Indiqube Spaces was incorporated on January 14, 2015. The company offers comprehensive, sustainable, and technology-driven workplace solutions that transform traditional office experiences. It integrates backward (asset renovation, upgradation, and custom models) and forward (B2B and B2C value-added services) capabilities to enhance its offerings
| Bidding Dates |
|---|
| 23 Jul 2025 - 25 Jul 2025 |
| Subscription |
|---|
| 12.41x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,175 | 1 | 13 | 63 | 29.5 M | ₹225 - ₹237 | 60.6 % | ₹6645.6 M - ₹7000.0 M | RHP DOC |
Indiqube Spaces IPO SUBSCRIPTION STATUS
25 Jul '25Indiqube Spaces IPO overall subscription rate was 12.41 times the total available shares
Indiqube Spaces IPO retail subscription rate was 12.9 times in the retail segment
Indiqube Spaces IPO non-institutional investor subscription rate was 8.27 times in the non-institutional investor category
Indiqube Spaces IPO Qualified Institutional Bidder subscription rate was 14.35 times the available shares for Qualified Institutional Bidder
Indiqube Spaces IPO Employees subscription rate was 6.83 times in the Employees category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers | Employees |
|---|---|---|---|---|
| Category Reservation | 10% | 15% | 75% | - |
25 Jul 2025 (Day 3) | 12.9x | 8.27x | 14.35x | 6.83x |
24 Jul 2025 (Day 2) | 6.9x | 1.84x | 1.42x | 4.47x |
23 Jul 2025 (Day 1) | 3.41x | 0.78x | 0.06x | 2.83x |
Indiqube Spaces FINANCIALS
| Period | Net Profit (Rs in crore) | Revenue from Operations (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY25 | -139.6 | 1,059.3 | 611.6 | 359.5 | 58.2% |
| FY24 | -341.5 | 830.6 | 542.2 | 359.1 | 27.3% |
| FY23 | -198.1 | 579.7 | 323.9 | 155.0 | 40.8% |
Indiqube Spaces IPO SUBSCRIPTION STATUS DETAILS
Indiqube Spaces had 29.5 M shares on offer
Indiqube Spaces IPO offer price was in the range ₹225 - ₹237
Indiqube Spaces IPO minimum Investment was ₹14175
Indiqube Spaces IPO issue size was ₹ 6645.6 M - ₹ 7000.0 M
Indiqube Spaces had a minimum lot size of 63 Shares per application
Indiqube Spaces NUMBER OF SHARES ON OFFER
Indiqube Spaces IPO IMPORTANT DATES
| Issue Open Date | 23 Jul 2025 |
| Issue close Date | 25 Jul 2025 |
| Allotment Date | 28 Jul 2025 |
| Refund Date | 29 Jul 2025 |
| Demat Account Credit Date | 29 Jul 2025 |
| Listing Date | 30 Jul 2025 |
| Listing on Exchange(s) | NSE and BSE |
| Indiqube Spaces Allotment Status | Exchange/ Registrar |
Indiqube Spaces IPO subscription opened on 23 Jul 2025, and closed on 25 Jul 2025
IPO allotment for Indiqube Spaces was finalized on Monday, 28 Jul 2025
IPO listing for Indiqube Spaces was on NSE and BSE on Wednesday, 30 Jul 2025
Indiqube Spaces IPO LISTING GAINS
| Issue Price (adjusted) | 237.0 |
| Listing Open Price | 216.0 |
| Listing Close Price | 218.0 |
| Listing Gain% | -8.9% |
| Current Gain% | -21.3% |
Indiqube Spaces Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Indiqube Spaces Ltd. | 186.5 | 3916.6 | -37.2 | -1.6 | 2.7 | -20.6 | -1.6 | 1527.5 | 38.5 | -106.3 | 23.8 | -5 | 23.8 |
| Urban Company Ltd. | 142.7 | 22010 | -65.9 | 0.3 | 12.8 | -11 | -8.7 | 1692.2 | 34.2 | -234.8 | -197.9 | -2.2 | -242.6 |
| WeWork India Management Ltd. | 745.4 | 10330.5 | 122.6 | -3 | 4 | 25 | 1 | 2490.4 | 23 | 74.4 | -41.6 | 6.1 | -41 |
| Smartworks Coworking Spaces Ltd. | 486.3 | 5556.6 | 199.4 | 1.2 | 2.8 | 2 | 0.2 | 1849.9 | 31.2 | 10.5 | 116.7 | 2.4 | 162.8 |
| Awfis Space Solutions Ltd | 270.2 | 1934 | 27.3 | 6.2 | 1.3 | 12.8 | 2.4 | 1586.1 | 25.8 | 70.9 | 4.4 | 9.9 | 4.4 |
| Kaya Ltd. | 276.8 | 420.3 | -4.3 | 0 | 1.8 | 0 | -34.6 | 231.2 | -1.4 | -96.1 | -262.6 | -64 | -106.6 |
Indiqube Spaces INFORMATION ON IPO ISSUE
About Indiqube Spaces
Indiqube Spaces was incorporated on January 14, 2015. The company offers comprehensive, sustainable, and technology-driven workplace solutions that transform traditional office experiences. It integrates backward (asset renovation, upgradation, and custom models) and forward (B2B and B2C value-added services) capabilities to enhance its offerings
Object of the Issue
- Funding capital expenditure towards the establishment of new centers
- Repayment/pre-payment, in full or in part, of certain borrowings availed by the company
- General corporate purposes
Indiqube Spaces - PROMOTERS
| Name |
|---|
| Rishi Das |
| Meghna Agarwal |
| Anshuman Das |
Indiqube Spaces Book Running Lead Manager
ICICI Securities Limited
indiqube.ipo@icicisecurities.com
JM Financial Limited
indiqube.ipo@jmfl.com
Indiqube Spaces Registrar to the Offer
Link Intime India Private Limited
indiqubespaces.ipo@linkintime.co.in
Indiqube Spaces Strengths
Leading player
The flexible workspace market in India currently exceeds 79 million square feet, with over 85% located in key Tier-I cities. Demand is also growing in non-Tier I cities, and the total addressable market (TAM) is expected to reach 325–330 million square feet and Rs 787– Rs 1,035 billion by 2027
Acquisition strategy
Around 83.9% of the company's portfolio properties are located in key micro-markets of India, serving the dual purpose of value creation and long-term market relevance. This strategic scale enhances market insights and the ability to capitalize on opportunities
Capital efficient model
The company has adopted an asset-light model, emphasizing leasing over ownership. This strategy enables securing 10-year leases with a three-year lock-in period, extendable for another decade, providing flexibility and control in dealings with lessors
Indiqube Spaces Risks
Risk of real estate fluctuations
The business is sensitive to real estate market fluctuations, with changes in commercial property prices potentially increasing leasing costs and adversely affecting profitability
Development and construction risks
The asset transformation and management solutions services are exposed to development and construction risks, which could negatively impact the business, results, cash flows, and financial condition
Brand reputation
The business relies on client relationships, reputation, and brand for growth. Any negative client experience could harm the brand reputation, affecting client acquisition and retention, ultimately impacting business, operations, and financial condition
IPO FAQs
This IPO consists of an offer for sale of up to Rs 50.0 crore, of 2,109,704 shares. It also consists of a fresh issue of Rs 650.0 crore.
The promoters of the company are Rishi Das, Meghna Agarwal and Anshuman Das.
The category allocation of qualified institutional buyers is 75.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 10.0%.
The price band of the IPO is Rs 225.0 - 237.0.
The IPO application opens on Jul 23, 2025 and closes on Jul 25, 2025.
The minimum lot size for the IPO is 63. The maximum lot size for the IPO is 819.
For all category investors, the minimum application amount for this IPO is Rs. 14,175.0, the maximum value for this IPO is Rs 194,103.0.
This IPO will be allotted on Jul 28, 2025.
The refund will be credited to your account on Jul 29, 2025.
The allotted shares will be credited to your demat on Jul 29, 2025.
Indiqube Spaces Ltd.’s shares listed on the stock exchanges on Jul 30, 2025.