Indiqube Spaces Limited IPO
IndiQube Spaces Limited is a managed workplace solutions provider offering sustainable, technology-driven, and customizable office spaces across India. The company focuses on transforming the traditional office experience by combining infrastructure, design, value-added services (VAS), and smart technology for clients across sectors.
Business Model
IndiQube operates on an asset-light model, leasing properties and transforming them into plug-and-play, premium workspaces. It integrates backward (renovation and customization) and forward (facility management and B2B/B2C services) strategies to deliver complete workspace solutions.
Key Offerings
1. IndiQube Grow – Core plug-and-play workspace solution.
2. IndiQube Bespoke – Custom workspace design and execution for enterprises.
3. IndiQube One – Facility management, asset upkeep, catering, and transport services.
4. MiQube – Tech platform for smart office experience and efficient facility management.
5. IndiQube Cornerstone – Renovation of older properties into modern, green workspaces.
Clientele
IndiQube Spaces has served over 769 clients, including Global Capability Centers (GCCs), Indian corporates, unicorns, and startups across diverse sectors such as IT/ITeS, BFSI, pharma, e-commerce, logistics, aviation, and consulting. Notably, 63.06% of its portfolio comprises large enterprise clients occupying 300+ seats, with an average lock-in period of 36 months, reflecting strong client retention and enterprise-focused demand.
Market Position
IndiQube is a leading player in India’s flexible workspace market, with a strong presence in both Tier I and non-Tier I cities. Bengaluru, the top commercial office market in the APAC region, contributes significantly to its portfolio, where IndiQube holds a 30% share of the flexible workspace stock among Tier I cities. Together with Chennai, these two cities account for approximately 79% of IndiQube’s total managed space.
Growth and Expansion
i) Added 41 properties and 5 cities between March 2023–March 2025
ii) Renovated Grade B buildings form 29.57% (2.48 million sq. ft.) of total portfolio
iii) Portfolio growth is supported by full-building leasing (64.71%) and hub-spoke model
Objects of the Indiqube Spaces Limited IPO:
Indiqube Spaces Limited IPO Details:
| Open Date: | Jul 23 2025 |
| Close Date: | Jul 25 2025 |
| Total Shares: | 2,95,35,864 |
| Face Value: | ₹ 1 Per Equity Share |
| Issue Type: | Book Building |
| Issue Size: | 700 Cr. |
| Lot Size: | 63 Shares |
| Issue Price: | ₹ 225-237 Per Equity Share |
| Listing At: | NSE,BSE |
Promoters And Management:
Financials of Indiqube Spaces Limited IPO:
| Particulars ( in cr) | Fy25 | Fy24 | Fy23 |
| Total Income | 1109 | 830 | 579 |
| Total Expenses | 1260 | 1254 | 892 |
| Loss After Tax | -139 | -341 | -198 |
Comparison With Peers:
| Particulars (Cr) | AWFIS Space | Smartworks Coworking | Incube |
| Sales (Fy25) | 1207 | 1374 | 1100 |
| Profit after tax (Fy25) | 43.09 | -64.72 | -140 |
| Sales growth 3Years | 67.48% | 56.24% | 35% |
| Profit growth 3Years | 39.98 | NA | NA |
| OPM (Fy25) | 33.32% | 62.39% | 55.09% |
| Operating cash flow 3years | 772 | 2204 | 1476 |
| Market Capitalization | 4613 | 5236 | 5000 |
| EV/EBITDA | 13x | 10x | 9x |
| AUM/Office Space | 8.4 million Sq.ft | 8 million Sq.ft | 8.40 million sq. feet |
| No. of Seats | 1.65 lakh | 1.82 lakh | 1.86 lakh |
| IPO Price | 383 | 407 | 237 |
| CMP | 647 | 459 | NA |
| Listing Date | 30.05.24 | 17.07.25 | 30.07.25 |
Lead Manager of Indiqube Spaces Limited IPO:
Registrar of Indiqube Spaces Limited IPO:
Discussion on Indiqube Spaces Limited IPO:
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Note on Accounting Treatment for Co-Working Space Businesses under IND AS 116:
In the co-working space business, properties taken on lease are accounted for in accordance with IND AS 116. As per this standard, the lessee is required to recognize a Right-of-Use (ROU) Asset on the asset side and a corresponding Lease Liability on the liability side of the balance sheet.
The ROU Asset is measured as the present value of all future lease payments, discounted at the appropriate rate. Over the lease period, the company recognizes:
1. Depreciation on the ROU Asset, and
2. Interest expense on the Lease Liability
Both of these are non-cash expenses and are recorded in the Profit and Loss statement. However, the actual lease rent paid is accounted for under “Other Expenses” in the cash flow statement.
Because of the high initial impact of depreciation and interest expenses—both of which are non-cash—the P&L often shows suppressed or negative profits in the initial years, even if the business is generating healthy operational cash flows.
Hence, Profit & Loss is not the ideal metric to evaluate the financial health of co-working space businesses. A more accurate assessment can be made by analyzing the cash flows from operations, which better reflect the underlying performance and sustainability of the business.