IndiQube Spaces Limited is a new-age workspace solutions provider that’s changing the way India works. Headquartered in Bengaluru, IndiQube offers managed, tech-enabled, and scalable office spaces tailored for modern businesses, from agile startups to large enterprises.
Launched with a mission to modernize traditional office models, the company provides fully managed office environments through plug-and-play setups, corporate hubs, and bespoke office solutions across major Tier I and Tier II Indian cities.
🚀 What Makes IndiQube Unique?
IndiQube isn’t just a co-working brand—it’s a partner in workspace transformation. It goes beyond renting space, offering end-to-end solutions that include:
- Customized interiors
- Facility and asset management
- Sustainability upgrades
- Workspace technology through its in-house MiQube™ app
From acquiring and revamping aging commercial buildings to delivering vibrant, eco-friendly workspaces, IndiQube blends real estate, technology, and hospitality into one smart solution.
📈 Operational Scale (as of March 31, 2024)
- 105 operational centres across 14 Indian cities
- 7.14 million sq. ft. area under management
- 150,841 seating capacity
- 41 new properties added in just two years
- 25.22% of properties renovated into modern, sustainable spaces
Their footprint includes Tier I cities like Bengaluru, Mumbai, Chennai, Pune, Hyderabad, and emerging cities like Coimbatore, Jaipur, Kochi, and Vijayawada.
💼 Core Offerings
1. IndiQube Grow
Flexible co-working spaces, shared amenities, virtual offices, and day passes for businesses that value agility.
2. IndiQube Bespoke
Completely customized offices designed to reflect a client’s brand, with options ranging from standard to luxury.
3. IndiQube One
Facility and property management services with IT, operations, and maintenance support.
4. MiQube™ Tech Stack
A smart mobile app that empowers employees to manage work-life needs—booking meeting rooms, ordering meals, reserving desks, or attending community events.
IndiQube primarily follows an “enterprise-first” approach, targeting long-term partnerships with large companies. It focuses on:
- Leasing full buildings in prime locations
- Renovating them to match modern standards
- Offering flexible financial models to tenants
Its ability to add value to underutilized commercial real estate has made it a preferred choice for corporations looking to scale efficiently without the overhead of managing office infrastructure.
As of March 2025, IndiQube employs a team of 625 professionals, including in-house experts for design, project management, IT, and customer service.
Indiqube Spaces IPO – Details
| IPO Opening Date | 23 July 2025 |
| IPO Closing Date | 25 July 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 2,95,35,864 Shares Worth ₹700.00 Crore Fresh Issue: 2,74,26,160 Shares Worth ₹650.00 Crore Offer For Sale: 21,09,704 Shares Worth ₹50.00 Crore |
| Face Value | ₹1 per equity share |
| IPO Price | ₹225 – ₹237 per share |
| Market Lot | 63 Shares |
| Min Order | 63 Shares [ 1 LOT ] |
| Employee Discount | ₹22 |
| Listing At | BSE, NSE |
| Register | MUFG Intime India Private Limited (Link Intime) |
| QIB Shares Offered | 75% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 10% |
Indiqube Spaces IPO – Date Schedule
| IPO Open Date | 23 July 2025 |
| IPO Close Date | 25 July 2025 |
| Basis of Allotment | 28 July 2025 |
| Initiation of Refund | 29 July 2025 |
| Credit of Shares to Demat Account | 29 July 2025 |
| IPO Listing Date | 30 July 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 25, 2025 |
Indiqube Spaces IPO – Lots Size & Price
| 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 |
Competitive Strength
- 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 Promoters
- Rishi Das
- Meghna Agarwal
- Anshuman Das
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2023 | ₹601.28 Cr | ₹829.21 Cr | -₹198.11 Cr | ₹623.16 Cr |
| 31 March 2024 | ₹867.66 Cr | ₹1,252.48 Cr | -₹341.51 Cr | ₹164.02 Cr |
| 31 March 2025 | ₹1,102.93 Cr | ₹1,260.23 Cr | ₹139.62 Cr | ₹164.02 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROCE | 34.21% |
| Debt/Equity | -110.58 |
| PAT Margin | -12.66% |
| Pre IPO | Post IPO | |
| EPS (₹) | -7.65 | |
| P/E (x) |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Funding capital expenditure towards establishment of new centers | 462.65 |
| Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company | 93.04 |
| General corporate purposes |
Indiqube Spaces IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | Awfis Space Solutions Limited | 66.66 |
✅Strengths
- Widespread presence with 105 centers across 15 cities.
- Offers tech-enabled, customizable workspaces.
- Focused on long-term enterprise clients.
- Upgrades and renovates properties sustainably.
- Consistent growth in revenue and profitability.
⚠️Risks
- ntire portfolio is on lease, not owned.
- History of negative cash flows.
- Limited listed peers for comparison.
- High dependence on a few major clients.
- Hybrid work trends may impact office demand.
Indiqube Spaces IPO Promoter Holding
| Pre Issue Share Holding | 70.86% |
| Post Issue Share Holding | 60.60% |
Indiqube Spaces IPO Prospectus
Company Contact Information
| 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 |
Indiqube Spaces IPO Lead Manager(s)
| 1. JM Financial Limited 2. ICICI Securities Limited |
Indiqube Spaces IPO FAQs
| What is Indiqube Spaces IPO? Indiqube Spaces IPO is a main-board IPO. The issue is priced at ₹225 to ₹237 per equity share. The IPO is to be listed on BSE & NSE. |
| When will Indiqube Spaces’ IPO open? The IPO is to open on 23 July 2025 for QIB, NII, and Retail Investors. |
| What is Indiqube Spaces IPO Investors Portion? The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%. |
| How to Apply the Indiqube Spaces IPO? You can apply Indiqube Spaces IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the Indiqube Spaces IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “Indiqube Spaces IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the Indiqube Spaces IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “Indiqube Spaces IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the Indiqube Spaces IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Indiqube Spaces IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the Indiqube Spaces IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “Indiqube Spaces IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is Indiqube Spaces IPO Size? Indiqube Spaces IPO size is ₹700.00 Crore. |
| What is the Indiqube Spaces IPO Price Band? Indiqube Spaces IPO Price Band is ₹225 to ₹237. |
| What is Indiqube Spaces IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 63 Shares with ₹14,931 while the maximum bid is 819 Shares with ₹1,94,103. |
| What is the Indiqube Spaces IPO Allotment Date? Indiqube Spaces IPO allotment date is 28 July 2025. |
| What is the Indiqube Spaces IPO Listing Date? Indiqube Spaces IPO listing date is 30 July 2025. The IPO is to be listed on BSE and NSE. |
