Indiqube Spaces IPO - Listing Performance & Details

Indiqube Spaces Limited was incorporated in 2015 and is headquartered in Bengaluru, Karnataka. It works in the commercial real estate sector, providing managed and tech-enabled workplace solutions.

The company offers "office in a box" managed office spaces, including workplace design, interior fit-outs, and B2B and B2C services, for clients ranging from startups to large enterprises across major Tier I and Tier II Indian cities. Its offerings span plug-and-play setups, corporate hubs and bespoke office solutions, with a strategy of acquiring and renovating existing buildings alongside a growing asset-light leasing model. As of March 2025, it managed 8.4 million square feet across 115 centres in 15 cities, serving more than 750 clients, with Bengaluru as its largest market. The company was co-founded in 2015 by Rishi Das (Chairman, Executive Director and CEO) and Meghna Agarwal (Chief Operating Officer and Executive Director), along with Anshuman Das as a Non-Executive Director.

Total income rose 27.1% to Rs 1,102.93 crore in FY25 from Rs 867.66 crore in FY24, which had itself grown 44.3% over FY23, while the company continued to report losses and negative net worth, as per the RHP. The IPO was a mainboard book-built issue of about Rs 700 crore on the NSE and BSE, comprising a fresh issue of Rs 650 crore and an offer for sale of Rs 50 crore by promoter selling shareholders, priced at Rs 225-237 per share, and it listed on 30 July 2025. Net proceeds from the fresh issue were earmarked for capital expenditure on new centres (about Rs 462.65 crore), repayment of certain borrowings (about Rs 93 crore), and general corporate purposes.