| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹ 225 to ₹ 237 | 63 | 23rd Jul, 2025 – 25th Jul, 2025 | ₹700.00 Cr |
Indiqube Spaces Ltd.
Indiqube Spaces operates as a managed workplace solutions provider, delivering end-to-end, sustainable, and tech-enabled office infrastructure designed to elevate the traditional workspace experience. The company offers a full suite of solutions catering to both large enterprise hubs and smaller branch offices (spokes), integrating workspace interiors, premium amenities, and a wide array of value-added services (VAS) to enhance employee productivity and workplace satisfaction. The company’s value proposition is strengthened by its integrated operational model, as backward integration enables it to execute asset renovation, upgrades, and build-to-suit projects, while forward integration allows for the delivery of B2B and B2C services across its client base and their workforce. As of March 31, 2025, Indiqube manages a network of 115 centres spread across 15 cities, comprising 105 operational locations and 10 centres under signed letters of intent. The company has 8.40 million square feet under management in terms of super built-up area (SBA), accommodating a total seating capacity of approximately 186,719. Between March 2023 and March 2025, Indiqube has expanded its footprint by 3.46 million square feet through the addition of 41 new properties and its entry into five new cities. Bengaluru, its anchor market, remains the most significant in terms of portfolio size, with 65 centres aggregating 5.43 million square feet as of March 2025. Notably, Bengaluru accounts for over 30% of India’s flexible workspace stock among Tier I cities, and Indiqube is a leading player in this market. Indiqube’s demand strategy is centered around catering to enterprise clients with scalable, customizable workspaces. As of March 2025, clients occupying over 300 seats constitute 63.1% of its portfolio, with an average lock-in tenure of 36 months, underscoring the long-term and sticky nature of its clientele.
Objective of the Anthem Biosciences IPO
The company proposes to utilize net proceeds towards funding the following objects:
- Funding capital expenditure towards the establishment of new centre;
- Repayment/pre-payment, in whole or in part, of certain borrowings availed by the company ; and
- General corporate purposes
Rationale To Indiqube Spaces Ltd IPO
One of the leading players in the large and growing flexible workspace market in India
Indiqube Spaces is well-positioned to benefit from the long-term growth in India’s flexible workspace market. As of March 31, 2025, the total flexible workspace stock in India exceeds 96 million sq. ft., with over 90% located in Tier-I cities. However, demand is now clearly increasing in non-Tier I markets as well. The total addressable market (TAM) for flexible workspaces is expected to expand significantly to 280–300 million sq. ft., with a market value of Rs. 730-960 billion by 2027. This presents a considerable opportunity for organized players with scale and presence. Furthermore, Indiqube operates in 15 cities (8 Tier-I and 7 non-Tier I), making it one of the few players with meaningful exposure across both developed and emerging markets.
Total Centres: 115
Total Area Under Management (AUM): 8.40 million sq. ft.
Seating Capacity: 186,719
Tier-I AUM: 7.89 million sq. ft. (105 centres)
Non-Tier I AUM: 0.51 million sq. ft. (10 centres)
This reach provides the company with a platform to tap into growth across multiple regions. Indiqube offers a comprehensive, full-stack workspace solution by integrating workspace leasing, interior design and build services, facility management, and technology-enabled offerings. This holistic model enhances client stickiness and drives better monetisation across its portfolio. As of March 2025, the company serves a total of 769 clients, of which 727 are based in Tier-I cities. Most clients opt for larger spaces with long-term commitments, resulting in strong revenue visibility and lower churn. In conclusion, Indiqube’s strong presence in India’s key office markets, early expansion into emerging cities, and end-to-end service offering uniquely position the company to capitalise on the growing demand for flexible, scalable, and technology-driven workspaces in the country.
Acquisition strategy with a focus on value creation and demand-driven locations
Indiqube’s portfolio is strategically concentrated, with 85.4% of its properties located in key micro-markets across India as of March 31, 2025. These properties are carefully selected to ensure long-term market relevance and value creation. The company’s strong presence in these high-demand locations enhances its ability to capture emerging opportunities, supported by rich local market intelligence. Accessibility is another key advantage; 41.7% of centres are within 3 km of operational metro stations and 39.1% are near upcoming metro lines, improving tenant convenience and increasing property appeal. Occupancy rates in the steady-state centre remain healthy at 86.5%, with non-Tier I cities leading at 96.2%. Within Tier-I markets, Chennai and Bengaluru stand out with low vacancy levels, according to CBRE. Indiqube’s presence in these cities is significant, with a combined 6.66 million sq. ft. under management, accounting for 79.3% of the total portfolio. A key differentiator is Indiqube’s focus on renovating underutilized Grade-B assets in central business districts, converting them into modern, tech-enabled workspaces. As of March 2025, 25.2% of its portfolio consists of such upgraded assets, enabling higher returns and improved asset quality. The company also leverages a hub-and-spoke model to balance scale and flexibility. Its Koramangala expansion in Bengaluru exemplifies this approach, beginning with smaller “spoke” properties in 2017 to test market fit, followed by a large “hub” of 215,550 sq. ft. in 2019. This micro-market now has 678,117 sq. ft. under management across multiple properties, demonstrating Indiqube’s ability to scale systematically in high-demand urban areas. This strategy helps serve both large enterprises seeking scalable solutions and smaller businesses looking for localized flexibility.
Valuation of Indiqube Spaces Ltd IPO
Indiqube Spaces is a managed workplace solutions provider that offers comprehensive, sustainable, and technology-enabled office infrastructure aimed at transforming the traditional workspace experience. Operating under the brand ‘IndiQube’, the company serves 769 clients as of March 31, 2025, with 43.5% comprising Global Capability Centres (GCCs) and 56.4% being Indian enterprises. The company focuses on acquiring properties in high-demand micro-markets with strong infrastructure connectivity and is expanding its footprint across both Tier I and non-Tier I cities. In non-core markets, it follows a managed aggregation model, collaborating with landlords through revenue/profit-sharing and shared capex structures. Indiqube achieved a payback period of 24 months from fit-out commencement, outperforming the industry average of 47-48 months. Its capex per square foot stands at Rs. 1,507, significantly lower than the industry average of Rs. 2,400 per sq. ft. (CBRE). Financially, the company has demonstrated strong growth, with total income rising from Rs. 601 crores in FY23 to Rs. 1,102 crores in FY25, a CAGR of 35.4%. Operational performance remains solid, with an 86.5% occupancy rate in steady-state centres, a 34.2% ROCE, and cash EBITDA margins of 10.8% as of FY25. Despite being loss-making, the company maintains healthy revenue streams and strong operating cash flows, reflecting sound business fundamentals. Client acquisition is driven through both brokerage partnerships and direct digital channels, with 60.8% of seats sold via brokers and 39.1% through direct sales in FY25. At the upper price band of Rs. 237, Indiqube is valued at a FY25 EV/Adjusted EBITDA multiple of 41.7x, which is at a premium to peers. However, given its robust topline growth, operational efficiency, and scalable model, we recommend a ‘SUBSCRIBE’ rating to this issue for long-term investors.
What is the Indiqube Spaces Limited IPO?
The initial public offer (IPO) of Indiqube Spaces Limited offers an early investment opportunity in Indiqube Spaces Ltd . A stock market investor can buy Indiqube Spaces Ltd IPO shares by applying in IPO before Indiqube Spaces Ltd shares get listed at the stock exchanges. An investor could invest in Indiqube Spaces Ltd IPO for short term listing gain or a long term.
How to apply for the Indiqube Spaces Ltd IPO through StoxBox?
To apply for the Indiqube Spaces Ltd IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Indiqube Spaces Ltd IPO open?
Indiqube Spaces Ltd IPO is opening on 23rd Jul 2025. Apply Now
What is the lot size of the Indiqube Spaces Ltd IPO?
The Lot Size of Indiqube Spaces Limited IPO is 63 equity shares. Login to your account now.
When is the Indiqube Spaces Ltd allotment date?
The allotment Date forIndiqube Spaces Ltd IPO is 28th Jul 2025. Login to your account now.
When is the Indiqube Spaces Ltd IPO listing date?
The listing Date for Anthem Biosciences Ltd IPO is 30th July 2025. Login to your account now
What is the minimum investment required for the Indiqube Spaces Ltd IPO?
In the Retail segment the minimum investment required is Rs. 14,931. Login to your account now
What is the maximum investment allowed for the Indiqube Spaces Limited IPO?
In the Retail segment the maximum investment requirement is Rs. 1,94,103. Login to your account now
What are the risks associated with investing in the Indiqube Spaces Ltd IPO?
- A large part of Indiqube’s revenue comes from a few major cities. For FY25, FY24, and FY23, 88.8%, 91.8%, and 93.2% of revenue from operations, respectively, was generated from centres in Bengaluru, Pune, and Chennai. This geographic focus creates risks tied to specific locations, such as economic slowdown, regulatory shifts, infrastructure issues, or changes in local demand in these areas. Any negative developments in these cities could significantly affect the company’s performance, financial results, and overall stability.
- Indiqube’s business is inherently vulnerable to fluctuations in the commercial real estate market. The company saw a decline in occupancy rates from 83.7% as of March 31, 2023, to 80.2% as of March 31, 2024, reflecting market volatility and changing tenant preferences. Additionally, rising commercial property prices can lead to higher leasing costs, which may negatively affect margins and overall profitability.
- Indiqube has experienced net losses over the past three fiscal years, and losses may continue in the near future. Continued losses could negatively affect the company’s operations, financial results, and cash flows, and might restrict its ability to invest in growth, expand, or secure favorable funding.
When will the Indiqube Spaces Ltd IPO shares be credited to my Demat account?
The Indiqube Spaces Limited. IPO be credited to the account on allotment date which is 29th Jul 2025. Login to your account now
Where can I find the Indiqube Spaces Limited IPO prospectus?
The prospectus of Indiqube Spaces Limited IPO prospectus can be find on the website of SEBI, NSE and BSE
