Indiqube Spaces Limited

About the company

Incorporated in 2015, IndiQube Spaces Limited is a managed workplace solutions company offering comprehensive, sustainable, and technology-driven workplace solutions dedicated to transforming the traditional office experience. It operates through 5 distinct business verticals: IndiQube Grow (core plug-and-play workspace solutions), IndiQube Bespoke (customisable design and build solutions), IndiQube One (B2B and B2C solutions), MiQube (technology platform), and IndiQube Cornerstone (property renovation and upgradation services). As of FY25, the company manages a portfolio of 115 centres across 15 cities, consisting of 105 operational centres and 10 centres with executed letters of intent. The company covers 8.40 Mn square feet of area under management (AUM) in super built-up area (SBA) with a total seating capacity of 186,719. The company has expanded its portfolio by 3.46 Mn square feet of AUM with the addition of 41 properties and 5 new cities between March 31, 2023, and March 31, 2025. Bengaluru serves as the company's largest market, with a portfolio of 65 centres spanning 5.43 Mn square feet in AUM as of March 31, 2025. The city is both the largest commercial office and flexible workspace market in India, accounting for around 30% of the total flexible workspace stock among Tier I cities. IndiQube is among the leading operators in Bengaluru, benefiting from the city's position as the largest market in the Asia-Pacific region in terms of absorption. As of FY25, it serves 769 clients across various sectors, with IT/IT IT-enabled services comprising 51.24% of the client base, followed by BFSI, Insurance, and Consulting at 18.60%. The company focuses on mid-to-large enterprise clients, with Global Capability Centres (GCCs) comprising 43.56% of the clientele, while the remaining 56.44% consists of Indian enterprises, demonstrating a balanced portfolio bridging domestic and multinational corporation needs. The Asia-Pacific region, particularly India, has emerged as a global hub for technological innovation and corporate expansion, with the overall APAC commercial office stock growing at a CAGR of 5.4% from 2018 to H1 2024, reaching approximately 1,176 Mn sq. ft. India dominates the flexible workspace market in APAC with over 72 Mn sq. ft. of total stock across tier-1 cities, driven by changing occupier preferences toward hybrid work models and demand for high-quality office spaces with enhanced amenities. Key Indian cities like Bengaluru, Mumbai, and Hyderabad are among the leading markets globally, with Bengaluru alone accounting for 22.0-24.0 Mn sq. ft. of flexible workspace stock, supported by strong demand from the technology, finance, and business services sectors. The company maintains strong operational metrics with a committed occupancy of 90.73% and an actual occupancy of 85.12% as of FY25. Its supply acquisition strategy targets high-demand micro-markets with robust infrastructure, following a hub-and-spoke model. Renovated properties account for 2.48 Mn sq. ft. (29.57%) of the portfolio, with a lease renewal rate of 99.74%. The company operates in 8 Tier I and 7 non-Tier I cities, with 6.66 Mn sq. ft. (79.28%) concentrated in Bengaluru and Chennai. Its non-Tier I portfolio spans 0.51 Mn sq. ft. across 11 locations, tapping into rising demand in growth regions. Strategically, 80.87% of centres are within 3 km of operational or planned metro stations, and 85.39% of properties lie in key office micro-markets as per CBRE. Now, Indiqube Spaces Limited is launching its initial public offering (IPO), which consists of a fresh issue worth up to ₹650.00 crore and an offer for sale worth up to ₹50.00 crore. The total issue size of the IPO is ₹700.00 crore. Its shares will be listed on the NSE and BSE.

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   23 Jul 2025

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   25 Jul 2025

   Last day to place your bid

3. Basis of Allotment

   Completed
   28 Jul 2025

   Share allotment finalised

4. Refund Initiation

   Completed
   29 Jul 2025

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   29 Jul 2025

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   30 Jul 2025

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.