Bookbuilding IPO | ₹700 Cr | Listed at BSE, NSE | Wed, Jul 23, 2025 - Fri, Jul 25, 2025
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 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 Open
Wed, Jul 23, 2025
IPO Close
Fri, Jul 25, 2025
Issue Price
₹237 per share
Market Cap (Pre-IPO)
₹4,977.12 Cr
| IPO Date | 23 to 25 Jul, 2025 |
| Listed on | Wed, Jul 30, 2025 |
| Face Value | ₹1 per share |
| Price Band | ₹225 to ₹237 |
| Issue Price | ₹237 per share |
| Lot Size | 63 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Employee Discount | ₹22.00 |
| Total Issue Size | 2,95,42,340 shares (agg. up to ₹700 Cr) |
| Fresh Issue | 2,74,32,636 shares (agg. up to ₹650 Cr) |
| Offer for Sale | 21,09,704 shares of ₹1 (agg. up to ₹50 Cr) |
| Share Holding Pre Issue | 18,25,78,871 shares |
| Share Holding Post Issue | 21,00,11,507 shares |
| BSE Script Code / NSE Symbol | 544454 / INDIQUBE |
| ISIN | INE06ST01018 |
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 | Max 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%) |
Investors can bid for a minimum of 63 shares and in multiples thereof.
| 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 |
Indiqube Spaces IPO raises ₹314.32 crore from anchor investors. Indiqube Spaces IPO Anchor bid date is July 22, 2025.
📝 Anchor Investors Letter (PDF)
| Bid Date | Tue, Jul 22, 2025 |
| Shares Offered | 1,32,62,658 |
| Anchor Portion (₹ Cr.) | 314.32 |
| Anchor lock-in period end date for 50% shares (30 Days) | Tue, Aug 26, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | Sat, Oct 25, 2025 |
| 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 |
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 Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 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 |
| KPI | Mar 31, 2025 |
|---|---|
| ROE | -2.19% |
| ROCE | 34.21% |
| Debt/Equity | -110.58 |
| PAT Margin | -12.66% |
| EBITDA Margin | 58.20% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | -7.65 | |
| Promoter Holding | 70.37% | 60.23% |
| Market Cap | ₹4,977.12 Cr. |
The Indiqube Spaces IPO is subscribed 13.00 times on July 25, 2025 5:04:37 PM (Day 3). The public issue subscribed 13.28 times in the retail category, 15.12 times in the QIB category, and 8.68 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 15.12 | 88,41,772 | 13,36,68,801 |
| NII | 8.68 | 44,20,886 | 3,83,87,349 |
| bNII (bids above ₹10L) | 8.35 | 29,47,257 | 2,46,20,652 |
| sNII (bids below ₹10L) | 9.34 | 14,73,629 | 1,37,66,697 |
| Retail | 13.28 | 29,47,257 | 3,91,43,160 |
| Employee | 6.95 | 69,767 | 4,84,722 |
| Total | 13.00 | 1,62,79,682 | 21,16,84,032 |
Total Application : 5,66,311
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Fees payable to the BRLMs and commissions including underwriting commission, brokerage and selling commission, as applicable | 21.48 |
| 2 | Commission/ processing fee for SCSBs and Bankers to the Issue and fees payable to the Sponsor Banks for Bids made by UPI Bidders. Brokerage, selling commission and bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | 1.63 |
| 3 | Fees payable to the Registrar to the Offer | 0.01 |
| 4 | Listing fees, SEBI filing fees, upload fees, BSE and NSE processing fees, book building software fees, NSDL and CDSL fees and other regulatory expenses | 3.25 |
| 5 | Printing and stationery expenses | 1.00 |
| 6 | Advertising and marketing expenses | 3.05 |
| 7 | Fees payable to the legal counsel | 6.71 |
| 8 | Fees payable to the other advisors to the Offer | 7.38 |
| 9 | Miscellaneous | 4.47 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹237.00 | ₹237.00 |
| Open | ₹218.70 | ₹216.00 |
| Low | ₹201.55 | ₹201.60 |
| High | ₹222.75 | ₹222.97 |
| Last Trade | ₹217.90 | ₹217.97 |
Lead Manager Reports
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 Crores. The issue is priced at ₹237 per share. The minimum order quantity is 63.
The IPO opens on Wed, Jul 23, 2025, and closes on Fri, Jul 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 Wed, Jul 23, 2025 and closes on Fri, Jul 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 Tue, Jul 29, 2025. Check the Indiqube Spaces IPO allotment status.
The Indiqube Spaces IPO listing date is on Wed, Jul 30, 2025.
