Nukleus Office Solutions
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 24 Feb 2025 – 27 Feb 2025
- Listing date
- 04 Mar 2025
- Face value
- ₹1 per share
- Issue price
- ₹234 per share
- Lot size
- 600 shares
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹31.70 Cr
- Market cap at offer price
- ₹94.35 Cr
- Promoter holding
- 99.98% → 68.28% pre-issue → post-issue
- ISIN
- INE0VYX01018
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Sundae Capital Advisors Pvt.Ltd.
- Registered office
- 1102, Barakhamba Tower, 22 Barakhamba Road, Connaught Place, New Delhi
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 | 0 | — | — |
| Market maker | 53,400 | — | — |
Application size
Minimum 600 shares per lot, in multiples, at ₹234
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,40,400 |
| S-HNI (min) | 2 | 1,200 | ₹2,80,800 |
| S-HNI (max) | 7 | 4,200 | ₹9,82,800 |
| B-HNI (min) | 8 | 4,800 | ₹11,23,200 |
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 (₹) | 4.47 | 5.00 |
| P/E (×) | 52.35 | 46.80 |
| Price to book (×) | 11.87 | — |
| Market cap | — | ₹94.35 Cr |
Key performance indicators
- Return on net worth
- 46.09%
- ROCE
- 14.39%
- Debt / equity
- 1.96
- PAT margin
- 6.99%
- NAV per share
- ₹16.66
- Price to book
- 11.87
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Nukleus Office Solutions
Nukleus Office Solutions Limited (formerly Nukleus Office Solutions Private Limited) provides a range of fully furnished, flexible workspaces and managed office solutions to diverse occupants including startups, SMEs, large enterprises, professionals, and entrepreneurs. The company was incorporated as a private limited company on September 27, 2019, and converted to a public limited company on July 29, 2024. As of December 31, 2024, Nukleus operates 7 centres with flexible workspaces and manages 4 managed offices in Delhi NCR region with an aggregate of 2,796 total seats. The company generates revenue through provision of flexible workspace solutions, including serviced and managed workspace solutions for enterprises ranging from 50-500 seats. Revenue from operations increased from ₹340.78 lakhs in Fiscal 2022 to ₹1,712.76 lakhs in Fiscal 2024, and was ₹2,134.13 lakhs in the nine months period ended December 31, 2024.
Company Analysis
from RHPNukleus is a co-working and managed office space provider offering flexible workspaces, dedicated desks, private cabins, and managed office solutions primarily in the Delhi NCR region.
Nukleus Office Solutions Limited (formerly Nukleus Office Solutions Private Limited) provides a range of fully furnished, flexible workspaces and managed office solutions to diverse occupants including startups, SMEs, large enterprises, professionals, and entrepreneurs. The company was incorporated as a private limited company on September 27, 2019, and converted to a public limited company on July 29, 2024. As of December 31, 2024, Nukleus operates 7 centres with flexible workspaces and manages 4 managed offices in Delhi NCR region with an aggregate of 2,796 total seats. The company generates revenue through provision of flexible workspace solutions, including serviced and managed workspace solutions for enterprises ranging from 50-500 seats. Revenue from operations increased from ₹340.78 lakhs in Fiscal 2022 to ₹1,712.76 lakhs in Fiscal 2024, and was ₹2,134.13 lakhs in the nine months period ended December 31, 2024.
Objects of the Issue
- Capital expenditure and security deposit towards establishment of new centres ₹2,296.24 lakhs p.20
- Building up technology platform, integration of all centres, online client interaction and mobile application ₹34.22 lakhs p.20
- Advertisement expenses towards enhancing the visibility of our brand ₹49.56 lakhs p.20
- General Corporate Purpose ₹588.02 lakhs p.20
- Capital expenditure and security deposit towards establishment of new centres ₹2,197.68 lakhs p.82
- Building up technology platform, integration of all centres, online client interaction and mobile application ₹34.22 lakhs p.85
- Advertisement expenses towards enhancing the visibility of our brand ₹49.56 lakhs p.86
- General corporate purposes ₹588.02 lakhs p.87
- Expansion of New Centers p.259
- Technology and Infrastructure p.259
- Working Capital Requirement and other general corporate purpose p.259
Issue Structure
- Total Issue
- ₹3,170.23 lakhs (13,54,800 equity shares)
- Fresh Issue
- ₹2,492.10 lakhs (10,65,000 equity shares)
- Offer for Sale
- Not Applicable
- Price Band
- ₹234 per equity share (fixed price)
- Lot Size
- 600 equity shares and in multiples thereof
- Face Value
- ₹10 per equity share
Business Model
The company generates revenue through provision of flexible workspace solutions, including fully serviced and managed workspace solutions. Revenue is linked to the tenure of booking with clients, ranging from short-term commitments (less than 24 months) to long-term commitments (24 months or more). A portion of revenue also comes from broker channels.
Business Segments
SWOT Analysis
- • Presence in growing flexible workspace market with 7 co-working centres and 4 managed offices(p.20)
- • Strong revenue and EBITDA growth trajectory(p.32)
- • Debt service coverage ratio demonstrates ability to service borrowings(p.29)
- • Trademark registrations provide brand protection and intellectual property(p.46)
- • Strategic locations with high demand for coworking spaces(p.90)
- • Customizable workspace with flexible membership options(p.90)
- • Integration of technology and digitalization in centres(p.90)
- • Strong financial and operational performance(p.90)
- • Experienced promoters and efficient management team(p.90)
- • Growing revenue with strong EBITDA margins(p.93)
- • Strategic location advantage in NCR with prime business hubs(p.142)
- • High occupancy rate across portfolio(p.136)
- • Efficient multi-role centre management structure(p.142)
- • Rapid revenue growth trajectory(p.144)
- • Experienced founder with 25+ years real estate background(p.143)
- • Low cost per seat offering with competitive advantage(p.143)
- • Growing enterprise adoption of flexible spaces(p.126)
- • Established operational presence with multi-centre expansion(p.249)
- • Strong revenue growth trajectory(p.253)
- • Improving occupancy and operational efficiency(p.254)
- • Diversified service offerings catering to varied customer segments(p.249)
- • Healthy profitability and improving margins(p.253)
- • Rapid operational expansion and occupancy growth(p.263)
- • Strong positive cash flow from operations with sustainable trajectory(p.259)
- • Improving occupancy levels and economies of scale(p.257)
- • Diversifying revenue base and reduced customer concentration(p.262)
- • ISO 9001:2015 certification across multiple centers(p.273)
- • Substantial indebtedness limiting operational flexibility(p.29)
- • Exposure to floating rate interest rate risk(p.29)
- • High net borrowings to equity ratio indicating leverage(p.29)
- • Dependence on leased premises with renewal risk(p.33)
- • Significant revenue concentration among top customers(p.38)
- • 100% revenue concentration from single geographic region(p.37)
- • Errors in financial statement disclosures creating regulatory exposure(p.29)
- • Less than full occupancy of coworking spaces affecting profitability(p.32)
- • High fixed costs relative to revenue base(p.36)
- • High debt-to-equity ratio indicating financial leverage(p.93)
- • Concentration in Delhi NCR region with only 7 centres as of December 31, 2024(p.81)
- • Heavy dependence on promoters with 94.01% shareholding pre-issue(p.72)
- • Increased costs due to expansion requiring significant capex(p.81)
- • Profitability margin pressure from rising costs(p.51)
- • High customer concentration risk(p.141)
- • Significant debt relative to equity(p.141)
- • Majority of revenue from co-working segment(p.139)
- • Limited geographic presence - Delhi NCR only(p.136)
- • Recent profitability with operational losses in some centres(p.137)
- • Significant debt burden relative to equity(p.248)
- • Heavy dependence on rent payments as major cost component(p.253)
- • Limited geographic presence confined to Delhi NCR region(p.249)
- • Heavy capital expenditure requirements for expansion(p.215)
- • Exposure to related party transactions and dependence on promoter group entities(p.209)
- • High customer concentration despite recent improvement(p.264)
- • Significant debt burden with leverage ratio above 1.9x(p.260)
- • Outstanding tax demands against promoter(p.266)
- • Geographic concentration in NCR region(p.258)
- • Expansion into new geographies within India(p.30)
- • Growth in India's flexible workspace market(p.20)
- • Technology platform integration and digital enhancement(p.21)
- • Brand visibility enhancement through advertising(p.21)
- • Establishment of new centres with capital deployment(p.21)
- • Rapid expansion of coworking market in India with strong demand(p.111)
- • Growth in IT/ITeS and BFSI sectors driving office space demand(p.111)
- • Expansion into tier-2 cities with growing commercial real estate(p.111)
- • Strong India GDP growth of 6.5% projected for 2025(p.110)
- • Planned expansion to new cities: Gurugram, Ahmedabad, Bengaluru, and Central Delhi(p.81)
- • Technology platform integration and digital marketing to reduce broker dependency(p.81)
- • Expansion to Tier 2 cities with lower costs(p.116)
- • Surge in Global Capability Centres demand(p.114)
- • Pan-India expansion with proven model(p.145)
- • Growing startup and SME segment(p.127)
- • Hybrid work model adoption driving demand(p.127)
- • Managed office expansion for long-term contracts(p.146)
- • Projected market growth to 106 million sq ft by 2027(p.128)
- • Rising demand for flexible workspaces post-COVID(p.250)
- • Strong growth in Delhi NCR co-working market(p.250)
- • Expansion potential with large enterprises adopting flexible models(p.250)
- • Technology leverage and digital platform development(p.250)
- • Customization and hybrid workspace models(p.249)
- • Expansion beyond Delhi NCR to new geographies(p.258)
- • Fund proceeds allocated to new center development and expansion(p.259)
- • Growth in managed office and flexible workspace segments(p.262)
- • Potential migration to main board post-IPO(p.295)
- • Intense competition from larger and better-capitalized competitors(p.40)
- • Cyclical demand for flexible workspace dependent on economic conditions(p.34)
- • Dependence on third parties for operations creating supply chain risk(p.31)
- • Infrastructure disruptions affecting operations(p.39)
- • Regulatory changes and compliance risks in labor laws(p.49)
- • Changes in foreign investment regulations affecting FPI participation(p.50)
- • Risk from natural disasters and pandemics affecting operations(p.48)
- • Client contract termination with short notice periods(p.34)
- • Short-term client agreements requiring continuous acquisition(p.34)
- • Reliance on broker channels subject to commission volatility(p.43)
- • Global financial instability affecting Indian markets(p.50)
- • Russia-Ukraine conflict impacting commodity costs and inflation(p.50)
- • Rising inflation in India increasing operational costs(p.51)
- • China economic slowdown and strained India-China trade relations(p.50)
- • No active trading market risk post-IPO with price volatility(p.50)
- • Market price may decline below issue price with broad market fluctuations(p.52)
- • Intense competition from established global and local players(p.146)
- • Market saturation leading to price wars(p.128)
- • Economic slowdown impact on demand(p.128)
- • Shift away from traditional offices by corporates(p.128)
- • Rising real estate costs impacting profitability(p.128)
- • Technological alternatives reducing physical space demand(p.128)
- • Emerging supply in core markets creating competition(p.117)
- • Cyclicality and sensitivity to economic downturns affecting occupancy demand(p.180)
- • Rising rental and operational costs affecting margins(p.254)
- • Restrictive covenants on borrowings limiting operational flexibility(p.246)
- • Regulatory and legal risks from government authorities and regulatory bodies(p.169)
- • Concentration of guarantees on promoter group properties increasing execution risk(p.247)
- • Operational cost pressures from fixed lease commitments(p.257)
- • Business model dependency on occupancy growth and stability(p.259)
- • Reliance on continuing customer relationships(p.264)
- • Risk of broker and dealer network revenue loss(p.257)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Nipun Gupta | Promoter | 32.30% | 38.51% |
| Puja Gupta | Promoter | 61.72% | 59.63% |
| Nipun Gupta | Promoter | 32.30% | 21.44% |
| Puja Gupta | Promoter | 61.72% | 40.98% |
| Nipun Gupta | Promoter | 32.30% | 24.32% |
| Puja Gupta | Promoter | 61.72% | 45.29% |
| Nipun Gupta | Promoter/Managing Director | 32.30% | — |
| Puja Gupta | Promoter/Director | 61.72% | — |
| Nipun Gupta | Promoter | — | — |
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.