Bengaluru-headquartered IndiQube Spaces Limited is all set to launch its much-anticipated Initial Public Offering (IPO) on July 23, 2025. The three-day subscription window closes on July 25, with shares set for listing on both BSE and NSE. This event marks a milestone for the company, celebrated for revolutionising flexible workspace solutions across India.
IPO Size, Offer Structure, and Key Dates
Total Issue Size: ₹700 crore
Fresh Issue: ₹650 crore
Offer for Sale (OFS): ₹50 crore by promoters Rishi Das and Meghna Agarwal
Anchor Investor Bidding: Opens July 22
Listing Date: Expected July 30
Lead Managers: ICICI Securities & JM Financial Limited
Face Value: ₹1 per equity share
Retail Portion: 10%
Notably, early backer WestBridge Capital has chosen not to participate in this OFS round.
Utilisation of Funds
The IPO proceeds are earmarked for:
Expansion Capex: ₹462.6 crore for establishing new centres
Debt Repayment: ₹93 crore
General Corporate Purposes
This strategic allocation underscores IndiQube’s ambitious growth vision and prudent financial management.
Phenomenal Growth Trajectory
Expanding Nationwide Footprint
As of March 31, 2025:
Total Managed Workspace: 8.40 million sq. ft.
Properties Managed: 115 across 15 cities
Seating Capacity: 186,719
Bengaluru Leadership: 65 centers, 5.43 million sq. ft.
This impressive growth reflects a two-year CAGR of 30% in assets under management. IndiQube serves a robust client base of 769 clients, nearly half of which are Global Capability Centers (GCCs).
Financial Highlights
Total income in FY25 reached ₹1,103 crore, representing a 35% compound annual growth rate (CAGR).
EBITDA for FY25 stood at ₹660 crore.
Return on Capital Employed (RoCE) is 34.21%.
Cash EBIT margins at 10.81%.
Stable centre occupancy levels at 86.5%.
PAT (Profit After Tax) positive: ₹7.7 crore (FY24), ₹8.4 crore (FY25).
Value Added Services (VAS) revenue—including meeting room bookings, food services, and tech tools—jumped from ₹68 crore in FY23 to ₹135 crore in FY25, now forming 13% of overall revenue.
Technology and Sustainability at Core
Next-Gen Workspace Experience
IndiQube’s proprietary tech stack, MiQube, processed over 1 million transactions in FY25. This allows clients to easily book meetings, order meals, and manage workspace needs through a unified platform.
Green & Smart Buildings
30% of the portfolio comprises renovated, eco-friendly Grade B buildings
36% of properties hold green certifications
A 20 MW solar farm’s first phase is already operational
IndiQube’s ESG initiatives transform older structures into energy-efficient, sustainable workplaces—an attractive feature for corporates and MNCs.
Strong Investor and Client Confidence
Since inception, IndiQube has secured ₹324 crore in equity funding led by WestBridge Capital, the promoters, and angel investor Ashish Gupta. Its client list includes industry leaders like Enphase, Myntra, Zerodha, NoBroker, upGrad, and Siemens.
Indian Flex Space Market: Poised for Explosive Growth
Flexible workspaces have become a cornerstone of India’s urban corporate scene, thanks to:
The adoption of hybrid and remote work
Demand for flexibility and cost-efficiency
Greater focus on workplace adaptability and employee well-being
Experts predict India’s flex space in major metros to grow to 140–144 million sq. ft. by 2027, up from about 82–86 million sq. ft. in 2024.
What Makes IndiQube IPO Attractive?
Key Factors for Investors
Sustained profitability, robust growth, and healthy yields
Focus on long-term, enterprise-centric engagements
Smart integration of cutting-edge technology
Commitment to green and sustainable buildings
Leadership in India’s top flexible workspace cities
With a CRISIL A+ / Stable rating and proven operational strength, IndiQube is well-positioned to capture an even larger share of the booming Indian office real estate sector.