IPO Details
Issue Opening Date: July 23, 2025
Issue Closing Date:July 25, 2025
Issue Size: ₹ 700 Cr (@ upper price band of ₹237)
Fresh Issue: ₹ 650 Cr
OFS: ₹ 50 Cr
Our View: Long Term Subscribe for High Risk Investors
Price Band: ₹ 225 to ₹237 per Equity Share
Employee Discount: ₹ 22/share
Lot Size: 63 Shares & multiples thereafter
Retail Minimum Application Amount: ₹ 14,931 (63 Shares)
Retail Maximum Application Amount: ₹ 1,94,103 (819 Shares)
Big HNI: ₹ 10,00,377 (4,221 Shares)
Company Overview
Indiqube Spaces is a managed workplace solutions company offering comprehensive, sustainable, and technology-driven workplace solutions aimed at transforming the traditional office experience. Its offerings range from large corporate hubs to small branch spokes, combining interiors, amenities, and value-added services to enhance employee experience.
The company integrates its offerings through backward and forward integration capabilities. As of March 31, 2025, it manages 115 centres across 15 cities, with 105 operational and 10 under LOI, covering 8.40 million sq. ft in super built-up area with a seating capacity of 186,719. Between FY23–FY25, it added 3.46 million sq. ft and expanded into five new cities. Bengaluru remains its leading market.
Clients with over 300 seats account for 63.06% of the portfolio with an average lock-in of 36 months. Its payback period is 24.87 months versus the industry average of 47–48 months, and capex is ₹1,507 per sq. ft, significantly below the industry benchmark of ₹ 2,400.
Key Highlights
Leading player in India's growing flexible workspace market
Acquisition strategy targeting demand-driven locations
Strong operational metrics and prudent business management
Capital efficient model with comprehensive risk mitigation
Commitment to green building ecosystem
Objects of the Issue
Funding capex for new centres – ₹ 462.65 Cr
Repayment/pre-payment of certain borrowings – ₹ 93.04 Cr
General corporate purposes
Offer for Sale of shares worth ₹ 50 Cr (no proceeds to the company)
Our View
Founded in 2015, Indiqube Spaces serves enterprises, startups, and SMEs by integrating leasing, design, facility management, and VAS such as IT, furniture, F&B, and transport. Its client mix includes 43.56% global capability centres (GCCs) and 56.44% Indian enterprises, mitigating concentration risk.
Risks include intense competition, losses in the last three years, dependence on the commercial real estate market, lease renewal risks, city revenue concentration, weaker negotiating power with large clients, and regulatory hurdles.
Financials: Revenue CAGR ~35% from FY23–FY25; EBITDA CAGR 61%; EBITDA margin 58.2%; ROCE 34.21% in FY25; Debt-to-Equity ratio -109x; Revenue-to-Rent ratio 2.42. Despite losses, its operational efficiency, client retention, and cost control rank high in the sector.
With India's workspace demand evolving, Indiqube’s scalable model may offer long-term gains once profitability is consistent. However, this opportunity is best suited for high-risk, long-term investors.
Brief Financials
| PARTICULARS |
₹ in Million |
| FY ‘25 |
FY ’24 |
FY ‘23 |
| Total Income |
11,029.31 |
8,676.60 |
6,012.75 |
| Total Expenditure |
12,602.34 |
12,524.82 |
8,292.06 |
| EBITDA (before loss on fair value of financial liabilities) |
6,165.42 |
4,952.89 |
3,489.39 |
| Loss before Tax |
(1,573.03) |
(3,848.22) |
(2,279.31) |
| Loss after Tax |
(1,396.17) |
(3,415.08) |
(1,981.09) |
| E.P.S. (Diluted) |
(7.65) |
(26.09) |
(15.28) |
| P/E (x) (Diluted) |
- |
- |
- |
| RONW (%) |
NA |
(261.43) |
NA |
PRICE CHART (@ ₹ 237) (Retail Category)
| LOT SIZE |
| Amount |
| 63 |
14,931 |
| 126 |
29,862 |
| 189 |
44,793 |
| 252 |
59,724 |
| 315 |
74,655 |
| 378 |
89,586 |
| 441 |
104,517 |
| 504 |
119,448 |
| 567 |
134,379 |
| 630 |
149,310 |
| 693 |
164,241 |
| 756 |
179,172 |
| 819 |
194,103 |
HNI Payment Chart
| Category |
| No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
882 |
209,034 |
| Big HNI |
4,221 |
1,000,377 |
Indicative Time Table
| Tentative Events |
| Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
28/7/2025 |
| Initiation of refunds/unblocking ASBA Fund |
29/7/2025 |
| Credit of Equity Shares to demat accounts of Allottees |
29/7/2025 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
30/7/2025 |
Disclaimer:
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
