IPO · Real Estate & PropTech

IndiQube IPO opens July 23, raises ₹700 crore

By Startup Enthusiast · 17 July 2025

What they do

IndiQube provides managed, sustainable, tech-driven workplace solutions across 15 cities

Its ₹700 crore IPO (₹650 crore fresh issue + ₹50 crore OFS) opens July 23, price band ₹225-237 per share

The company is loss-making but narrowed net loss 59% to ₹139.5 crore in FY25; listed peer Awfis trades at P/E 66.66

IndiQube Spaces' ₹700 crore IPO (initial public offering, when a company sells shares to the public for the first time) opens on July 23 and closes on July 25.
The price band is ₹225-237 per share, with a face value of Re 1.
The anchor book (shares sold to large institutional investors before the IPO) raised ₹314 crore on July 22, allocating 1.32 crore shares at ₹237 each.
Key anchor investors include Aditya Birla Sun Life MF, Invesco India ELSS Tax Saver Fund, Motilal Oswal Large Cap Fund, Malabar India Fund, Groww Mutual Fund, and Citigroup Global Markets Mauritius.
The IPO comprises a fresh issue of ₹650 crore and an offer for sale (OFS, existing shareholders sell their shares) of ₹50 crore.
Co-founders Rishi Das and Meghna Agarwal each sell shares worth up to ₹25 crore in the OFS.
Allotment is finalised July 28, refunds start July 29, and listing on BSE and NSE on July 30.
The stock listed at ₹216 on NSE, a 9% discount to the IPO price.

IndiQube filed under SEBI ICDR Regulation 6(2) because it does not meet the profitability criteria for Regulation 6(1).
The IPO size was trimmed from ₹850 crore (₹750 crore fresh + ₹100 crore OFS) to ₹700 crore.
The company is loss-making at the PAT (profit after tax) level, though net loss narrowed 59% to ₹139.5 crore in FY25.
Listed peer Awfis Space Solutions trades at a P/E ratio of 66.66 and reported a net profit of ₹68 crore in FY25.
Competitors Smartworks listed on the same day, and WeWork India has received SEBI nod for its IPO.

IndiQube provides managed, sustainable, technology-driven workplace solutions using a hub-and-spoke model.
It offers corporate hubs, branch offices, plug-and-play offices, coworking, design & build (DesignQube), facility management (IndiQare), sustainability (IndiQube Eco), and a tech suite (MiQube).
The company follows a lease-not-own model, acquiring properties in high-demand micro-markets and transforming them into flexible workspaces.
Its enterprise-first approach serves clients including Myntra, upGrad, Zerodha, NoBroker, Redbus, Juspay, Perfios, Moglix, and Ninjacart.
As of March 31, 2025, the portfolio includes 115 centers across 15 cities (105 operational, 10 with LOI), covering 8.40 million sq ft SBA with a seating capacity of 186,719.
Cities span 7 Tier I (Bengaluru, Pune, Chennai, Mumbai, Noida, Gurugram, Hyderabad) and 11 non-Tier I (Coimbatore, Kochi, Madurai, Jaipur, Calicut, Vijayawada).
From March 2023 to March 2025, it added 41 new properties and entered 5 new cities.
In FY25, total income was ₹1,103 crore (CAGR 35% from FY23), EBITDA ₹660 crore, and RoCE 34.21%.
FY25 revenue was ₹1,059 crore (27.5% YoY growth), net loss ₹139.5 crore (down 59% from ₹341.5 crore in FY24).

IPO proceeds will finance capex for new centers, repay/prepay borrowings, and meet general corporate needs.
The company plans to expand its commercial real estate portfolio in scale and geographical reach.

WestBridge Capital (existing) — Holds 27.95% pre-offer, not diluting in the IPO.
Aditya Birla Sun Life MF (anchor) — Participated in anchor book.
Ashoka WhiteOak ICAV & WhiteOak Capital (anchor) — Participated in anchor book.
Invesco India ELSS Tax Saver Fund (anchor) — Participated in anchor book.
Bandhan Large & Mid Cap Fund (anchor) — Participated in anchor book.
Motilal Oswal Large Cap Fund (anchor) — Participated in anchor book.
Malabar India Fund & Malabar Midcap Fund (anchor) — Participated in anchor book.
Max New York Life Insurance (anchor) — Participated in anchor book.
Edelweiss MF (anchor) — Participated in anchor book.
Baroda BNP Paribas (anchor) — Participated in anchor book.
TOCU Europe III S.A R.L. (anchor) — Participated in anchor book.
Groww Mutual Fund (anchor) — Participated in anchor book.
BNP Paribas Financial Markets (anchor) — Participated in anchor book.
Citigroup Global Markets Mauritius (anchor) — Participated in anchor book.
Societe Generale (anchor) — Participated in anchor book.