Indiqube Spaces Ltd., a tech-enabled managed workspace provider, is set to launch its initial public offering (IPO) on July 23, 2025, aiming to raise ₹700 crore through a book-building issue. The offering includes both fresh equity shares worth ₹650 crore and an offer for sale (OFS) of ₹50 crore by existing shareholders.

The IPO is scheduled to close on July 25, 2025, and the company is expected to list its shares on both BSE and NSE by July 30, 2025.

IPO Price Band and Lot Size

The price band for Indiqube Spaces IPO has been fixed at ₹225 to ₹237 per share. The minimum lot size for retail investors is 63 shares, requiring a minimum investment of ₹14,931. High Net-worth Individuals (HNIs) have separate lot-based limits — 14 lots (₹2.09 lakh) for sNII and 67 lots (₹10 lakh) for bNII applicants.

An employee reservation of 63,291 shares is available at a ₹22 discount per share.

Key IPO Timelines

Anchor Investment

On July 22, 2025, a day before the issue opened for the public, anchor investors infused ₹314.32 crore into the IPO. A total of 1,32,62,658 shares were allotted to institutional investors, with 50% lock-in till August 27 and the rest till October 26, 2025.

IPO Structure and Reservation

The total public issue comprises 2.95 crore shares, distributed as follows:

• Qualified Institutional Buyers (QIB): 74.84% (2.21 crore shares)

• Non-Institutional Investors (NII): 14.97% (44.20 lakh shares)

• Retail Investors (RII): 9.98% (29.47 lakh shares)

• Employees: 0.21% (63,291 shares)

The pre-issue shareholding was 13.01 crore shares, which will rise to 15.76 crore shares post-issue. Promoters' stake will reduce from 70.47% to 60.23% after the IPO.

Company Background

Founded in 2015, Indiqube Spaces Ltd. offers customisable, sustainable, tech-integrated managed workspace solutions. With 115 centres across 15 cities, the company covers 8.40 million sq. ft. and provides seating capacity for over 1.86 lakh people as of March 31, 2025.

Their three flagship offerings are:

• IndiQube Grow: Co-working and virtual office services.

• IndiQube Bespoke: Tailored office designs with eco-friendly options.

• IndiQube One: Facility management and tech-integrated property solutions.

Their proprietary MiQube™ App enables easy access to facilities such as meeting room booking, transportation, meals, and helpdesk.

Competitive Strengths

• Stronghold in Tier I and Tier II Indian cities.

• Focus on full-building acquisitions in low-vacancy prime locations.

• A highly capital-efficient and scalable model.

• Emphasis on green buildings and sustainable workspaces.

• Backed by experienced leadership and reputed investors.

As of March 2025, the company has 625 full-time employees.

Financial Performance

Despite net losses, the company’s top-line performance has been strong:

The EBITDA jump in FY25 indicates improving operational performance. The losses are partly due to Ind AS accounting adjustments, including lease accounting norms.

Key Ratios:

• ROCE: 34.21%

• PAT Margin: -12.66%

• Debt/Equity: -110.58

Disclaimer:
This analysis is for educational and informational purposes only. It does not constitute investment advice or a solicitation to buy or sell any securities. Investors should perform their own due diligence or consult a SEBI-registered financial advisor before making any investment decisions. All data is based on information available as of the publication date and may be subject to change.

The Upcoming IPOs in this week and coming weeks are Sellowrap Industries, Repono, Shanti Gold International, Indiqube Spaces, GNG Electronics, Brigade Hotel Ventures, Patel Chem Specialities, Monarch Surveyors & Engineering Consultants, TSC India, NSDL.

The Current active IPO are Swastika Castal, Savy Infra.

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