenue in FY25 came from Bengaluru, Pune, and Chennai.
2. Real Estate Dependence: Leased properties expose Indiqube to rental and occupancy risks. Occupancy dropped from 83.68% (FY23) to 80.21% (FY24).
3. Continued Losses: FY23: ₹1,981.09 million, FY24: ₹3,415.08 million, FY25: ₹1,396.17 million
4. Unregistered Leases: 22% of lease stock remains unregistered, affecting legal enforceability.
5. Contractual Compliance: Non-compliance in stamping/registration can lead to legal exposure.
6. Client Retention Risks: Loss of key clients or failure to attract new ones may impact revenue.
Investment Rationale
1. Industry Growth: The flexible workspace sector in India is expected to grow substantially.
2. Growth Strategy: IPO proceeds will fund new centers, debt reduction, and expansion.
3. Resilient Business Model: Asset-light model enables flexibility and scalability.
4. Value-Added Services: Focus on integrated offerings like facility and food services.
5. Technology Edge: Investment in smart tech to boost efficiency and service.
6. Strong Management Confidence: Leadership optimistic but aware of risks.
Conclusion
Indiqube Spaces Limited’s IPO presents a compelling opportunity for investors seeking exposure to India’s booming flexible workspace sector. However, investors should weigh the strong industry outlook and growth potential against the company’s history of financial losses and operational risks.
*Disclaimer: This is for informational purposes only. Investors should consult with financial advisors and refer to the company’s RHP before making any investment decisions.*
