Indiqube Spaces
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 23 Jul 2025 – 25 Jul 2025
- Listing date
- 30 Jul 2025
- Face value
- ₹1 per share
- Issue price
- ₹237 per share
- Lot size
- 63 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹700 Cr
- Market cap at offer price
- ₹4,977 Cr
- Promoter holding
- 70.37% → 60.23% pre-issue → post-issue
- ISIN
- INE06ST01018
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- ICICI Securities Ltd.
- Registered office
- Plot # 53, Careernet Campus, Kariyammanna Agrahara Road, Devarabisanahalli, Outer Ring Road, Karnataka
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 1,32,62,658 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 63 shares per lot, in multiples, at ₹237
| 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 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | −7.65 | — |
| Market cap | — | ₹4,977 Cr |
No price-to-earnings multiple is shown: the company reported a loss, and an earnings multiple struck on negative earnings would read as a cheap valuation while meaning the opposite.
Key performance indicators
- ROCE
- 34.21%
- Debt / equity
- −110.58
- PAT margin
- −12.66%
- EBITDA margin
- 58.20%
- NAV per share
- −₹0.24
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Indiqube Spaces
Indiqube Spaces Limited (formerly Innovent Spaces Private Limited) was incorporated on January 14, 2015, and is headquartered in Bengaluru, Karnataka. The company provides comprehensive, sustainable, and technology-driven workplace solutions dedicated to transforming the traditional office experience. The company operates on a hub-and-spoke model, offering large corporate offices (hubs) to enterprises and small branch offices (spokes) for smaller businesses. As of March 31, 2025, Indiqube operates 105 active centers across 14 cities in India, with a total area under management (AUM) of 8.40 million square feet. The company generates revenue from workspace leasing (rental income, common area maintenance, electricity charges), value-added services (facility management, catering, security services, F&B), and asset transformation and management solutions. In Fiscal 2025, the company generated total revenue of ₹10,592.86 million from operations.
Company Analysis
from RHPIndiqube is a managed workplace solutions company offering flexible workspace solutions including workspace leasing, value-added services, and asset transformation solutions across India.
Indiqube Spaces Limited (formerly Innovent Spaces Private Limited) was incorporated on January 14, 2015, and is headquartered in Bengaluru, Karnataka. The company provides comprehensive, sustainable, and technology-driven workplace solutions dedicated to transforming the traditional office experience. The company operates on a hub-and-spoke model, offering large corporate offices (hubs) to enterprises and small branch offices (spokes) for smaller businesses. As of March 31, 2025, Indiqube operates 105 active centers across 14 cities in India, with a total area under management (AUM) of 8.40 million square feet. The company generates revenue from workspace leasing (rental income, common area maintenance, electricity charges), value-added services (facility management, catering, security services, F&B), and asset transformation and management solutions. In Fiscal 2025, the company generated total revenue of ₹10,592.86 million from operations.
Objects of the Issue
- Funding capital expenditure towards establishment of new centers 4,626.49 million p.123
- Repayment/pre-payment, in full or in part, of certain borrowings availed by our Company 930.35 million p.123
- General corporate purposes [●] (not to exceed 25% of gross proceeds) p.123
Issue Structure
- Total Issue
- Up to [●] equity shares aggregating up to ₹7,000.00 million
- Fresh Issue
- Up to [●] equity shares of face value ₹1 each aggregating up to ₹6,500.00 million
- Offer for Sale
- Up to [●] equity shares of face value ₹1 each aggregating up to ₹500.00 million (Rishi Das: ₹250.00 million, Meghna Agarwal: ₹250.00 million)
- Price Band
- [●] (to be announced at least two Working Days prior to Bid/Offer Opening Date)
- Lot Size
- [●] Equity Shares of face value ₹1 each and in multiples thereof
- Face Value
- ₹1 each
Business Model
Indiqube operates through flexible workspace leasing and ancillary services. The primary revenue stream is from providing managed workplace solutions to enterprises and businesses, generating revenue through rental income, common area maintenance charges, and electricity charges. The company also derives revenue from value-added services (approximately 12.74% of revenue in FY2025) including facility management, maintenance, amenities, designed interiors, catering, transportation services, and B2B/B2C solutions. Additionally, the company offers asset transformation and management solutions managing properties for landlords and external parties.
Business Segments
SWOT Analysis
- • Strong presence in tier-1 cities with significant market share in flexible workspaces(p.39)
- • Diversified service portfolio including value-added services beyond core workspace leasing(p.43)
- • Significant operational scale with 105 centers across 14 cities(p.124)
- • Growing client base and occupancy rates(p.54)
- • Consistent operating losses over three years limiting cash generation(p.41)
- • High dependency on lease payments with fixed commitments(p.42)
- • Significant unregistered lease agreements creating legal enforcement risks(p.42)
- • High concentration in three cities creating geographic risk(p.39)
- • Occupancy rate declined from 83.68% to 80.21%(p.40)
- • Negative retained earnings and negative net worth(p.41)
- • Expansion into non-tier-I cities with emerging demand(p.127)
- • Large addressable market for flexible workspaces in India(p.125)
- • Growth in hybrid and remote working trends creating demand(p.125)
- • Expansion through new center establishments funded by IPO proceeds(p.125)
- • Shift towards remote and hybrid working reducing demand for physical office space(p.49)
- • Intense competition from established workspace operators(p.51)
- • Real estate market fluctuations affecting lease costs(p.40)
- • Dependence on landlords' title and compliance with regulations(p.43)
- • Client concentration and potential termination risks(p.47)
- • Regulatory compliance risks and changing labor laws(p.56)
- • Economic slowdown reducing demand for workspace solutions(p.47)
- • Inability to secure favorable lease terms for new centers(p.41)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Rishi Das | Promoter/Promoter Selling Shareholder | 18.84% | [●] |
| Meghna Agarwal | Promoter/Promoter Selling Shareholder | 18.84% | [●] |
| Anshuman Das | Promoter | 25.15% | [●] |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.