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Indiqube Spaces IPO is a book build issue of ₹700.00 crores. The issue is a combination of fresh issue of 2.74 crore shares aggregating to ₹650.01 crores and offer for sale of 0.21 crore shares aggregating to ₹49.99 crores.
Indiqube Spaces IPO bidding started from Jul 23, 2025 and ended on Jul 25, 2025. The allotment for Indiqube Spaces IPO was finalized on Jul 28, 2025. The shares got listed on BSE, NSE on Jul 30, 2025.
Indiqube Spaces IPO price band is set at ₹237.00 per share . The lot size for an application is 63. The minimum amount of investment required by an retail is ₹14,931 (63 shares) (based on upper price). The lot size investment for sNII is 14 lots (882 shares), amounting to ₹2,09,034, and for bNII, it is 67 lots (4,221 shares), amounting to ₹10,00,377.
The issue includes a reservation of up to 69,767 shares for employees offered at a discount of ₹22.00 to the issue price.
ICICI Securities Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
Refer to Indiqube Spaces IPO RHP for detailed Information.
| IPO Date | July 23, 2025 to July 25, 2025 |
| Listing Date | July 30, 2025 |
| Face Value | ₹1 per share |
| Issue Price Band | ₹225 to ₹237 per share |
| Issue Price Final | ₹237 per share |
| Lot Size | 63 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 2,95,42,340 shares (aggregating up to ₹700.00 Cr) |
| Fresh Issue | 2,74,32,636 shares (aggregating up to ₹650.01 Cr) |
| Offer for Sale | 21,09,704 shares of ₹1 (aggregating up to ₹49.99 Cr) |
| Employee Discount | ₹22.00 |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 18,25,78,871 shares |
| Share Holding Post Issue | 21,00,11,507 shares |
Indiqube Spaces IPO offers total 2,95,42,340 shares. Out of which 2,21,04,431 (74.82%) allocated to QIB, 88,41,773 (29.93%) allocated to QIB (Ex- Anchor), 44,20,885 (14.96%) allocated to NII, 29,47,257 (9.98%) allocated to RII and 1,32,62,658 (44.89%) allocated to Anchor investors.
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| QIB Shares Offered | 2,21,04,431 (74.82%) | NA |
| − Anchor Investor Shares Offered | 1,32,62,658 (44.89%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 88,41,773 (29.93%) | NA |
| NII (HNI) Shares Offered | 44,20,885 (14.96%) | NA |
| − bNII > ₹10L | 29,47,256 (9.98%) | 3,341 |
| − sNII < ₹10L | 14,73,629 (4.99%) | 1,670 |
| Retail Shares Offered | 29,47,257 (9.98%) | 46,781 |
| Employee Shares Offered | 69,767 (0.24%) | NA |
| Total Shares Offered | 2,95,42,340 (100.00%) |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Up to Rs 5 Lakhs | Yes |
| Employee + RII/NII |
|
Yes for Employee and RII/NII |
Indiqube Spaces IPO raises ₹314.32 crore from anchor investors. Indiqube Spaces IPO Anchor bid date is July 22, 2025. Indiqube Spaces IPO Anchor Investors list
| Bid Date | July 22, 2025 |
| Shares Offered | 1,32,62,658 |
| Anchor Portion Size (In Cr.) | 314.32 |
| Anchor lock-in period end date for 50% shares (30 Days) | August 26, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | October 25, 2025 |
Indiqube Spaces IPO opens on July 23, 2025, and closes on July 25, 2025.
| IPO Open Date | Wed, Jul 23, 2025 |
| IPO Close Date | Fri, Jul 25, 2025 |
| Tentative Allotment | Mon, Jul 28, 2025 |
| Initiation of Refunds | Tue, Jul 29, 2025 |
| Credit of Shares to Demat | Tue, Jul 29, 2025 |
| Tentative Listing Date | Wed, Jul 30, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Fri, Jul 25, 2025 |
Investors can bid for a minimum of 63 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 63 | ₹14,931 |
| Retail (Max) | 13 | 819 | ₹1,94,103 |
| S-HNI (Min) | 14 | 882 | ₹2,09,034 |
| S-HNI (Max) | 66 | 4,158 | ₹9,85,446 |
| B-HNI (Min) | 67 | 4,221 | ₹10,00,377 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
Incorporated in 2015, Indiqube Spaces Limited provides managed, sustainable, and tech-driven workplace solutions, aiming to transform the traditional office experience for modern businesses.
The company offers diverse workplace solutions, including corporate hubs and branch offices, enhancing employee experience with interiors, amenities, and services.
The company integrates asset renovation, customized models, and B2B/B2C value-added services, offering comprehensive workspace solutions with plug-and-play offices for clients and employees.
The company manage a portfolio of 115 centres across 15 cities, consisting of 105 operational centres and 10 centres for which the company have executed letters of intent, covering 8.40 million square feet of area under management (“AUM”) in a super built-up area (“SBA”) with a total seating capacity of 186,719 as of March 31, 2025.
Between March 31, 2023, and March 31, 2025, they added 41 properties and expanded to five new cities.
The company focuses on acquiring full buildings in high-demand areas with strong infrastructure and low vacancy rates. They partner with landlords to lease and transform aging properties into modern, sustainable workspaces.
The company upgrades properties with interiors, amenities, and sustainability. As of March 31, 2025, 25.22%% of their portfolio is renovated. Their "enterprise-first" strategy serves large clients with long-term, scalable workspaces.
As of March 31, 2025, the company operates in 15 Indian cities, including seven Tier I cities (Bengaluru, Pune, Chennai, Mumbai, Noida, Gurugram, Hyderabad) and 11 non-Tier I cities (Coimbatore, Kochi, Madurai, Jaipur, Calicut, Vijayawada).
Offerings:
As of March 31, 2025, the company has a diverse team of 625 permanent employees.
Competitive Strengths:
Indiqube Spaces Ltd.'s revenue increased by 27% and profit after tax (PAT) rose by 59% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 4,685.12 | 3,667.91 | 2,969.32 |
| Total Income | 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 |
| Amount in ₹ Crore | |||
The market capitalization of Indiqube Spaces IPO is ₹4977.12 Cr.
KPI as of Mon, Mar 31, 2025.
| KPI | Values |
|---|---|
| ROE | -2.19% |
| ROCE | 34.21% |
| Debt/Equity | -110.58 |
| PAT Margin | -12.66% |
| EBITDA Margin | 58.20% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | -7.65 |
The Company Indiqube Spaces IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|---|
| 1 | Funding capital expenditure towards establishment of new centers | 462.65 |
| 2 | Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company | 93.04 |
| 3 | General corporate purposes | 48.78 |
[Dilip Davda] ISL is engaged in managed and tech savvy workplace solutions that are having good demand in southern region. The company enjoys good market share as well as preference amongst IT giants. While its top line marked steady growth, it posted losses for reported years on account of Ind AS accounting standards. Based on its losses for the last three fiscals, the issue is priced negatively. Well-informed/cash-surplus investors may park moderate funds for medium to long term. Read detail review...
| Listing Date | July 30, 2025 |
| BSE Script Code | 544454 |
| NSE Symbol | INDIQUBE |
| ISIN | INE06ST01018 |
| Final Issue Price | ₹237 per share |
| NSE Listing Group | EQ (Rolling) |
| BSE Listing Group | B |
Indiqube Spaces Ltd.
Plot # 53, Careernet Campus,
Kariyammanna Agrahara Road, Devarabisanahalli,
Outer Ring Road,
Bengaluru, Karnataka, 560103
Phone: +91 99000 92210
Email: cs.compliance@indiqube.com
Website: http://www.indiqube.com/
MUFG Intime India Pvt.Ltd.
Phone: +91-22-4918 6270
Email: indiqubespaces.ipo@linkintime.co.in
Website: https://linkintime.co.in/Initial_Offer/public-issues.html
Indiqube Spaces IPO is a main-board IPO of 2,95,42,340 equity shares of the face value of ₹1 aggregating up to ₹700.00 Crores. The issue is priced at ₹237 per share. The minimum order quantity is 63.
The IPO opens on July 23, 2025, and closes on July 25, 2025.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Indiqube Spaces IPO using UPI as a payment gateway. Zerodha customers can apply in Indiqube Spaces IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Indiqube Spaces IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Indiqube Spaces IPO opens on July 23, 2025 and closes on July 25, 2025.
Indiqube Spaces IPO lot size is 63, and the minimum amount required for application is ₹14,931.
You can apply in Indiqube Spaces IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Indiqube Spaces IPO will be done on Monday, July 28, 2025, and the allotted shares will be credited to your demat account by Tuesday, July 29, 2025. Check the Indiqube Spaces IPO allotment status.
The Indiqube Spaces IPO listing date is on Wednesday, July 30, 2025.
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