Upcoming IPOs: After Smartworks, WeWork India, Indiqube Spaces Seeks D-Street Debut

In 2025, companies are increasingly tapping the primary market for listing their shares. The primary market is also witnessing strong investor interest. Amid this surge in primary market activity, Indiqube Spaces has announced the price band for its public issue. Notably the flexible coworking space operator’s public issue follows the public issues of Smartworks Coworking Spaces and WeWork India which started the process of listing their shares on the BSE and NSE in recent times.

Indiqube Spaces Ltd IPO (Indiqube Spaces IPO) is set to open for subscription on July 23. The bidding window is expected to close on July 25. Before the public issue opens, here’s a look at five key things to know about Indiqube Spaces IPO from its Red Herring Prospectus (RHP):

Indiqube Spaces IPO: Offer Size, Issue Price and Key Dates

Indiqube Spaces IPO is worth Rs 700 crore and consists of a fresh issuance of 2.74 crore shares amounting to Rs 650 crore and an offer-for-sale of 21 lakh shares amounting to Rs 50 crore.

Indiqube Spaces IPO price band has been fixed at Rs 225 to Rs 237 per share. Retail investors can apply for Indiqube Spaces IPO by placing bids for a minimum lot size of 63 shares which aggregates to an investment of Rs 14,175.

The minimum lot size for Small Non-Institutional Investors (sNII) is 14 lots or 882 shares, which amounts to an investment of Rs 2,09,034. The lot size for Big Non-Institutional Investors (bNIIs) is 67 lots or 4,221 shares, which translates to an investment of Rs 10,00,377.

Indiqube Spaces has reserved 75 per cent of the net offer size for the Qualified Institutional Buyers category. The coworking space operator has reserved as much as 10 per cent of the net issue for retail individual investors and 15 per cent of the net issue has been reserved for the Non Institutional Investor (NII) category.

Indiqube Spaces IPO share allotment status is likely to be finalised on July 28. Subsequent to the allotment of shares, refunds will be initiated for unsuccessful bidders on July 29, and successful bidders will receive shares of Indiqube Spaces in their demat accounts on the same day. Shares of Indiqube Spaces Ltd will debut on the NSE and BSE and are expected to list on the exchanges on July 30.

Indiqube Spaces: Key Financials

Indiqube Spaces’ revenue from operations for the fiscal year ended March 31, 2025, stood at Rs 1,102.93 crore, growing over 27 per cent compared to Rs 867.66 crore in the fiscal year ended March 31, 2024. In FY25 the company turned profitable and posted a profit-after-tax of Rs 139.62 crore compared to a net loss of Rs 341.51 crore in the preceding fiscal. Indiqube’s earnings before interest, depreciation, and amortisation for FY25 grew by 150 per cent to Rs 660.19 crore compared to Rs 263.42 crore in the preceding fiscal.

Indiqube Spaces: Key Competitors

According to Indiqube Spaces’ RHP, there are more than 500 workspace operators present in India. The top 10 operators in terms of portfolio size include Smartworks, WeWork India, Awfis, and IndiQube. Notably, all the other competitors of Indiqube are either listed on the exchanges such as Smartworks Coworking and Awfis or have filed their draft papers with the Securities Exchange Board of India (Sebi) for listing their shares like WeWork India.

Indiqube Spaces: Business Model

Indiqube Spaces mentioned in its RHP that it is a managed workplace solutions provider. The company claims to offer comprehensive, environmentally sustainable, technology-driven workplace solutions. The company provides a range of coworking spaces to other companies in a hubs and spokes model. The hub refers to a large centrally located office and spokes refer to smaller branch offices in different locations. The company added that it also provides amenities, green initiatives, designed interiors and other B2B and B2C solutions such as facility management, sale of goods, asset maintenance and plantation to catering, and transportation services apart from providing physical buildings as coworking spaces. The company added that it manages 115 centres across 15 cities, comprising 105 operational centres and 10 centres for which we have executed letters of intent. The company has 8.4 million square feet under its management and has a total seating capacity of 1,86,719 as of March 31, 2025.

Indiqube Spaces: Key Strengths and Risks

Some of the key strengths associated with Indiqube Spaces IPO include:

• The company claims in its RHP that it is one of the leading players in India’s flexible workspace market.

• Indiqube Ltd added that it has an acquisition strategy which is focused on value creation and in increasing its presence in high demand locations.

• Indiqube Spaces claims to have prudent business management practices along with robust operational metrics.

• The company claims that it has a capital-efficient business model along with a comprehensive risk mitigation strategy.

Some of the key risks mentioned in Indiqube Spaces RHP include:

• Indiqube spaces’ revenue for the past three fiscals has depended heavily on its centres located in Bengaluru, Pune and Chennai collectively. The company said that any negative developments in these three locations are likely to negatively impact the company’s operations and results.

• The company added that its business is subject to real estate market fluctuations, which have caused a decline in its occupancy rate from 83.68 per cent in FY 23 to 80.21 per cent in FY24.

• Indiqube spaces has posted losses in the previous fiscal and may continue to incur losses in the future.

• The company disclosed in the RHP that if it is unable to pay lease rentals to its lessors, its business, results of operations and financial condition may be negatively affected.

Indiqube Spaces IPO: Objective

Indiqube Spaces Ltd plans to use Rs 462.65 crore raised from the public issue to establish new centres as a part of its capital expenditure plan. The company also plans to use Rs 93.04 crore for repaying some of its borrowings. A portion of the public issue proceeds will also be utilised for general corporate purposes.