Data shown is for informational purposes only and does not constitute investment advice. TopFund is not SEBI-registered. Consult a SEBI-registered advisor before investing.
Indiqube Spaces IPO
Price Band
₹225.0–237.0
Issue Size
₹700.0 Cr
Lot Size
63 shares
Min Investment
₹14,931
GMP
—
Issue Price
₹237.0
Indiqube Spaces IPO AI Summary
- Indiqube Spaces IPO is listed on BSE, NSE in the Diversified Commercial Services sector.
- Price band: ₹225.0–₹237.0 per share, lot size 63 shares (min. investment ₹14,931).
- Subscription window: 23 Jul–25 Jul 2025, listing on 30 Jul 2025.
Indiqube Spaces Limited is a provider of innovative workplace solutions, aiming to enhance office experiences through sustainable and tech-driven approaches. Despite its growth potential in a competitive market, investors should consider its financial challenges and risks before participating in the IPO.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Indiqube Spaces IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 25 Jul 2025 — not a current signal.
5 of 9 reviewers say Positive
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Indiqube Spaces IPO Grey Market Premium (GMP) Today
GMP not available yet
Grey Market Premium is updated daily. Check back closer to the listing date.
About the Company
Incorporated in 2015, Indiqube Spaces Limited provides managed, sustainable, and tech-driven workplace solutions, aiming to transform the traditional office experience for modern businesses. The company offers diverse workplace solutions, including corporate hubs and branch offices, enhancing employee experience with interiors, amenities, and services. The company integrates asset renovation, customized models, and B2B/B2C value-added services, offering comprehensive workspace solutions with plug-and-play offices for clients and employees. The company manage a portfolio of 115 centres across 15 cities, consisting of 105 operational centres and 10 centres for which the company have executed letters of intent, covering 8.40 million square feet of area under management (“AUM”) in a super built-up area (“SBA”) with a total seating capacity of 186,719 as of March 31, 2025. Between March 31, 2023, and March 31, 2025, they added 41 properties and expanded to five new cities. The company focuses on acquiring full buildings in high-demand areas with strong infrastructure and low vacancy rates. They partner with landlords to lease and transform aging properties into modern, sustainable workspaces. The company upgrades properties with interiors, amenities, and sustainability. As of March 31, 2025, 25.22%% of their portfolio is renovated. Their "enterprise-first" strategy serves large clients with long-term, scalable workspaces. As of March 31, 2025, the company operates in 15 Indian cities, including seven Tier I cities (Bengaluru, Pune, Chennai, Mumbai, Noida, Gurugram, Hyderabad) and 11 non-Tier I cities (Coimbatore, Kochi, Madurai, Jaipur, Calicut, Vijayawada). Offerings: IndiQube Grow:The company offers customized enterprise workspaces and co-working solutions with shared amenities. They provide meeting rooms, day passes, and virtual office services, with flexible bookings and tailored options for clients through digital channels. IndiQube Bespoke: IndiQube Bespoke offers fully customizable office designs with standard, premium, and luxury options. The company provides sustainable, eco-friendly solutions, with an in-house team for design, project management, and maintenance, offering flexible financial arrangements. IndiQube One: The company offers technology-enabled property and facility management services, including maintenance, asset management, employee services, IT solutions, and green initiatives, all aligned with ISO certifications to ensure quality, safety, and sustainability. MiQube™ Workplace Technology Stack: The company’s technology stack enhances workspace efficiency and engagement. The MiQube™ Community App offers employees easy access to services like booking meeting rooms, transportation, meals, desk reservations, helpdesk requests, and community events. As of March 31, 2025, the company has a diverse team of 625 permanent employees. Competitive Strengths: One of the leading players in the Large and Growing Flexible Workspace Market in India. Acquisition Strategy with a Focus on Value Creation and Demand-Driven Locations. Prudent Business Management Practices with Strong Operational Metrics Capital Efficient Model with Resilience and Comprehensive Risk Mitigation Experienced Leadership and Prominent Investor Base Focussed on Fostering an Ecosystem of Green Buildings
Company Financials (₹ Cr)
As of 2025-03-31
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 4,685.12 | 3,667.91 | 2,969.32 |
| Total Income | 1,102.93 | 867.66 | 601.28 |
| Profit After Tax | -139.62 | -341.51 | -198.11 |
| EBITDA | 660.19 | 263.42 | 258.23 |
| NET Worth | -3.11 | 130.63 | -308.10 |
| Reserves and Surplus | -23.30 | 129.44 | -308.28 |
| Total Borrowing | 343.96 | 164.02 | 623.16 |
Key Ratios
EPS
₹-7.65
NAV
₹-0.24
ROE
-2.19%
ROCE
34.21%
Market Cap
₹4977.12 Cr
PAT Margin
-12.66%
Debt/Equity
-110.58
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Awfis Space Solutions Limited | 64.71 | 14.78% | 66.66 | 9.75 | 9.67 |
| Indiqube Spaces Limited This IPO | -0.24 | — | — | -7.65 | -7.65 |
Promoters
Rishi Das, Meghna Agarwal and Anshuman Das
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding capital expenditure towards establishment of new centers 462.65 2 Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company 93.04 3 General Corporate Purposes 48.78 4 Issue Expenses 48.98 Total 653.44
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total Income was ₹601.28 Cr for the period ending 31 Mar 2023, increasing to ₹867.66 Cr by 31 Mar 2024, and further rising to ₹1,102.93 Cr by 31 Mar 2025. This indicates a consistent upward trend in revenue over the periods analyzed.
Profit Trend
Profit After Tax was ₹-198.11 Cr for the period ending 31 Mar 2023, worsening to ₹-341.51 Cr by 31 Mar 2024, though it improved to ₹-139.62 Cr by 31 Mar 2025. This shows an initial decline in profitability followed by a reduction in losses in the most recent period.
Key Risks
Investors should consider the company's history of losses, negative net worth, and high debt levels as potential risks. The competitive nature of the flexible workspace market and reliance on economic conditions for growth may also pose challenges.
Grey Market Premium, Explained
The Grey Market Premium (GMP) refers to the unofficial trading of shares before they are listed on the stock exchange. It is an indicator of the expected listing price and can provide insights into market sentiment regarding the IPO.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against the company's growth potential and market conditions. It's important to assess the company's financial health and competitive position.
Who May Want to Wait
Investors who are risk-averse or uncomfortable with investing in companies with a history of losses and high debt levels may want to avoid this IPO. Caution is advised for those seeking stable and profitable investments.
IPO Timeline, Explained
The IPO process includes several key dates: the issue opens on 23 July 2025 and closes on 25 July 2025. Allotment of shares is expected by 28 July 2025, with the listing date set for 30 July 2025.
Listing Gains — The Risk
Listing-day gains can be unpredictable and depend on various factors, including market conditions, investor sentiment, and the company's performance. There is a risk that shares may not perform as expected on the listing day.
This evaluation is generated from Indiqube Spaces's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is the price band of Indiqube Spaces IPO?
The price band of Indiqube Spaces IPO is ₹225.0–₹237.0 per share.
When does Indiqube Spaces IPO open and close?
Indiqube Spaces IPO opens on 23 July 2025 and closes on 25 July 2025.
When does Indiqube Spaces IPO list on the stock exchange?
Indiqube Spaces IPO listed on 30 July 2025 at ₹237.0.
What is the lot size for Indiqube Spaces IPO?
The lot size for Indiqube Spaces IPO is 63 shares, requiring a minimum investment of ₹14,931.
What is the price band for the Indiqube Spaces IPO?
The price band for the Indiqube Spaces IPO is ₹225.0 to ₹237.0.
What is the minimum investment required?
The minimum investment required is ₹14,931.0.
What is the lot size for the IPO?
The lot size for the Indiqube Spaces IPO is 63 shares.
When is the listing date for the IPO?
The listing date for the IPO is 30 July 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of the shares based on unofficial trading before they are listed.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
23 Jul 2025
Close
25 Jul 2025
Allotment
28 Jul 2025
Listing
30 Jul 2025
Similar IPOs in Diversified Commercial Services
Plan Your IPO Investment
Related Articles
Community Sentiment
What are other investors planning for Indiqube Spaces?
No votes yet — be the first to share your view.
Sign in to voteDiscussion
User-generated content — not investment advice, and not verified or endorsed by TopFund.
No comments yet — start the discussion.