IndiQube’s Rs 700 crore IPO to open on July 23, 2025; check the key details

The IPO of IndiQube Spaces Limited, a managed workplace solutions company, will open on July 23, Wednesday and close on July 25, Friday, its RHP showed.

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.

As of March 31, 2025 the company 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.

IndiQube claims that it serves 769 clients out of which 44% clients are Global Capability Centers (GCC). The company follows an enterprise-first strategy owing to which 63% of its occupied area comes from clients who have leased 300+ seats. Further, 44% of its revenue is generated from multi center clients.

Its diverse client mix includes Enphase, Myntra, Zerodha, NoBroker, upGrad, Siemens, Juspay, Perfios, Moglix, Ninjacart, Narayana Health and Allegis to name a few.

It 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. The company’s 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.

As per IGAAP accounting standards, the company has been PAT Positive and has paid income tax to the tune of Rs 7.7 crore and Rs 8.4 crore in FY24 & FY25, respectively. The company has also received a CRISIL A+ / Stable rating with consistent upgrades over the last 3 cycles.

Its workplace technology stack MiQube that provides one-touch access to a variety of services, including booking meeting rooms, ordering meals among others has surpassed 1 million in transaction volume in FY25.

The company also specialises in transforming old, standalone Grade B buildings into green buildings by renovating, upgrading, and employing sustainable practises. Around 30% of its portfolio comes from these renovated centers and over 36% of its portfolio has received green certifications. The company also has a solar farm with a capacity of 20 MW, whose first phase has recently got operational.

In two funding rounds during 2018 & 2022, the company has raised a total equity of Rs 324 crore led by WestBridge Capital with Rs 190 crore, followed by promoter investment of Rs 131 crore and the remaining from angel investor Ashish Gupta.

Flexible workspaces are becoming an integral part of the commercial office market. The rise of hybrid work models, prudence in the use of capital, the need for flexibility, workspace planning, and a shift in work culture are amongst the factors fuelling the demand for flexible workspaces.

According to a CBRE report, the total flexible workspace stock ranging between 82 - 86 million sq. ft. in CY2024 is forecasted to grow to 140 - 144 million sq. ft. across Tier 1 cities by the end of CY2027.

The Book Running Lead Managers for the offer are ICICI Securities Limited and JM Financial Limited.

The equity shares are proposed to be listed on BSE and NSE.