IPO

Indiqube Spaces Limited IPO

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Diversified Commercial Services

Listed On: Jul 30, 2025 at ₹ 216.0(NSE)

₹ 14931 /63 Shares

Check Allotment

23 Jul, 2025

Open Date

25 Jul, 2025

Close Date

28 Jul, 2025

Allotment Date

30 Jul, 2025

Listing Date
Price Summary

Last Closing

225.00 (-5.06%)

52 Week High

243.80

52 Week Low

195.40

Last Update

20-Oct-2025 3:30 PM
Indiqube Spaces IPO Issue Details
  • Issue Price ₹225-237 per equity share
  • Face Value ₹1 Per Equity Share
  • Total Issue Size 2,95,35,864 shares(aggregating up to ₹700 crore)
  • Fresh Share 2,74,26,160 shares(aggregating up to ₹650 crore)
  • Offer For Sale 21,09,704 shares(aggregating up to ₹50 crore)
  • Listing at BSE, NSE
  • List Price 216.0(NSE)
  • Listing Date 2025-07-30
  • Lead Manager ICICI Securities Limited
    Jm Financial Limited
  • Registrar MUFG Intime India Private Limited (Link Intime)
Market Lot Size

Investors can bid for a minimum of 63 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.

ApplicationLotsSharesAmount
Retail (min)163₹14,931
Retail(max)13819₹1,94,103
SHNI(min) 14882₹2,09,034
SHNI(max) 664,158₹9,85,446
BHNI(min) 674,221₹10,00,377
Indiqube Spaces IPO Reservation

Indiqube Spaces IPO offers total 2,95,42,340 shares. Out of which 88,41,772 (29.93%) allocated to QIB, 44,20,886 (14.96%) allocated to NII,29,47,257 (9.98%) allocated to RII, 69,767 (0.24%) allocated to employees and 1,32,62,658 (44.89%) allocated to Anchor investors.

Investor CategoryShares OfferedMaximum Allottees
Anchor Investor Shares Offered1,32,62,658 (44.89%)
QIB Shares Offered88,41,772 (29.93%)
NII (HNI) Shares Offered44,20,886 (14.96%)
bNII < ₹10L29,47,257 (9.98%)
sNII < ₹10L14,73,629 (4.99%)
Retail Shares Offered29,47,257 (9.98%)
Employee Shares Offered69,767 (0.24%)
Total Shares Offered2,95,42,340 (100%)
Indiqube Spaces IPO Documents
DRHP
RHP
ANCHOR
Indiqube Spaces IPO Details


Indiqube Spaces IPO is a book-built issue of ₹700 crores, The total issue size is ₹700 crores. The IPO of Indiqube Spaces is priced at ₹225-237 per equity share, which has a face value of ₹1 Per Equity Share each, IPO bidding starts from Jul 23, 2025 and ends on Jul 25, 2025. The allotment for Indiqube Spaces IPO will be finalized on Jul 28, 2025. Indiqube Spaces IPO will be listed on BSE, NSE, with a tentative listing date fixed as Jul 30, 2025. The company shall list its equity shares on the BSE, NSE. MUFG Intime India Private Limited (Link Intime) is the registrar of the issue.

Retail investors can bid for a minimum of 63 shares, extendable to 14,931. S-HNIs will be able to bid for 882 shares at ₹2,09,034, while B-HNIs can also apply for a bid of 4,221 shares at ₹10,00,377. The book-running lead manager for the IPO is/are ICICI Securities Limited, Jm Financial Limited.

The total issue ₹700 crore, comprising a fresh issue of 2,74,26,160 shares ₹650 crore and having Offer for Sale (OFS) of 21,09,704 shares to mop up ₹50 crore.

The Indiqube Spaces IPO sets its price band at 225-237 for each share. A single application for Indiqube Spaces Limited IPO must contain at least 63 shares. Sentiment investors need to invest a minimum of 63 through their retail account. For investors to prevent oversubscription issues, they should submit bids at the cutoff price, which estimates about ₹14,931 In order to participate in the sNII, investors must purchase at least 14 lots of 882 shares for ₹2,09,034, while the bNII requires 67 lots of 4,221 shares for an investment of ₹10,00,377.

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Indiqube Spaces IPO Subscription Analysis And Details
Retail
12.51x
QIB
14.35x
NII
8.24x
bNII
7.93x
sNII
8.86x
Total
12.33x
As onQIBNII
bNII   sNII		RetailTotal
Shares Offered / Reserved88,41,77244,20,886
29,47,257    14,73,629		29,47,2571,62,79,682
Day 1 23-07-25 05:00 PM
0.06 x0.78
0.65 x   1.05 x		3.41 x0.87 x
Day 2 24-07-25 05:00 PM
1.42 x1.84
1.52 x   2.48 x		6.90 x2.54 x
Day 3 25-07-25 05:00 PM
14.35 x8.24
7.93 x   8.86 x		12.51 x12.33 x
Total No of Applications
5,65,650
Subscription on the basis of Applications
Retail:11.5x BHNI:1.6x SHNI:8x
Indiqube Spaces Valuations
EPS Pre IPO -₹7.65/-
EPS Post IPO ₹/-
ROE -2.19%
ROCE 34.21%
PAT Margin -12.66%
Indiqube Spaces Company Financials
In Crs.
In Cr.
31-Mar-2531-Mar-2431-Mar-23
Assets4,685.123,667.912,969.32
Revenue1,102.93867.66601.28
Profit After Tax-139.62-341.51-198.11
Net Worth-3.11130.63-308.1
Reserves & Surplus-23.30129.44-308.28
Total Borrowing343.96164.02623.16
About Indiqube Spaces Company

Founded in 2015, Indiqube Spaces Limited delivers managed, sustainable, and technology-driven workplace solutions to shift the traditional office experience into a better one for contemporary businesses.The firm delivers varied workplace solutions, such as corporate campuses and branch offices, with employee improvement through interiors, amenities, and services.

The firm combines asset refurbishment, tailored models, and B2B/B2C value-added services, delivering holistic workspace solutions with plug-and-play offices for clients and workers.The firm operates 103 centers in 13 cities, spanning 7.76 million square feet of AUM with 172,451 seats. During the period from March 31, 2022, to June 30, 2024, they acquired 41 assets and entered five new cities.

The firm looks to buy whole buildings in high-rental areas with solid infrastructure and low vacancy rates. They collaborate with landlords to lease and repurpose old buildings into modern, sustainable workplaces.The company renovates properties with interiors, amenities, and sustainability. They have 31.67% of their portfolio renovated as of June 30, 2024. Their enterprise-first approach caters to large customers with long-term, scalable spaces.

As of June 30, 2024, the company has operations in 13 Indian cities, which comprise seven Tier I cities (Bengaluru, Pune, Chennai, Mumbai, Noida, Gurugram, Hyderabad) and six non-Tier I cities (Coimbatore, Kochi, Madurai, Jaipur, Calicut, Vijayawada).As of June 30, 2024, the company has a diverse team of 625 permanent employees.

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Indiqube Spaces - Promoter(s)

Rishi Das

Meghna Agarwal

Anshuman Das

Pre Issue Share Holding : 70.47%

Post Issue Share Holding : 60.23%

Indiqube Spaces IPO - Issue Objectives
1

Funding capital expenditure towards establishment of new centers

2

Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company.

3

General corporate purposes

Indiqube Spaces IPO - Anchor Investors

Indiqube Spaces IPO: Institutional investors choose Rs 314.3 crore shares through anchor book.
Large institutional investors such as Tocu Europe, BNP Paribas Financial Markets, Societe Generale, Aditya Birla Sun Life AMC, Ashoka Whiteoak, Invesco, Bandhan Mutual Fund, Motilal Oswal AMC, Malabar India Fund, Axis Max Life Insurance, Edelweiss, Baroda BNP Paribas MF, and Grow Mutual Fund invested in the anchor book.

Indiqube Spaces IPO - Peers Comparison
P/B RatioP/E RatioRoNWRevenue(in Cr.)
Indiqube SpacesN/AN/AN/A1102
Awfis space10.0666.6614.78%1260
Strength
Indiqube manages 115 centres across 15 cities, covering 8.40 million sq. ft.
A strong 64.71% of its properties are full buildings, improving space control and efficiency.
About 36.44% of its space is certified green, supporting sustainable and eco-friendly offices.
Bengaluru remains a key market with 65 centres spread over 5.43 million sq. ft
Weakness
88.84% revenue depends on Bengaluru, Pune, Chennai – limited location diversification.
Occupancy rate dropped to 80.21% in FY24 from 83.68% in FY23.
The company reported losses in FY23, FY24, and FY25 despite revenue growth.
Contact Details

Indiqube Spaces

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 Contact Details

MUFG Intime India Private Limited (Link Intime)

+91-22-4918 6270

indiqubespaces.ipo@linkintime.co.in

https://in.mpms.mufg.com/Initial_Offer/public-issues.html