Indiqube Spaces, a Bengaluru-based company specializing in flexible workspace solutions, has announced its Mainline IPO with a total issue size of ₹700 crore. The IPO opens for subscription on July 23, 2025, and closes on July 25, 2025. This IPO includes a fresh issue of ₹650 crore and an offer-for-sale (OFS) worth ₹50 crore.

Overview

Indiqube Spaces operates in the growing flexible workspace sector, providing office spaces that cater to startups, SMEs, and enterprises seeking agile and scalable office solutions. Founded in Bengaluru, the company offers serviced offices, coworking spaces, and managed office solutions. Its clients range from small startups to large corporations, emphasizing a business model focused on leasing and managing high-quality workspaces. Financially, the company saw a total revenue of ₹867.7 crore and reported a loss after tax of ₹341.5 crore for FY 2023-24, showing a narrowing net loss trend compared to previous years, reflecting ongoing investments in expansion and capacity building.

IPO Details

– IPO Open: July 23, 2025
– IPO Close: July 25, 2025
– Listing Date: July 30, 2025 (tentative)
– Exchange: BSE and NSE
– Price Band: ₹225 to ₹237 per share
– Lot Size: 63 shares
– Minimum Investment: Approximately ₹14,931
– Issue Size: ₹700 crore (Fresh Issue: ₹650 crore, Offer for Sale: ₹50 crore)
– Fresh Issue vs Offer for Sale: Majority fresh issue (₹650 crore) with a small part offered for sale
– Lead Managers: ICICI Securities Ltd, JM Financial Ltd
– Registrar: Link Intime India Pvt Ltd (MUFG Intime)

Objectives of the Issue

The company intends to use the IPO proceeds primarily for expansion of its office spaces and infrastructure, refinancing and repayment of existing debt, and working capital requirements to support ongoing operations and growth initiatives.

Strengths

1. Established presence in a growing flexible workspace market.
2. Diverse client base consisting of startups, SMEs, and large enterprises.
3. Strong growth potential backed by urbanization and increased demand for flexible office spaces.
4. Experienced management team with industry expertise.
5. Robust leasing model providing steady cash flow potential.

Risks

1. Market volatility could impact investor sentiment and stock listing performance.
2. High debt levels may affect financial flexibility and profitability.
3. Intense competition in the flexible workspace sector from established players and new entrants.

Financials

– FY 2022: Revenue and profit details not specifically outlined but the company showed a trend of losses.
– FY 2023: Revenue reported at ₹867.7 crore with a loss after tax of ₹341.5 crore.
– FY 2024 (up to date info): Net loss narrowed to approximately ₹140 crore, indicating improvement in operational efficiency and financial health.

Final Thoughts

Indiqube Spaces IPO is suitable for investors looking for exposure to the growing flexible workspace industry with a medium to long-term perspective. Retail investors interested in sectoral growth and willing to bear near-term losses due to expansion should consider applying. However, high-risk investors or those seeking short-term gains from a listing pop might prefer to avoid due to market competition and existing losses. The IPO offers a decent opportunity for portfolio diversification with growth potential.