IndiQube sets IPO price band at Rs 225–237 per share; check the issue size

Bengaluru-based Indiqube Spaces Limited has set the price band for its initial public offering (IPO) at Rs 225 to Rs 237 per equity share, with a face value of Rs 1 each. Investors can bid for a minimum of 63 equity shares and in multiples of 63 thereafter.

The anchor investor bidding date is scheduled for Tuesday, July 22, 2025, one working day before the offer opens. The bid and offer will close on Friday, July 25, 2025.

The IPO comprises a fresh issue of Rs 650 crore and an offer for sale of Rs 50 crore by the promoters, Rishi Das and Meghna Agarwal. WestBridge Capital, a key investor in the firm since 2018, is not participating in the offer for sale.

The Bengaluru-based company proposed to utilise the fresh issue towards funding capex towards new centers to Rs 462.6 crore; repayment of debt with Rs 93 crore; and the rest on general corporate purposes.

The offer includes a reservation of equity shares of face value of Rs 1 each, aggregating up to Rs 1.5 crore for subscription by eligible employees, referred to as the “Employee Reservation Portion.” The offer, excluding the Employee Reservation Portion, is referred to as the “Net Offer.” A discount of Rs 22 per equity share will be offered to eligible employees bidding in this portion.

IndiQube's market presence

As of March 31, 2025, IndiQube manages a portfolio of 8.40 million sq.ft. across 115 properties in 15 cities with a total seating capacity of 186,719; growing from 74 centers and 4.94 million sq.ft. in March 2023. Its AUM has grown at a CAGR of 30% over the last 2 years.

According to CBRE, Bengaluru is the largest flex market in India. IndiQube, with a portfolio of 65 centers spanning 5.43 million sq.ft., is amongst the leading operators in Bengaluru.

Enphase, Myntra, Zerodha, NoBroker, upGrad, Siemens, Juspay, Perfios, Moglix, Ninjacart, Narayana Health and Allegis are some of its notable clients.

Financial performance

IndiQube reported a total income of Rs 1,103 crore in fiscal year 2025 (FY25), recording a CAGR of 35% from Fiscal 2023. The company’s FY25 EBITDA stood at Rs 660 crore with an RoCE of 34.21%, cash EBIT margins of 10.81% with an occupancy rate of 86.50% in steady state centers.

Its revenue from Value Added Services has increased from Rs 68 crore in fiscal year 2023 to Rs 135 crore in fiscal year 2025, growing at a CAGR of 40.69%. Nearly 13% of its revenue originated from VAS in FY25.

The equity shares are proposed to be listed on BSE Limited and the National Stock Exchange of India Limited.

ICICI Securities Limited and JM Financial Limited are acting as the book running lead managers to the offer.