Bengaluru-based managed workplace solutions provider, IndiQube Spaces Limited, has officially announced the price band for its upcoming Initial Public Offering (IPO). The IPO price band is set between ₹225 to ₹237 per equity share, with a face value of ₹1 each. This much-anticipated public offering is set to open on Wednesday, July 23, 2025, and will close on Friday, July 25, 2025.
📌 Key Highlights of IndiQube IPO
- Price Band: ₹225 to ₹237 per equity share
- Lot Size: Investors can bid for a minimum of 63 shares and in multiples of 63 thereafter
- IPO Opening Date: July 23, 2025 (Wednesday)
- IPO Closing Date: July 25, 2025 (Friday)
- Anchor Investor Bidding Date: July 22, 2025 (Tuesday)
📊 Issue Structure
The IPO consists of:
- Fresh Issue: ₹650 crore
- Offer for Sale (OFS): ₹50 crore by promoters Rishi Das and Meghna Agarwal
- Employee Reservation Portion: ₹1.5 crore worth of equity shares reserved for eligible employees at a ₹22 per share discount
- Net Offer: Offer excluding the employee reservation portion
Notably, WestBridge Capital, an existing investor since 2018, will not participate in the OFS.
🏢 Use of IPO Proceeds
IndiQube intends to utilize the fresh capital raised for the following:
- ₹462.6 crore for capital expenditure towards establishing new centers
- ₹93 crore for debt repayment
- The remainder will be used for general corporate purposes
🌐 IndiQube’s Market Presence
As of March 31, 2025, IndiQube has made significant strides in the Indian flex workspace sector:
- Total managed area: 8.40 million sq. ft. across 115 properties in 15 cities
- Seating capacity: 186,719
- Bengaluru leadership: 65 centers covering 5.43 million sq. ft., making it a top operator in Bengaluru, the largest flex space market in India (as per CBRE)
Top Clients Include:
- Enphase
- Myntra
- Zerodha
- NoBroker
- upGrad
- Siemens
- Narayana Health
- Allegis
- ...and more
📈 Financial Performance
IndiQube has demonstrated robust financial growth:
- FY25 Total Income: ₹1,103 crore
- CAGR (FY23–FY25): 35%
- FY25 EBITDA: ₹660 crore
- RoCE: 34.21%
- Occupancy Rate: 86.50% (in steady-state centers)
- Cash EBIT Margins: 10.81%
- Value-Added Services (VAS) Revenue:
- FY23: ₹68 crore
- FY25: ₹135 crore
- CAGR: 40.69%
- VAS contribution to revenue: ~13%
📃 Listing Details
The equity shares of IndiQube will be listed on:
- BSE Limited (Bombay Stock Exchange)
- NSE (National Stock Exchange of India Limited)
💼 Lead Managers to the Issue
- ICICI Securities Limited
- JM Financial Limited
These two investment banks are acting as book running lead managers (BRLMs) to the IPO.
📢 Conclusion: Should You Consider the IndiQube IPO?
IndiQube’s rapid growth, strong presence in India’s top commercial hubs, solid financial performance, and well-structured use of IPO proceeds make it an interesting opportunity for investors looking to tap into the booming managed workspace sector.
With Bengaluru's flex space market seeing exponential growth and IndiQube holding a significant share, the IPO could attract strong institutional and retail investor interest.
