Indiqube Spaces IPO 2025: Date, Review, Price, Allotment Details
The Indiqube Spaces IPO, a mainboard IPO from Bengaluru-based Indiqube Spaces Limited, opened on July 23, 2025, and closed on July 25, 2025, drawing significant investor interest with a subscription of 12.41x by Day 3. This IPO, valued at ₹700 crores, offers a chance to invest in a leading player in India’s flexible workspace sector. The grey market premium (GMP) as of July 25, 2025, ranged from ₹10 to ₹40, signaling potential listing gains. This article provides a detailed overview of the Indiqube Spaces IPO, including key dates, price details, financial performance, review, and allotment process to guide investors.
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Indiqube Spaces IPO Details
The Indiqube Spaces IPO is a book-built issue comprising a fresh issue of 2.74 crore equity shares (₹650 crores) and an offer for sale (OFS) of 21,09,704 equity shares (₹50 crores), totaling ₹700 crores, with a face value of ₹1 per share. Below are the key details based on the Red Herring Prospectus (RHP) and recent updates:
| Particulars | Details |
|---|---|
| IPO Open Date | July 23, 2025 |
| IPO Close Date | July 25, 2025 |
| Face Value | ₹1 per equity share |
| IPO Price Band | ₹225 to ₹237 per share |
| Issue Size | Approx. ₹700 crores (2.95 crore shares) |
| Fresh Issue | Approx. ₹650 crores (2.74 crore shares) |
| Offer for Sale | Approx. 21,09,704 equity shares (₹50 crores) |
| Lot Size | 63 shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE & NSE |
| Retail Quota | Not more than 10% |
| QIB Quota | Not more than 75% |
| NII Quota | Not more than 15% |
| Employee Reservation | Up to 69,767 shares (₹22 discount) |
| DRHP Draft Prospectus | Click Here |
| RHP Draft Prospectus | Click Here |
| Anchor Investors List | Click Here |
| Book Running Lead Managers | ICICI Securities Limited, JM Financial Limited |
| Registrar | MUFG Intime India Private Limited (Link Intime) |
The IPO allocates 75% to Qualified Institutional Buyers (QIBs), 15% to High Net-Worth Individuals (HNIs), and 10% to Retail Individual Investors (RIIs), with an employee reservation offering a ₹22 discount. The minimum investment for retail investors is ₹14,931 (63 shares at ₹237). The company raised ₹314 crore from anchor investors on July 22, 2025.
Indiqube Spaces IPO Market Lot
The Indiqube Spaces IPO minimum market lot is 63 shares with a ₹14,931 application amount at the upper price band. Retail investors can apply for up to 13 lots, while HNIs have higher minimums.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 63 | ₹14,931 |
| Retail Maximum | 13 | 819 | ₹1,94,103 |
| S-HNI Minimum | 14 | 882 | ₹2,09,034 |
| B-HNI Minimum | 67 | 4,221 | ₹10,00,377 |
Indiqube Spaces IPO Dates
The key dates for the Indiqube Spaces IPO are as follows:
| Event | Date |
|---|---|
| IPO Open Date | July 23, 2025 |
| IPO Close Date | July 25, 2025 |
| Basis of Allotment | July 28, 2025 |
| Refunds | July 29, 2025 |
| Credit to Demat Account | July 29, 2025 |
| IPO Listing Date | July 30, 2025 |
Investors can track subscription status on the BSE, NSE, or the registrar’s portal (Link Intime) during the subscription period.
Promoters of Indiqube Spaces IPO
The promoters of the company are Rishi Das, Meghna Agarwal, and Anshuman Das.
About Indiqube Spaces IPO
Founded in 2015 as Innovent Spaces Private Limited, Indiqube Spaces Limited, headquartered in Bengaluru, Karnataka, is a leading provider of managed, sustainable, and tech-driven workplace solutions. The company transforms traditional offices into modern, flexible workspaces, offering corporate hubs and branch offices with enhanced interiors, amenities, and value-added services (VAS) like facility management, catering, and technology solutions. As of March 31, 2025, Indiqube operates 115 centers across 15 cities, including Tier I cities (Bengaluru, Pune, Chennai, Mumbai, Noida, Gurugram, Hyderabad) and non-Tier I cities (Coimbatore, Kochi, Madurai, Jaipur, Calicut, Vijayawada, Bhubaneswar), covering 8.40 million square feet with 1,86,719 seats. Between March 2023 and March 2025, it added 3.46 million square feet and 41 properties across five new cities. Serving 769 clients, including 44% Global Capability Centres (GCCs), Indiqube caters to sectors like IT/ITeS, manufacturing, BFSI, and healthcare. Its VAS revenue grew from ₹68.16 crores in FY23 to ₹134.92 crores in FY25 (40.69% CAGR), with a 91% occupancy rate and a CRISIL A+/Stable rating.
Indiqube Spaces IPO Company Financial Report
Indiqube Spaces has shown strong revenue growth but continues to report losses, reflecting its expansion-focused strategy in the competitive flexible workspace market. Below is a summary of its financial performance:
| Period Ended | Revenue (₹ Cr) | Expense (₹ Cr) | Profit After Tax (₹ Cr) | Assets (₹ Cr) |
|---|---|---|---|---|
| 2022 | 355.24 | 579.24 | (188.93) | 2,283.79 |
| 2023 | 601.28 | 829.21 | (197.90) | 2,969.32 |
| 2024 | 867.66 | 1,252.48 | (341.74) | 3,667.91 |
| 2025 | 1,102.93 | 1,260.23 | (139.62) | 4,685.12 |
Revenue grew at a 35.17% CAGR from FY23 (₹601.28 crores) to FY25 (₹1,102.93 crores), while losses reduced by 59% from ₹341.74 crores in FY24 to ₹139.62 crores in FY25. EBITDA grew from ₹258.23 crores in FY23 to ₹616.54 crores in FY25, with a 58.20% EBITDA margin in FY25.
Indiqube Spaces IPO Valuation – FY2025
Key valuation metrics for Indiqube Spaces IPO based on FY25 financials are as follows:
| KPI | Values |
|---|---|
| ROE | -2.20% |
| ROCE | 34.21% |
| EBITDA Margin | 58.20% |
| PAT Margin | (12.66)% |
| Debt to Equity Ratio | (110.60) |
| Earning Per Share (EPS) | ₹(7.65) (Basic) |
| Price/Earning P/E Ratio | N/A |
| Return on Net Worth (RoNW) | N/A |
| Net Asset Value (NAV) | ₹(0.24) |
The negative EPS and RoNW reflect ongoing losses, making traditional P/E valuation challenging. The high ROCE (34.21%) and EBITDA margin (58.20%) indicate operational efficiency.
Peer Group Comparison
Indiqube Spaces compares with listed peers in the flexible workspace sector, though its financial performance lags due to losses:
| Company | EPS | PE Ratio | RoNW % | NAV | Income (₹ Cr) |
|---|---|---|---|---|---|
| Awfis Space Solutions Limited | 9.75 | 66.66 | 14.78% | 64.71 | 1,260.75 |
Awfis, a key peer, shows positive EPS and RoNW, outperforming Indiqube, which is still in a loss-making phase.
Objects of the Issue
The net proceeds from the fresh issue will be used for:
- Funding capital expenditure for establishing new centers (₹462.65 crores).
- Repayment or prepayment of certain borrowings (₹93.04 crores).
- General corporate purposes.
The OFS proceeds (₹50 crores) will go to promoters Rishi Das and Meghna Agarwal, each offloading ₹25 crores.
Indiqube Spaces IPO Review
The Indiqube Spaces IPO has attracted strong investor interest, with a subscription of 12.41x by Day 3 (July 25, 2025), driven by retail (8.46x), NII (1.84x), QIB (1.42x), and employee (4.47x) segments. The GMP ranged from ₹40 (July 23, 14.35%) to ₹10 (July 25, 4.22%), indicating estimated listing prices of ₹247–₹277, or 4.22–14.35% gains over the upper price band of ₹237. The company raised ₹314 crore from anchor investors on July 22, 2025, reflecting institutional confidence.
Indiqube is a key player in India’s flexible workspace market, projected to reach 325–330 million square feet by 2027 (₹787–₹1,035 billion in value). Its portfolio spans 8.40 million square feet across 115 centers, with a 91% occupancy rate and a 35.17% revenue CAGR (FY23–FY25). Bengaluru (5.43 million sq. ft.) and Chennai are top markets, with 79.28% of its portfolio in high-demand areas. Its VAS revenue grew at a 40.69% CAGR, and its CRISIL A+/Stable rating underscores stability. However, persistent losses (₹139.62 crores in FY25), a negative ROE (-2.20%), and a high debt-to-equity ratio (-110.60) raise concerns. The 10% retail quota may limit allotments if oversubscription persists, and the high valuation (₹4,977.12 crore market cap) could deter conservative investors. Broker reviews are mixed: IPO Watch suggests “May Apply” for long-term investors, while Samco advises avoiding it due to better sector alternatives. X posts highlight strong retail interest (1.40x within two hours on Day 1) and compare Indiqube to peers like Awfis and Smartworks, noting the sector’s growth potential.
Recommendation: Suitable for long-term investors with high risk tolerance, given the sector’s growth and Indiqube’s operational strengths. Short-term investors may benefit from potential listing gains (4–14%), but GMP volatility and losses warrant caution. Consult a financial advisor before investing.
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
IPO Lead Managers aka Merchant Bankers
- ICICI Securities Limited
- JM Financial Limited
Company Address
Indiqube Spaces Ltd.
Plot # 53, Careernet Campus,
Kariyammanna Agrahara Road, Devarabisanahalli,
Outer Ring Road,
Bengaluru, Karnataka, 560103
Phone: +91 99000 92210
Email: investors@indiqube.com
Website: http://www.indiqube.com/
Indiqube Spaces IPO FAQs
What is Indiqube Spaces IPO?
Indiqube Spaces IPO is a mainboard IPO to raise ₹700 crores via a fresh issue of ₹650 crores and an OFS of ₹50 crores. The issue is priced at ₹225 to ₹237 per share and will list on BSE and NSE.
When will Indiqube Spaces IPO open for subscription?
The IPO opened on July 23, 2025, and closed on July 25, 2025.
What is Indiqube Spaces IPO Investors Portion?
The investors’ portion is 75% for QIB, 15% for NII, and 10% for Retail, with an employee reservation portion.
How to Apply for the Indiqube Spaces IPO?
Apply via ASBA online through your bank account or UPI through stock brokers like Zerodha or Upstox. Alternatively, fill an offline IPO form and submit it to your broker.
What is Indiqube Spaces IPO Issue Size?
The issue size is ₹700 crores, comprising a fresh issue of ₹650 crores and an OFS of ₹50 crores.
What is Indiqube Spaces IPO Price Band?
The price band is ₹225 to ₹237 per share.
What is Indiqube Spaces IPO Lot Size?
The minimum lot size is 63 shares, with a ₹14,931 application amount at the upper price band.
What is the Indiqube Spaces IPO Allotment Date?
The allotment date is July 28, 2025.
What is the Indiqube Spaces IPO Listing Date?
The listing date is July 30, 2025, on BSE and NSE.
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