The Indian flexible workspace industry is undergoing a boom that has never been witnessed before and Indiqube Spaces Limited is playing a key role in this transformation. Having an Initial Public Offering (IPO) are going to launch on July 23, 2025, this company will be based in Bengaluru and present investors with a rare chance to become a part of the developing office real estate in India.
Indiqube Spaces IPO 2025—Company Overview
Indiqube Spaces is a company founded in 2015 and is one of the best-managed workspace solution providers in India. The company is known to convert the old office buildings to new technology-oriented workplaces that resonate with the changing demands of modern business organizations.
The company has an exemplary portfolio with 115 centers in 15 cities with 8.40 million square feet of area under management and a total of 186,719 seats as of March 2025. This wide network includes that it is also present in seven Tier I cities like Bengaluru, Pune, Chennai, Mumbai, Noida, Gurugram and Hyderabad and in six non-Tier I cities like Coimbatore, Kochi, Madurai, Jaipur, Calicut and Vijayawada.
IPO Details—What You Should Know
Key Financial Metrics
Indiqube Spaces IPO will raise 700 crores in a mixture of fresh issue and offer to sell.
The building contains:
- Fresh Issue: ₹650 crores
- Offer for Sale (OFS): ₹50 crores by promoters Rishi Das and Meghna Agarwal
- Issue Type: Book Building Issue
- Listing Exchanges: BSE and NSE
- Expected Listing Date: July 30, 2025
Share Allocation Structure
The IPO is going according to the norms of standard allocation, where specific shares are set aside for distinct categories of investors:
- Qualified Institutional Buyers (QIB): 75%
- Non-Institutional Investors (NII): 15%
- Retail Investors: 10%
Timeline and Important Dates
- IPO Opening: July 23, 2025
- IPO Closing: July 25, 2025
- Anchor Book Launch: July 22, 2025
- Allotment Finalization: July 28, 2025
- Trading Commencement: July 30, 2025
Indiqube Spaces—Financial Performance Analysis
Revenue Growth Trajectory
Indiqube Spaces has shown impressive growth in revenues in the past years. The company has registered a massive growth of ₹1,103 crores of total income in FY25 as compared to ₹868 crores in FY24. This development trend indicates the high demand for flexible workspace services in the key business locations across India.
The growth of the companies in terms of value-added services has been particularly outstanding, as it has doubled in just two fiscal years, with 68 crores in FY23 and 135 crores in FY25. Such distribution of revenues means that the company has been successful in monetizing its workspace ecosystem.
Profitability Metrics
The company achieved an EBITDA of ₹660 crores in FY25, demonstrating strong operational efficiency. Key financial ratios include:
- EBITDA Margin: 27.25%
- Return on Capital Employed (ROCE): 38.52%
- Debt-to-Equity Ratio: Maintaining manageable debt levels
Use of IPO Proceeds
The company has outlined a strategic allocation of the IPO proceeds:
- Center Expansion: ₹462.6 crores for establishing new centers
- Debt Repayment: ₹93 crores for reducing existing borrowings
- General Corporate Purposes: Remaining funds for operational requirements.
Market Opportunity and Industry Growth
India’s Flexible Workspace Revolution
As per a property advisory firm, JLL India, the Indian operational flexible space inventory has hit 79.1 million square feet of spaces in the seven major cities. The industry is expected to almost double in the next four to five years or close to 135 million square feet by the year 2028.
Market growth has been influenced by a number of factors, such as changing work patterns, cost-cutting measures among businesses and the rising popularity of hybrid work arrangements. Over 72 percent of the operational flex footprint is already in tech-dominated cities such as Bengaluru, Hyderabad, Pune and Chennai.
Competitive Landscape
The office-sharing sector has also attracted many investors after other players had made successful initial public offerings. Smartworks became listed with a 7.15 percent premium, whereas Awfis Space Solutions was the first company of this type to be listed.
The approach towards IPO was also long-term, as WeWork India received regulatory clearance to initiate the IPO a sign that the sector holds a healthy future perception in the market.
Investment Considerations
Strategic growth in Indiqube has put the company in a good position to exploit the increased requirements in the flexible working environment. The competitive edge of the company when it comes to buying corporate customers lies in its technology-driven innovation and prime sites in large commercial centers.
Risk Factors
Potential investors should consider various risk factors, including market competition, real estate market fluctuations, and economic conditions that could impact corporate spending on workspace solutions.
Leadership and Vision
The company is led by co-founders Rishi Das and Meghna Agarwal, who have built Indiqube into a market leader through strategic vision and execution. The backing of reputable investors like WestBridge Capital (5.79% stake) and Ashish Gupta (0.98% stake) adds credibility to the management team’s capabilities.
Final advice by GI experts
The Indiqube Spaces IPO is not only the chance to invest in one company but also to be a part of the process of the workspace revolution in India. Now that the firm has had an excellent financial performance, has non-competitive market positions, and has positive industry trends, the company will be in a good position to be able to grow in subsequent years.
Nonetheless, as with any investment, potential investors are expected to do adequate due diligence and to do this, consider their risk tolerance and consult with financial advisors before investing. The flexibility of the workspace sector is very clear and in the future, it is projected to increase but market forces and competition will eventually define the success of a particular firm.
