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The flexible workspace stock in India is currently over 96 million square feet as of March 31, 2025. While over 90% of this stock is spread across key Tier-I markets in India, demand for flexible workspaces in non-Tier I cities has also been growing. The TAM for flexible workspace operators is expected to be approximately 280–300 million square feet in terms of area and ₹730–₹960 billion in terms of value by 2027.
| Particulars | Details |
|---|---|
| IPO Open Date | July 23, 2025 |
| IPO Close Date | July 25, 2025 |
| Price Band | ₹225 to ₹237 per share |
| Lot Size | 63 Shares |
| Issue Size | ₹700.00 Cr (Total Issue) |
| Listing At | BSE, NSE |
| Tentative Listing Date | [To be announced] |
Indiqube Spaces Ltd. is a managed workplace solutions company. The company offers diverse solutions ranging from large corporate offices (hubs, i.e., the main office of clients wherein key functions, leadership teams, and primary operations are based, typically located in a central or strategic area) to small branch offices (spokes, i.e., smaller, decentralized office spaces of clients spread across different cities or regions). It transforms the workplace experience of employees by combining interiors, amenities, and a host of value-added services which are incremental to the workspace leasing provided and comprise amenities, green initiatives, designed interiors, B2B and B2C solutions ranging from facility management, sale of goods, asset maintenance and plantation to catering, transportation services for client employees, and technology applications through contracts with clients occupying the space within centres or third-party clients (VAS).
The company manages a portfolio of 115 centres across 15 cities, consisting of 105 operational centres and 10 centres for which letters of intent have been executed, covering 8.40 million square feet of area under management (AUM) in super built-up area (SBA) with a total seating capacity of 186,719 as of March 31, 2025. It has expanded its portfolio by 3.46 million square feet of AUM with the addition of 41 properties and 5 new cities between March 31, 2023, and March 31, 2025. In Bengaluru, the company has a portfolio of 65 centres spanning 5.43 million square feet in AUM as of March 31, 2025.
Revenue from operations grew at a CAGR of 35.3%, rising from ₹5,797 million in FY23 to ₹10,593 million in FY25. This growth was underpinned by a significant 58% increase in active stock, from 4.39 million sq. ft. to 6.92 million sq. ft., and a parallel rise in the number of seats under active stock from 97,537 to 153,830. The company expanded its network from 70 to 105 centres across 10 to 14 cities, reflecting both deeper market penetration and broader geographic reach. Operational EBITDA grew at a CAGR of 62.5%, reaching ₹6,165 million in FY25 from ₹2,367 million in FY23, with the operational EBITDA margin expanding from 40.8% to 58.2%. This was driven by higher seat monetization, increased contribution from multi-centre clients (rising to 44.01%), and healthy occupancy rates (85.1% in FY25). Importantly, the company turned its monthly net churn rate negative (–0.23%), indicating strong customer retention and service quality. Net debt declined from ₹6,127 million in FY23 to ₹3,379 million in FY25, aided by operational cash flows and working capital optimization. Despite network expansion, capital employed remained stable, supporting improved capital productivity. This was reflected in ROCE, which rose from 15.66% in FY23 to 38.52% in FY24 and remained strong at 34.21% in FY25.
Objects of the issue:
- Funding CAPEX towards setting up new centers- INR 4626.49 million
- Repayment of borrowings- INR 930.35 million
- General Corporate Purposes
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