Indiqube Spaces IPO: GMP, Date, And Price

Indiqube Spaces IPO - Complete Overview 

Indiqube Spaces IPO, a Mainboard IPO, is a book-built issue of Rs. 700 Cr (2.95 Cr Shares) by Indiqube Spaces Limited. The company was established in 2015 and started offering managed, sustainable, and tech-driven workplace solutions with the purpose of modernising the traditional office experience for contemporary companies.

The company provides several office solutions, like branch offices and corporate hubs, that focus on improving employee satisfaction through sophisticated interiors, adequate amenities, and various services.

The company combines asset renovation with customised models and value-added B2B or B2C services to offer comprehensive multi-tenant workspace solutions, including plug-and-play offices for employees and clients.

As of 31 March 2025, the company manages a portfolio of 115 centres across 15 cities, which includes 105 operational centres and 10 centres with executed letters of intent, covering 8.40 million square feet of area under management (“AUM”) in super built-up area (“SBA”) subdivided into a total seating capacity of 186,719.

The company’s acquisition strategy targets fully vacant high-demand buildings with strong infrastructure and low vacancy rates. 

The company enhances properties by adding new interiors and amenities, as well as incorporating sustainable features. As of 31 March 2025, their portfolio was 25.22% renovated. Their “enterprise-first” approach focuses on serving large clients by providing them with long-term, scalable workspaces.

 

Offerings

IndiQube Grow: IndiQube provides a blend of fully serviced corporate offices and co-working spaces, which are equipped with shared amenities. The company’s meeting rooms and virtual office services are available on a pay-per-use basis and within flexible time slots, which are customisable through the company’s digital platforms.

IndiQube Bespoke: The company provides fully customisable office layout design as Bespoke with additional Standard, Premium and Luxury categories. With an in-house design, project management and maintenance team, the company provides flexible eco-friendly financial solutions which are sustainable and green in nature.

IndiQube One: The company provides integrated property and facility management services, which are IT-enabled, including maintenance, asset management, employee servicing, and IT and green services as subsidiaries of the company. 

All services are provided under pre-defined ISO certifications for quality, safety and sustainability, branding the company as certified for compliance, risk mitigation, and socially responsible operating procedures.

MiQube™ Workplace Technology Stack: Each component of the company’s technology stack works synergistically to improve effectiveness and engagement in a workspace. With the MiQube™ Community App, employees can access numerous services, including booking of meeting rooms, transport, meals, desk and help desk requests, and community functions.

This new IPO is to be launched on 23 July 2025, and the initial public offering of this upcoming IPO will end on 25 July 2025.

If you want to apply for the IPO, click to open a Demat Account.

 

 

Indiqube Spaces IPO Details

The Rs. 700 crore mainline IPO comprises a fresh issue of 2.74 crore shares (Rs. 650 Cr) and an offer for sale (OFS) of 0.21 crore shares (Rs. 50 Cr).

The IPO listing date is on Wednesday, 30 July 2025, and it will be listed at BSE and NSE. Indiqube Spaces IPO price band is Rs. 225 to Rs. 237 for each Share.

Company Financial

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	4,685.12	3,667.91	2,969.32
Total Revenue	1,102.93	867.66	601.28
PAT	139.62	-341.51	-198.11
Net Worth	-3.11	130.63	-308.10
Reserves and Surplus	-23.30	129.44	-308.28
Borrowings	343.96	164.02	623.16

 

Cash Flows

The cash flows for various activities are shown below:

(Amount in millions)

Net Cash Flow In Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	6,116.48	5,421.78	3,238.89
Net Cash Flow Investing Activities	(2,589.57)	(1,926.90)	(1,736.79)
Net Cash Flow Financing Activities	(3,374.86)	(3,647.84)	(1,492.83)

 

City-wise Revenue Breakdown

(Source RHP)

 

 

The Objective of the Issue

• Financing capital projects for the creation of new centers.

• Full or partial repayment or prepayment of specific loans that the company has taken out.
  
  

Click to check the IPO application status.

 

Peers of Indiqube Spaces Ltd.

Company Name	Face Value (Rs.)	EPS (Rs.)	P/E (x)
Awfis Space Solutions Limited	10	9.75	66.66

 

Evaluation

Indiqube IPO price is between Rs. 225 to Rs. 237 for each Share.

Evaluation of P/E Ratio

Considering the period of FY 2025, with an EPS of Rs. (7.65) from the last year, the resulting P/E ratio is NA.

Considering the weighted EPS of Rs. (15.07) for the last three years, the P/E ratio is NA.

Explore the Anthem Biosciences IPO, whose allotment status is now available.

 

Comparative Analysis With Listed Peers

The average P/E Ratio of the industry is 66.12x.

Particulars	P/E Ratio (x)
Highest	66.12
Lowest	66.12
Average	66.12

 

IPO's Strengths 

• Prominent position in India's expanding flexible workspace sector.

• Value creation-focused acquisition strategy for demand-based locations. 

• Disciplined business management with robust operational metrics. 

• Resilience and comprehensive risk mitigation within a capital-efficient model.

• A veteran in the industry leadership with distinguished investors.

 

 

IPO’s Weaknesses

• A few critical clients generate a significant share of revenue. The company's financial position would be adversely impacted by the loss of any single client.

• Most of the company’s properties are on lease, and an increase in rental prices or pre-emptive cancellation of leases could hinder operational functionality.

• Business performance is sensitive to client demand for office leasing, which is subject to market conditions and is dependent on economic cycles.

 

Indiqube Spaces IPO GMP 

Indiqube Spaces IPO GMP today is Rs. 40 as of 18 July 2025, while writing this information. Hence, its estimated listing price might be Rs. 277 (cap price + latest GMP).

Indiqube Spaces IPO Timetable (Tentative)

The IPO open date is from Jul 23 to Jul 25, with IPO allotment on Jul 28, refund initiation on Jul 29, and listing on Wednesday, Jul 30, 2025.

Events	Date
IPO Opening Date	Jul 23, 2025
IPO Closing Date	Jul 25, 2025
IPO Allotment Date	Jul 28, 2025
Refund Initiation	Jul 29, 2025
IPO Listing Date	Jul 30, 2025

 

Indiqube Spaces IPO Details 

The IPO with a face value of Rs. 1 per Share offers a total issue size of 2,95,35,864 Shares (Rs. 700 Cr) and will be listed at BSE and NSE.

IPO Opening & Closing Date	Jul 23, 2025 to Jul 25, 2025
Face Value	Rs. 01 per Share
Issue Price	Rs. 225 to Rs. 237
Lot Size	63 Shares
Issue Size	2,95,35,864 Shares (Rs. 700 Cr)
Offer for Sale	21,09,704 Shares (Rs. 50 Cr)
Fresh Issue	2,74,26,160 Shares (Rs. 650 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	MUFG Intime India Private Limited (Link Intime)

 

 

Indiqube Spaces IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (63 Shares) amounting to Rs. 14931 and 13 Lots (819 Shares) amounting to Rs. 1,94,103, respectively, while for HNI investors, the minimum Lot is 14 (882 Shares) amounting to Rs. 2,09,034.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
S-HNI (Minimum)	14 Lots
S-HNI (Maximum)	66 Lots
B-HNI (Minimum)	67 Lots

Indiqube Spaces IPO Reservation

Institutional Share Portion	74.84%
Retail Investors' Share Portion	9.98%
Non-Institutional Shares Portion	14.97%
Employee Shares Portion	0.21%

 

Indiqube Spaces IPO Lead Managers

• ICICI Securities Limited.

 

 

Dividend Policy

The company has paid no dividends in the last three fiscal years.

 

Conclusion

Indiqube Spaces IPO represents an investment prospect in India’s rapidly emerging flexible workspace sector. The company appears to be gaining strength through its portfolio and tech stack, along with improving financials. Risks related to client concentration and a reliance on leasing are concerning; however, it is critical to consider these in the context of client concentration and a reliance on leasing. 

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.