Indiqube Spaces IPO: Check IPO Date, Live Subscription and Key Details
Indiqube Spaces Ltd, incorporated in 2015 (initially as Innovent Spaces Pvt. Ltd.), is a leading managed workplace solutions company in India. It offers diverse office solutions ranging from large corporate offices ('hubs') to small branch offices ('spokes'), along with a comprehensive suite of value-added services. Its key service offerings include IndiQube Bespoke (customizable design and build solutions), IndiQube One (comprehensive B2B and B2C solutions encompassing facility management, asset management, and transportation), MiQube (a technology platform integrating smart devices for workplace efficiency), and IndiQube Cornerstone (focused on technological upgradation and amenities).
Price Range
₹225.00-237.00
Issue Size
₹700 Crore
Lot Size
63 shares
IPO Type
Mainboard
GMP
₹1(+0.42%)
Est. Listing Price
₹238
Invisible
-
Invisible
-
Key Metrics
Check Live GMP
Face Value
₹1
EPS
-7.65
P/E Ratio
0
RoNW
-%
ROE
-2.19%
Debt to Equity
0.26
Timeline
IPO Opens
23 Jul
IPO Closes
25 Jul
Allotment
28 Jul
Listing
30 Jul
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 23 July 2025 | Subscription starts |
| IPO Close Date | 25 July 2025 | Subscription ends |
| Allotment Date | 28 July 2025 | Allotment |
| Listing Date | 30 July 2025 | Listing |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,931 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,94,103 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,09,034 |
SHNI (Max)Below ₹10,00,000 | 66 | ₹9,85,446 |
BHNIAbove ₹10,00,000 | 67 | ₹10,00,377 |
IPO Objectives
- Funding capital expenditure towards establishment of new centers.
- Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company.
- General corporate purposes.
Strengths
- Leading player in the large and growing Flexible Workspace Market in India, with a significant presence in Bengaluru and expanding to other cities (103 centers across 13 cities as of June 30, 2024).
- Asset-light business model focusing on leasing and transforming properties into plug-and-play workspaces, which allows for capital efficiency and faster expansion.
- Acquisition strategy with a focus on value creation and demand-driven locations, by converting Grade B buildings into premium workspaces and ensuring alignment between landlord and client lock-in periods (3 years for landlords, 33 months for clients).
- Prudent Business Management Practices with Strong Operational Metrics, including a low average fit-out cost (₹1,500 per sq. ft.) and a quick capex payback period (25 months), ensuring cash-generative operations.
- Comprehensive risk mitigation framework, including client diversification (largest client contributes only 3.47% of revenue in FY25) and strategic geographical presence, reducing exposure to single-point risks.
Weaknesses
- History of Net Losses: The company has consistently reported net losses in the past three fiscal years (FY23-FY25), which raises concerns about its long-term profitability and sustainability, despite the narrowing loss in FY25.
- Negative Net Worth: The company reported a negative Net Worth in FY23 and FY25, which is a significant financial red flag, even if accounting standards (IndAS 116) may contribute to reported losses.
- High Borrowings: While the IPO aims to repay some debt, the company still carries substantial borrowings, which could lead to higher interest expenses and financial risk.
- High Client and Geographic Concentration: Despite efforts to diversify, a significant portion of its business comes from large enterprise clients, and a large share of its portfolio (around 79%) is concentrated in Bengaluru and Chennai, making it vulnerable to regional economic downturns or changes in demand in these cities.
- Declining Occupancy Rates: Steady-state occupancy (centers over 12 months old) has been declining (from 93.5% in FY23 to 86.5% in FY25), which is a concerning trend and could impact future revenue and profitability.
Financial Performance
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets (₹ Cr.) | 4,685.12 | 3,667.91 | 2,969.32 |
| Revenue (₹ Cr.) | 1,102.93 | 867.66 | 601.28 |
| PAT (₹ Cr.) | -139.62 | -341.51 | -198.11 |
| Net Worth (₹ Cr.) | -3.11 | 130.63 | -308.1 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Indiqube Spaces | 0 | 0 | -2.19% | -3.11 |
| Awfis Space Solutions Limited | 10 | 67.74 | 9.38% | 251 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.06x | 1.49x | 15.12x |
| NII | 0.83x | 1.94x | 8.68x |
| S-HNI | 1.11x | 2.62x | 9.34x |
| B-HNI | 0.68x | 1.6x | 8.35x |
| RII | 3.63x | 7.32x | 13.27x |
| EMP | 3x | 4.74x | 6.95x |
| Total | 0.93x | 2.68x | 13x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 88,41,772 | 13,36,68,801 | 3,167.95 |
| NII | 44,20,886 | 3,83,85,585 | 909.74 |
| Small NII | 14,73,629 | 1,37,64,933 | 326.23 |
| Big NII | 29,47,257 | 2,46,20,652 | 583.51 |
| RII | 29,47,257 | 3,91,09,770 | 926.9 |
| EMP | 69,767 | 4,84,596 | 11.48 |
| Total | 1,62,79,682 | 21,16,48,752 | 5,016.08 |
Company Details
- Indiqube Spaces Ltd.
- Plot # 53, Careernet Campus, Kariyammanna Agrahara Road, Devarabisanahalli, Outer Ring Road, Bengaluru, Karnataka-560103
- +91 99000 92210
- cs.compliance@indiqube.com
- http://www.indiqube.com/
Registrar Details
- MUFG Intime India Private Limited (Link Intime)
- +91-22-4918 6270
- indiqubespaces.ipo@linkintime.co.in
- https://linkintime.co.in/Initial_Offer/public-issues.html