Indiqube Spaces IPO 2025: Introduction
Indiqube Spaces is set to make a landmark entry into the Indian stock market with its much-anticipated Initial Public Offering (IPO) opening on July 23, 2025. As a leader in the flexible workspace solutions segment, Indiqube Spaces has garnered significant attention from retail and institutional investors, especially in a market that is witnessing robust demand for office solutions catering to modern businesses. In this blog post, we explore every facet of the Indiqube Spaces IPO, focusing on IPO subscription, allotment status, GMP (Grey Market Premium), listing gains, share price, financials, and investment opportunities to deliver a comprehensive, SEO-rich guide for potential investors.
Indiqube Spaces IPO Details: Key Dates and structures
- IPO Open Date:
July 23, 2025 - IPO Close Date:
July 25, 2025 - Allotment Date:
July 28, 2025 - Refund Initiation:
July 29, 2025 - Listing Date:
July 30, 2025 - Price Band:
₹225 to ₹237 per equity share - Minimum Lot Size:
63 shares (₹14,175 minimum investment for retail) - Issue Size:
₹700 crore (₹650 crore fresh issue, ₹50 crore offer-for-sale)
Indiqube Spaces IPO 2025: IPO Objectives & Utilization of Proceeds
- Capital Expenditure:
₹462.65 crore (expansion of office centers) - Debt Repayment:
₹93.04 crore - General Corporate Purposes:
Balance proceeds to support growth initiatives.
Indiqube Spaces IPO 2025: About Indiqube Spaces
Founded in 2015 as “Innovent Spaces Private Limited,” Indiqube Spaces has rapidly evolved into a premier workspace solutions provider across India. With headquarters now in Karnataka, the company offers
- Flexible office spaces (co-working, private cabins, virtual offices)
- Workspace design and build-outs
- Tech-integrated offices using the proprietary MiQube platform
- Value-added services: catering, transport, IT support
Today, Indiqube boasts:
- 8.4 million sq. ft. portfolio across 115 properties in 15 cities
- 186,719-seat capacity (as of March 2025)
- Clients ranging from unicorn startups to MNCs, including Myntra, Philips, KPMG, Unacademy, RedBus, and Standard Chartered
The company differentiates itself by offering customized office solutions for global capability centers (GCCs), startups, corporations, and entrepreneurs, fueling impressive year-over-year growth.
Indiqube Spaces IPO 2025: Financials and Growth Prospects
Financial Performance
- Compound Annual Growth Rate (CAGR):
30% AUM growth over two years - FY25 EBITDA Margin:
58% - Cash EBIT Margin:
10.8% (reflective of operating performance under new accounting standards) - PAT Margin (FY24):
-12.66% (on account of depreciation and interest under IndAS accounting) - Debt/Equity:
-110.58 - RoCE: 34.21%
Client Mix & Recurring Revenue
- 44% of FY25 revenues from GCCs
- 56% from Indian MNCs, conglomerates, and innovative startups
- 63% seating capacity from clients with over 300 seats—showing strong enterprise adoption
- Value-added services now represent 12.7% of revenues, up from 9% in FY22.
Indiqube Spaces IPO 2025: Investment from Key Stakeholders
- WestBridge Capital:
Largest institutional investor, ₹190 crore invested - Promoters (Rishi Das, Meghna Agarwal):
₹125 crore invested - Total capital raised prior to IPO:
₹325 crore
Indiqube Spaces IPO 2025: Industry Outlook: Flexible Workspaces in India
India’s rapid transition into the world’s third-largest startup ecosystem, combined with expanding connectivity through highways and airports, is fueling explosive demand for flexible and managed office spaces.
- Over 157,000 recognized startups employing 1.7 million people as of December 2024
- The small- and medium-sized REITs (SM REITs) framework is opening investment in office assets to more investors.
- The real estate sector has attracted $40.8 billion in equity since 2018, signaling robust investor interest.
- The government’s ₹10,300 crore India AI Mission further drives demand for tech-enabled workplaces.
Indiqube Spaces IPO 2025: Subscription and Allotment Status
How to Apply: Investors can use ASBA-supported banking or leading online broker platforms. Retail investors can subscribe for one lot (63 shares) with a maximum application of 13 lots (819 shares).
Category-Wise Quota:
| Category | Allocation (%) |
|---|---|
| Qualified Institutional Buyers (QIBs) | 75% |
| Non-Institutional Investors (NIIs) | 15% |
| Retail Investors (RIIs) | 10% |
The basis of allotment will be finalized on July 28, 2025, and individuals can check status via the registrar’s portal.
Indiqube Spaces IPO 2025: Grey Market Premium (GMP)
GMP, a popular metric searched by IPO applicants, is a strong indicator of potential listing gains. While the official GMP numbers fluctuate as per market sentiment, Indiqube Spaces has been noted to attract solid interest in the unofficial grey market ahead of opening.
Listing Gains and Share Price Forecast
Indiqube’s competitive strengths, high margins, and enterprise-focused model position it for potential listing gains. However, like all stock market offerings, the actual trajectory on listing day will depend on broader market conditions, investor appetite, and IPO subscription levels.
SWOT Analysis: Should You Invest in Indiqube Spaces IPO?
Strengths
- Pioneering modern workspace solutions in India’s high-growth flex space market
- Recurring revenues with a focus on value-added services
- Strong enterprise client base, offering business continuity and scale
- Growth fueled by large capex and continuous expansion
- Deep institutional participation and solid promoter track record
Weaknesses
- Profitability pressures due to high upfront capex and depreciation
- Sensitivity to real estate trends and demand fluctuations
- Competition from other flex space and coworking players
Opportunities
- Rising demand for customized workspaces from startups and MNCs
- Potential for SaaS-led property management revenues via MiQube
- Possible entry of more retail and institutional investors in future equity rounds
Threats
- Shifting work culture (remote, hybrid) may impact office space absorption.
- Regulatory changes and real estate price volatilities
How to Apply for the Indiqube Spaces IPO
- Choose a reputable stockbroker or online trading platform.
- Access the IPO application section.
- Select “Indiqube Spaces IPO” from the active issues.
- Enter your UPI ID, number of lots, and price.
- Authorize the transaction on your UPI app.
- Wait for confirmation and check allotment status post listing.
Peer Comparison Table
| Company Name | EPS (₹) | NAV (₹) | P/E (x) | PAT Margin (%) |
|---|---|---|---|---|
| Indiqube Spaces | -7.65 | -0.24 | — | -12.66 |
| Awfis Space Solutions Limited | 9.75 | 64.71 | 66.66 | — |
FAQs on Indiqube Spaces IPO
Q. What is the IPO lot size for Indiqube Spaces?
A. Minimum lot size is 63 shares—retail investment starts at ₹14,175.
Q. What portion is allocated for retail investors?
A. 10% of the net offer is reserved for retail investors.
Q. Where will the shares be listed?
A. Shares will be listed on both NSE and BSE.
Q. Who are the lead managers for the IPO?
A. ICICI Securities and JM Financial.
READ MORE: Buy HITECHGEAR Stock: Strong Recommendation & Analysis 2025
Conclusion
The Indiqube Spaces IPO offers a compelling avenue for investors eager to tap into India’s growing flex workspace sector. By focusing on robust financials, industry leadership, and value-driven offerings, Indiqube Spaces aims to create long-term wealth for shareholders. Investors looking to capitalize on listing gains and future business growth are watching the July 23–25 subscription window closely.
For updated GMP, listing gains, allotment status, share price performance, and financial analysis, keep checking reliable investment platforms and registrar updates. Make informed decisions, evaluate your investment strategy, and leverage the Indiqube Spaces IPO opportunity for strategic wealth creation in a booming sector.
Disclaimer: IPO investments are subject to market risks. Please review the official Red Herring Prospectus and consult your financial advisor before investing.
