IndiQube Spaces Limited IPO Opens On 23 July 2025 Price Band Set At Rs. 225 – 237 Per Share

Posted By: Sachin Murdeshwar July 18, 2025

(L-R): Meghna Agarwal (Cofounder, IndiQube Spaces Limited), Rishi Das (Cofounder & CEO, IndiQube Spaces Limited) at the press conference to announce their forthcoming Initial Public Offering

(L-R): Gautam Benjamin (Business Head – Digital and Technology, ICICI Securities Limited), Vamsi Krishna Chatrathi (AVP Marketing, IndiQube Spaces Limited), Meghna Agarwal (Cofounder, IndiQube Spaces Limited), Rishi Das (Cofounder & CEO, IndiQube Spaces Limited), Pawan Jain, (Chief Financial Officer, IndiQube Spaces Limited), Vikas Kumar Agrawal (Head – Investor Relations, IndiQube Spaces Limited), Akhil Kejriwal (Managing Director, Equity Capital Markets, JM Financial Limited) at the press conference to announce IndiQube Spaces Limited’s forthcoming Initial Public Offering

 

MUMBAI, 18 JULY, 2025 (GPN): Bengaluru-based managed workspace solutions firm IndiQube Spaces Limited IPO will open on 23 July, The anchor book will open a day earlier on July 22 and close on July 25. The basis of allotment is scheduled for July 28, while refunds and credit of shares will be processed on July 29. The company is expected to debut on the stock exchanges on July 30.

IndiQube will raise Rs.700 crore, comprising a fresh issue of Rs.650 crore and an offer for sale (OFS) of Rs.50 crore by the promoters Rishi Das and Meghna Agarwal, as per the red herring prospectus (RHP) filed on Thursday. Existing investor WestBridge Capital will not be doing any OFS. IndiQube plans to use Rs.462.6 crore of the IPO proceeds for setting up new centres, Rs.93 crore towards debt repayment and the rest on general corporate purposes.

As of 31 March 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.

In two funding rounds during 2018 and 2022, IndiQube 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.
The book running lead managers (BRLMs) to the offer are ICICI Securities Ltd and JM Financial Ltd.
IndiQube reported total income of Rs. 1,103 crore in FY25 compared to Rs 868 crore in the preceding year. It posted an Ebitda of Rs. 660 crore in FY25.Revenue from value-added services doubled from Rs. 68 crore in FY23 to Rs.135 crore in FY25.
As per property advisory JLL India, India has seen remarkable growth of operational flexible space stock, which has now reached a substantial 79.1 million sq ft across the top seven cities. The operational flex stock is expected to nearly double over the next four to five years, and reach 135 million sq ft by 2028.
According to JLL Indiqube and Smartworks are managed office operators, while Awfis’ portfolio is a mix of co-working spaces and managed offices.The tech-dominated cities of Bengaluru, Hyderabad, Pune, and Chennai currently account for more than 72% of the operational flex footprint across the top seven cities.

IndiQube Spaces Limited

Co-founded by Rishi Das and Meghna Agarwal, IndiQube is backed by marquee investors such as WestBridge Capital, which holds a 5.79 percent stake, and noted investor Ashish Gupta, with a 0.98 percent stake.

 
The company manages a portfolio of 115 centres across 15 cities, including 105 operational centres and 10 under signed letters of intent. These properties collectively span 8.40 million square feet of super built-up area and offer a total seating capacity of 1,86,719 for fiscal 2025.

About the Author

Sachin Murdeshwar
Sachin Murdeshwar is a Sr.Journalist and Columnist in several Mainline Newspapers and Portals.He is an ardent traveller and likes to explore destinations to the core.

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