Indiqube Spaces IPO To Open on July 23

July 18, 2025: Indiqube Spaces Limited is set to open its initial public offering (IPO) on Wednesday, July 23, 2025, aiming to raise ₹700 crore through a combination of fresh issue and an offer for sale.

Indiqube Spaces IPO arrives at a time of growing demand for tech-enabled workspace providers. With over 8 million sq. ft. under management and presence in 15 cities, Indiqube aims to consolidate its market position. The fresh issue will primarily fund network expansion and debt reduction.

IPO Structure and Sizei

The IPO includes:

• Fresh Issue: ₹650 crore via issuance of equity shares of ₹1 each.
• Offer for Sale (OFS): ₹50 crore by promoters Meghna Agarwal and Rishi Das

The offer is structured with:

• 74.84%reserved for Qualified Institutional Buyers (QIBs)
• 14.97% for Non-Institutional Investors (NIIs)
• 9.98% for Retail Investors
• 0.21% for Employees

Price Band and Minimum Investment

• Price Band: ₹225 to ₹237 per share
• Lot Size: 63 shares
• Minimum Retail Investment: ₹14,931 (1 lot)
• Maximum Retail Investment: ₹1,94,103 (13 lots)

Important Dates

• Anchor Book: July 22, 2025
• IPO Opens: July 23, 2025
• IPO Closes: July 25, 2025
• Basis of Allotment: July 28, 2025
• Listing Date: July 30, 2025, on BSE and NSE

Utilization of Fresh Proceeds

The company plans to utilize the (net) proceeds from the fresh issue towards:

• Capital expenditure for new centres across India
• Repayment or prepayment of outstanding borrowings
• General corporate purposes

The OFS proceeds will go directly to the selling shareholders after deductions.

Company Overview

Indiqube Spaces is a leading tech-enabled managed workspace solutions provider, focusing on flexible and scalable office infrastructure. According to the RHP:

• It operates 105 centres and has executed LOIs for 10 additional centres
• Total Area Under Management: 8.4 million sq. ft.
• Seating Capacity: 1,86,719 seats
• Presence: 15 cities across India

The company caters to various organisations, including startups, SMEs, large enterprises, and unicorns with custom solutions.

Financial Performance Snapshot

For the financial year ended March 31, 2025 (FY25):

• Revenue from Operations: ₹1,059.28 crore (up from ₹830.57 crore in FY24)
• Net Loss: ₹141.04 million (narrowed from ₹341.73 million in FY24)
• Total Expenses: ₹1,260.23 crore (slightly up from ₹1,254.48 crore)

Lead Managers and Registrar

• Book Running Lead Managers: ICICI Securities and JM Financial
• Registrar: MUFG Intime India Pvt Ltd (formerly Link Intime India Pvt Ltd)

Outlook

Indiqube Spaces aims to leverage the IPO to expand its presence and improve financial stability. Investors that are eyeing commercial real estate and co-working segment may find this offer noteworthy.

REF: https://www.icicisecurities.com/Upload/ArticleAttachments/RHP – Indiqube Spaces Limited.pdf

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