Indiqube Spaces Limited
Minimum investment
Bidding date
23 Jul - 25 Jul 2025
Price range
—
Minimum quantity
63
Minimum investment
₹14,931
Issue size
—
IPO doc (link)
RHP docs
Listing exchange
NSE/BSE
Category | Subscription |
|---|---|
Qualified Institutional Buyers | 3.95x |
Retail Individual Investor | 7.58x |
Non-Institutional Investor | 3.77x |
Others | - |
Total | 7.58x |
Indiqube Spaces Ltd., established in 2015, is a leading provider of managed and tech-enabled workplace solutions in India. The company offers a comprehensive range of services such as co-working spaces, customized enterprise offices, and property management solutions under its key offerings: Indiqube Grow, Indiqube Bespoke, Indiqube One, and MiQube™ its proprietary technology stack.
With 115 centers across 15 Indian cities, including Tier I cities like Bengaluru, Mumbai, and Hyderabad, the company has expanded its AUM (area under management) to over 8.40 million sq. ft. and a seating capacity of 1.86 lakh+ as of March 31, 2025. Indiqube’s business model emphasizes acquiring full buildings in high-demand zones, upgrading them with modern interiors, sustainable infrastructure, and tenant-centric services. Their strategy focuses on long-term leases and asset-light partnerships with landlords, ensuring scalability and efficiency.
Strong Presence in Prime and Emerging Markets: Indiqube has built a robust footprint with 115 centres across 15 Indian cities, including Tier I and Tier II markets, ensuring wide customer reach and market penetration.
Proprietary Tech Stack (MiQube™): The company leverages its in-house technology platform to streamline workspace operations, improve employee engagement, and offer smart solutions like meeting room bookings, transport access, and IT support.
Enterprise-First Strategy with Long-Term Clients: Focused on large clients and long-duration contracts, Indiqube ensures recurring revenues and strong client stickiness through customized and scalable workspace solutions.
Capital-Efficient Growth Model: By acquiring and renovating full buildings through landlord partnerships, Indiqube avoids heavy CAPEX, enabling faster scale-up with reduced financial risk.
Strong Operational Certifications: Operations are backed by ISO certifications ensuring consistent quality, safety, and sustainability in services and infrastructure.
Consistent Financial Losses: Despite improved performance, the company posted a net loss of Rs.139.62 crore in FY25, indicating financial instability and negative profitability trends.
High Borrowings and Weak Net Worth: With borrowings rising to Rs.343.96 crore and net worth standing at Rs.-3.11 crore, the company carries significant financial leverage and a negative equity base.
Negative Valuation Metrics: The pre-IPO EPS is at Rs.-7.65 and the Debt/Equity ratio is highly negative at -110.58, raising concerns over valuation and investor confidence.
Heavy Sector Dependency: The company’s performance is tightly linked to the commercial real estate market and demand for corporate office spaces, which are sensitive to macroeconomic cycles.
High Renovation and Expansion Costs: While 25.22% of the portfolio has been renovated, continued expansion in new cities may lead to increased capital expenditure and pressure on short-term margins.
