The SME IPO 2025 market continues to gain momentum in July 2025, providing a vital platform for innovative businesses to raise the capital needed for expansion. IndiQube Spaces Ltd., a leading provider of tech-enabled managed workspaces, is set to launch its IPO on July 23, 2025. By tapping into public markets, the company aims to fuel its growth strategy and expand its footprint across India’s rapidly evolving workspace sector. As investors seek valuable opportunities in India’s booming flexible workspace market, understanding the details of this IPO is essential for making well-informed investment decisions.
This article breaks down the key features of IndiQube Spaces IPO, offering crucial insights for potential investors.
About IndiQube Spaces Ltd.
Incorporated in 2015, IndiQube Spaces Limited specialises in providing managed, sustainable, and technology-driven workplace solutions. They offer a diverse range of flexible office spaces, including corporate hubs and branch offices, focusing on enhancing the employee experience through thoughtful interiors, amenities, and services. As of March 31, 2025, IndiQube manages a substantial portfolio of 115 centres across 15 cities, covering 8.40 million square feet of area under management with a total seating capacity of 186,719.
The company’s “enterprise-first” strategy caters to large clients with long-term, scalable workspace needs. Their competitive strengths include acquiring full buildings in high-demand areas for transformation into modern workspaces, a focus on sustainable green buildings, and a strong client base including well-known names like Zerodha and Myntra.
IndiQube Spaces Ltd. IPO Details
The IndiQube Spaces IPO-SME IPO 2025 details include a book-building issue aggregating up to ₹700.00 crore. It comprises a fresh issue of 2.74 crore shares (₹650.00 crore) and an Offer for Sale (OFS) of 0.21 crore shares (₹50.00 crore).
Important IPO Timeline
| Event | Date |
| 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 confirmation | 5 PM on July 25, 2025 |
Key IPO Details
| Particulars | Details |
| IPO Date | July 23, 2025 to July 25, 2025 |
| Listing Date | [.] |
| Face Value | ₹1 per share |
| Issue Price Band | ₹225 to ₹237 per share |
| Lot Size | 63 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 2,95,35,864 shares (aggregating up to ₹700.00 Cr) |
| Fresh Issue | 2,74,26,160 shares (aggregating up to ₹650.00 Cr) |
| Offer for Sale | 21,09,704 shares of ₹1 (aggregating up to ₹50.00 Cr) |
| Employee Discount | ₹22.00 |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Shareholding Pre-Issue | 18,25,78,871 shares |
| Shareholding Post-Issue | 21,00,05,031 shares |
Lot Size of IndiQube Spaces Ltd. IPO
| 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 Ltd. Financials
IndiQube Spaces Ltd.’s revenue from operations increased by 27% to ₹1,102.93 crore in FY25 from ₹867.66 crore in FY24. While the company reported a net loss, it significantly narrowed from ₹341.51 crore in FY24 to ₹139.62 crore in FY25.
Key Performance Indicators (as of Mar 31, 2025)
- Return on Capital Employed (ROCE): 34.21%
- Debt-to-Equity Ratio: -110.58
- PAT Margin: -12.66%
- EBITDA Margin: 58.20%
- Return on Equity (ROE): -2.19%
Company Financial Snapshot
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 4,685.12 | 3,668 | 2,969.32 |
| Revenue | 1,102.93 | 868 | 601.28 |
| Profit After Tax | -139.62 | -342 | -198.11 |
| EBITDA | 660.19 | 263 | 258.23 |
| Net Worth | -3.11 | 131 | -308.1 |
| Reserves and Surplus | -23.3 | 129.44 | -308.28 |
| Total Borrowing | 343.96 | 164.02 | 623.16 |
IndiQube Spaces Ltd.: Industry Outlook
- Robust Market Growth: The Indian co-working space market is projected to reach USD 2.84 billion by 2030, growing at a CAGR of 20.6%.
- Rising Demand from Startups & SMEs: India’s booming startup ecosystem and SMEs are driving the demand for flexible coworking spaces.
- Hybrid Work Model: The widespread adoption of hybrid work models fuels sustained demand for managed workspaces.
- Technological Integration: Co-working spaces are incorporating AI, IoT, and advanced systems to improve user experience and efficiency.
- Expansion Beyond Metros: While metros lead, demand is rising in Tier-2 and Tier-3 cities due to lower costs and growing business activity.
Use of IPO Proceeds
For IndiQube Spaces Ltd., the IPO proceeds from the fresh issue will be primarily utilised for:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
| 1 | Funding capital expenditure towards establishment of new centres | 463 |
| 2 | Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company | 93 |
| 3 | General corporate purposes | — |
Conclusion
IndiQube Spaces Ltd.’s upcoming IPO offers a promising opportunity for investors in India’s growing managed workspace sector. As a leader in flexible office solutions since 2015, the company is well-positioned to benefit from evolving work models and increasing demand. While it has faced losses in recent years, the narrowing of its PAT in FY25 and strong revenue growth suggest positive momentum. Potential investors should assess IndiQube’s business model, financial health, and market conditions before investing. With the flexible workspace market set for expansion, IndiQube’s IPO could be a valuable investment.
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