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INDIQUBE IPO

Indiqube Spaces Limited

IPO Doc

Start Date23-07-2025

Application Timing10am-5pm

Price Range₹225 - ₹237

Min Qty63

Min. Investment₹14931

Listing DateNA

Close Date25-07-2025

About Indiqube Spaces Limited

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.

Why To Invest in Indiqube Spaces Limited

Market Leadership: One of the prominent players in India’s rapidly growing flexible workspace industry.

Scalable Business Model: Strong asset-light strategy with focus on full-building acquisitions in prime locations.

Revenue Growth: Company reported 27% YoY revenue growth and 59% improvement in PAT (though still negative) in FY25.

Strong Operational Metrics: Healthy EBITDA of ?660.19 Cr in FY25, more than double compared to FY24.

Backed by Anchor Investors: Raised Rs 314.32 Cr from reputed anchor investors on July 22, 2025.

Green Building Initiatives: Actively investing in sustainable infrastructure aligned with ESG goals.

Financial Table

Period Ended	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	4,685.12	3,667.91	2,969.32
Revenue	1,102.93	867.66	601.28
Profit After Tax	-139.62	-341.51	-198.11
EBITDA	660.19	263.42	258.23
Net Worth	-3.11	130.63	-308.10
Reserves and Surplus	-23.30	129.44	-308.28
Total Borrowing	343.96	164.02	623.16

Strengths And Risks

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.

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Company

Astha Credit & Securities Pvt Ltd NSE, BSE & MCX SEBI Reg No:

INZ000187932

Membership ID:

NSE - 12227 BSE-6844 MCX - 40000 NSDL-IN303420 CDSL-94500

CIN:

U65929MP2003PTC016241

SEBI Depository Participant Reg No:

IN-DP-611-2021

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INH000013332

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ARN-35911

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Stock Brokers can accept securities as margin from clients only by way of pledge in the depository system w.e.f. September 1, 2020
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We do proprietary trading

Client Bank Account Details:

Sr. No	Name of Bank Account	Bank Account Number	IFSC Code
1	ASTHA CREDIT AND SECURITIES P LTD - USCNBA A/c	00620340000150	HDFC0000062

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INDIQUBE IPO

About Indiqube Spaces Limited

Why To Invest in Indiqube Spaces Limited