Indiqube Spaces Limited IPO Opens July 23 - ₹700 Cr Fresh Issue

Indiqube Spaces Limited has taken the first steps towards an initial public offering. The company is based in Bengaluru and is a flexible workspace solutions company that has seen tremendous growth in its revenue recently and has huge growth potential as well. The company offers flexible workspace solutions that include coworking space, private office space, virtual office space, meeting rooms, and event spaces in metropolitan cities in India. The company goes to market under the brand called "IndiQube", and is one of the leading coworking space companies in India with over 45 properties in multiple cities.

The price band of the IPO is ₹237 per equity share, and the Indiqube Spaces GMP today is showing good interest in the issues with positive GMP, this stock should be able to not only list at a good premium, but based on the Indiqube Spaces IPO GMP today - there is good interest from retail and institutional investors in the Indiqube Spaces IPO and market followers looking towards a public offering opportunity in the flexible workspace space.

IPO Dates for Indiqube Spaces Limited

The Indiqube Spaces Limited IPO is scheduled to open on July 23, 2025, and close on July 25, 2025. The Board of Allotment (BoA) date is expected to be announced by July 28, 2025, with listing planned for July 30, 2025.

IPO Details Summary

Investors are closely monitoring the GMP of Indiqube Spaces IPO, which currently shows strong demand ahead of listing. This IPO is also part of the growing Indiqube Spaces IPO list on the BSE and NSE platforms.

About Indiqube Spaces Limited

Indiqube Spaces Limited is based in Bengaluru and is one of the top providers of flexible workspace solutions in India. Founded on January 14, 2015, as "Innovent Spaces Private Limited", the company later changed its name to "Indiqube Spaces Limited." The company was originally based in Uttar Pradesh, but we moved our registered office to Karnataka in 2018 to be closer to India's technology hub. 

Currently, the company operates under the "IndiQube" brand and is involved in providing flat flexible workplace solutions to clients, including coworking spaces, private offices, virtual offices, meeting rooms, boardrooms, and event spaces. The company is now firmly established in India's flexible workspace market, operating over 45 properties in major metropolises including Bengaluru, Chennai, Pune, Hyderabad, Mumbai, and Noida. 

The company is strategically located in Bengaluru, the Silicon Valley of India. Bengaluru provides easy access to technology companies, startups, vendors, and a skilled workforce. Indiqube caters to a diverse customer base from startups, SMEs, to large firms, with a focus on scalable solutions and modern business needs. Importantly, Indiqube has successfully hosted large brands including Levi's, redBus, and Bluestone across its properties.

Through this IPO, the company is planning to raise ₹700.00 crores, with the proceeds from the fresh issue to be used for funding capex for setting up new centres for an amount of ₹462.6 crores, repayment of borrowings for ₹93 crores, and for general corporate purposes. Given current investor interest and the growing demand for flexible workspaces, Indiqube Spaces Limited is poised to take advantage of the rapidly growing coworking market in India.

Financial Performance of Indiqube Spaces Limited

The company has shown strong revenue growth despite facing profitability challenges typical of expansion-phase businesses.

Performance Analysis

Indiqube Spaces Limited has a demonstrated trajectory of strong revenue growth with assets growing from ₹2,969.3 Cr (Mar-23) to ₹4,685.1 Cr (Mar-25), which suggests suitable expansion of its property portfolio. With regard to revenue, the company has persistently and significantly improved from ₹601.3 Cr (Mar-23) to ₹1,102.9 Cr (Mar-25) or 83% growth over two years, indicating suitable market acceptance and general expansion of the business. 

While the company did report losses until this time period, it has made considerable progress in operational efficiency. The company's PAT loss decreased from ₹341.5 Cr (Mar-24) to ₹139.6 Cr (Mar-25), representing improved bottom-line performance of 59%. Notably, EBITDA showed great improvement from ₹258.2 Cr (Mar-23) to ₹660.2 Cr (Mar-25), representing doubling and more than doubling of the opportunity for operational leverage and improving the unit economics. 

Additionally, the company's borrowing levels have reduced from ₹623.2 Cr (Mar-23) to ₹344.0 Cr (Mar-25), which reflects better financial management and less reliance on carrying debt financing. Finally, the net worth has varied beyond expectations based on the investment in future growth period, typical of rapidly expanding service businesses where the company has made strategic choices to invest cash for expansion to provide recurring revenues rather than any immediate profits.

IPO Share Reservation

The IPO share allocation follows standard SEBI guidelines for main board listings:

Strengths

• Revenue growth from ₹601.3 Cr to ₹1,102.9 Cr indicates a strong business model and acceptance in the flexible workspace space.

• PAT loss reduced considerably from ₹341.5 Cr to ₹139.6 Cr, indicating strong operational efficiency and improving unit economics.

• EBITDA increased considerably from ₹258.2 Cr to ₹660.2 Cr, indicating strong operational leverage and cost optimization.

• The company has expanded its asset base from ₹2,969.3 Cr to ₹4,685.1 Cr, indicating aggressive expansion and market capture strategy.

• Proximity to Bengaluru indicates access to skilled workforce and a developed technology ecosystem in the area, providing support frameworks.

• There are a number of service segments from coworking spaces to proprietary offices, virtual offices, meeting rooms, and event spaces.

• India's growing startup ecosystem and corporate demand for flexible workspaces are inflating growth in coworking space products.

• Market-leading position with over 45 properties across major metro cities including Bengaluru, Chennai, Pune, Hyderabad, Mumbai, Noida.

• Strong brand recognition with "IndiQube" brand, having served major clients including Levi's, redBus, and Bluestone.

• Diversified revenue streams from multiple workspace solutions catering to startups, SMEs, and large corporations.

• Strategically positioned in India's key business hubs providing geographic diversification and growth potential.

Risks

• Fluctuations in real estate market prices affect the coworking business model and, therefore, operational costs or profit margins. 

• There is significant competition in the flexible workspace sector since many incumbents have established brands within coworking and prefer using an established brand. In addition, they have favorable planted locations that have become well-known within the flexible workspace market, and have high recognition and visibility as well. 

• An inherent risk in the company's approach is its reliance on urban commercial real estate, which may affect revenues, particularly when demand for flexible workspace declines within its core urban real estate sectors when there is an economic decline. 

• Rapid technology change and the necessity for continuous investments in, and development of, complex workspace management solutions and digital infrastructure options. 

• Shifts in public policy around regulations in commercial real estate, or in urban planning policies, may impact operations. 

• The company has moderate debt levels at ₹344.0 Cr - manageable - but needs to be managed to allow for positive growth. 

• Economic sensitivity - demand for flexible workspaces is linked to business confidence and corporate expansion projects. 

• Ongoing loss-making position - needs to monitor cash flow carefully and take actions to ensure its path towards profitability.

How to Apply for Indiqube Spaces Limited IPO?

Step-by-step guide (when IPO opens):

1. Log in to your broker app (Zerodha, Angel One, Groww, etc.)
2. Navigate to the IPO section and select the Indiqube Spaces Limited IPO
3. Click "Apply"
4. Enter:
   • Lot size (63 shares minimum)
   • Bid price (₹237 or select Cut-Off)
   • Your UPI ID
5. Submit the application
6. Approve the UPI mandate in your UPI app (PhonePe, GPay, etc.)

⏰ Important: The mandate must be approved before 5 PM on the same day or before the IPO closes.

How to Check Indiqube Spaces Limited IPO Allotment Status?

You can check the Indiqube Spaces Limited IPO allotment status through BSE/NSE and the registrar portal once the IPO opens.

Check on BSE/NSE

• Visit the BSE or NSE official website
• Navigate to the IPO Allotment Section
• Select Indiqube Spaces Limited IPO
• Enter PAN number or application number
• Submit details to get the BSE Indiqube Spaces Limited IPO allotment status

Check on the Registrar Portal

• Visit MUFG Intime India Private Limited’s website
• Select IPO allotment status
• Choose Indiqube Spaces Limited IPO
• Enter PAN or application number
• Submit to check status

Company Address

Name: Indiqube Spaces Limited
Address: Plot # 53, Careernet Campus, Kariyammanna Agrahara Road, Devarabisanahalli, Outer Ring Road, Bengaluru, Karnataka, 560103
Phone: +91 99000 92210
Email: cs.compliance@indiqube.com
Website: www.indiqube.com

IPO Registrar

Name: MUFG Intime India Private Limited - Link Intime
Address: MUFG Intime India Private Limited (Link Intime), Link Intime India Private Ltd, C 101, 247 Park, L.B.S.Marg, Vikhroli (West), Mumbai - 400083
Phone: +91 22 4918 6270
Email: indiqubespaces.ipo@linkintime.co.in
Website: in.mpms.mufg.com/Initial_Offer/public-issues.html

Conclusion

Indiqube Spaces Limited is a solid investment opportunity in India’s rapidly growing flexible workspace sector. The company exhibited impressive financial growth, most notably consisting of revenue growth from ₹601.3 Cr to ₹1,102.9 Cr, and passing ₹660.2 Cr for EBITDA, illustrating its operational efficiency and scale. Indiqube has taken advantage of demand for flexible, scalable office solutions from startups and changing working trends, and has expanded its portfolio to over 45 properties across major metros, along with a strong company brand and a variety of offerings. The company has had a successful IPO priced at ₹237 with a ₹700 Cr issue size, which bodes well for market interest and further signals expert and investor interest with a strong GMP as well.

There are some risks investors should consider, specifically the company's current loss position, competition in main locations, and sensitivity to real estate cycles and conditions. Overall, the market appears promising, especially for momentum or growth investors who desire to get a piece of India's changing commercial real estate sector. Professional advice is always recommended, and additional due diligence and risk assessment should be undertaken. Getting a trusted and qualified financial advisor when considering if this opportunity aligns with their investment priorities will help ensure favourable conditions moving forward.

Disclaimer : This analysis is for educational purposes and not financial advice. Please consult a financial advisor before making investment decisions.

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