Indiqube Spaces IPO to open on Wednesday: Here are 10 key things to know from the RHP
Indiqube Spaces IPO is scheduled to run from July 23 to July 25, with the tentative listing date fixed as Wednesday, July 30. The issue is priced in the range of ₹ 225 to ₹ 237 per share, with investors allowed to bid in lots of 63 shares.
Ahead of the issue opening, here are ten key things that investors should know from the company's red herring prospectus.
Indiqube Spaces IPO is a mix of fresh issue of ₹ 650 crore and an offer for sale of ₹ 50 crore. Therefore, the total issue size is ₹ 700 crore.
Rishi Das and Meghna Agarwal are the promoter selling shareholders in Indiqube Spaces IPO. Each promoter is looking to offload stake worth ₹ 25 crore.
The company plans to use the funds raised from the IPO to fund capex towards establishment of new centres, repayment of certain borrowings availed by the company and for general corporate purposes.
While the company's revenue has seen a steady growth to ₹ 1059 crore in FY25 from ₹ 831 crore in FY24 and ₹ 580 crore in FY23, it remains a loss-making entity. In FY25, the company posted a loss of ₹ 140 crore while the figure stood at ₹ 341.5 crore in FY24. In the preceding fiscal, the loss was at ₹ 198 crore.
Awfis Space Solutions is the only listed peer of Indiqube Spaces, according to the company's RHP. Unlike Indiqube, Awfis swung to profit in the recently concluded fiscal 2024-25 (FY25).
Indiqube Spaces offers workplace solutions, dedicated to transforming the traditional office experience. Its diverse solutions range from providing large corporate offices (hubs) to small branch offices (spokes) for enterprises and transforming the workplace experience of their employees by combining interiors, amenities and a host of value-added services.
India is one of the largest flexible workspaces markets in APAC with a total stock of over 72 Mn sq. ft. in Tier 1 cities as of H1 CY2024. Favorable demographics, availability of quality talent pool and relative competitive cost for talent may position India as a preferred destination for setting up bases for MNCs, and corporates for their Global Capability Centres (GCCs). These companies may also consider evaluating flexible workspaces to expand their operations in India which may also help in enabling them to outsource some elements of their value chain including but not limited to office experience and running cost-efficient operations. This may also support the existing demand for flexible workspace solutions.
Several risks of picking Indiqube Spaces IPO are: The business is sensitive to real estate market fluctuations and we have witnessed a decline in our occupancy rate from 83.68% as of March 31, 2023 to 80.21% as of March 31, 2024.
The company does not own the properties where its centers are located. Any defect in the title and ownership of such properties may result in centers being shut down, result in relocation costs and termination of client agreements, which may adversely impact business.
In the Indiqube Spaces IPO, 75% of the offer is reserved for QIBs, 15% is allocated for NIIs and the remaining 10% for retail investors.
ICICI Securities and JM Financial are the book running lead managers while MUFG G Intime India Private Limited is the registrar to the issue.
Indiqube Spaces IPO GMP today is ₹ 40. This means, in the grey market, the IPO shares are available at a ₹ 40 premium. At this GMP and the current issue price, Indiqube Spaces shares could list at ₹ 277, a premium of 17% over the upper end of the IPO price of ₹ 237.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
19 minutes ago
- Hans India
Enablr to help GCCs bridge strategic value gap
Hyderabad: Covasant Technologies has unveiled Enablr, a new AI-first practice aimed at transforming how Global Capability Centers (GCCs) are conceived, built, and scaled. Designed to support both new and mature GCCs, Enablr offers a comprehensive suite of AI-driven solutions that promise faster setup, greater strategic alignment, and measurable business impact. As the GCC landscape rapidly evolves—with over 2,000 centers operating in India and employing nearly two million professionals—Enablr enters the market to address a key challenge: bridging the 'strategic value gap' between operational efficiency and enterprise-level innovation. 'GCCs have moved beyond being back-end support systems. They are now innovation hubs central to enterprise transformation,' said Chairman and Managing Director of Enablr. 'With Enablr, we empower organizations to not only build future-ready centers from day one but also help mature GCCs evolve into indispensable strategic partners.' According to a PWC India report, GCCs are projected to grow at a CAGR of 11–12% from FY2025 to FY2029, especially in AI, data engineering, cloud, cybersecurity, and product development. Enablr is uniquely positioned to capitalize on this trend by providing AI-native frameworks that align GCC functions with broader enterprise goals. The platform supports the entire GCC lifecycle—from strategic planning and location selection to operational design, talent acquisition, and AI integration.
Time of India
2 hours ago
- Time of India
Is Indiqube Spaces' IPO a risky bet amidst growing losses?
Tired of too many ads? Remove Ads ET Intelligence Group: Indiqube Spaces, a workplace solutions firm, plans to raise ₹650 crore through a fresh issue to fund capex plans and partially repay debt. It also has an offer for sale of ₹50 crore. The promoter stake will fall to 60.6% after the IPO from 70.9%. The company operates in a sector with strong potential for growth. It has 115 centres across 15 cities. About 63% of its revenue comes from Bengaluru, reflecting geographic concentration. Though revenue and operating profit before depreciation and amortisation (Ebitda) has increased in the past two years, the company continues to report net loss . Given these, investors may wait to see clarity in in 2015, Bengaluru headquartered Indiqube Spaces provides managed, sustainable, and technology-driven workplace solutions. The company's backward integration focuses on asset renovation, upgradation and customised build-to-suit models. It also provides value-added-services (VAS) to clients and their employees. It manages a portfolio of 115 centers across 15 cities, consisting of 105 operational centres and 10 centres for which Indiqube has executed letters of intent, covering 8.4 million square feet of area under management with a total seating capacity of 186,719 as of March from operations and Ebitda grew 35.2% and 61.4% annually to ₹616.5 crore and ₹236.7 crore, respectively between FY23 and FY25. Net loss declined to ₹139.6 crore in FY25 from ₹198.1 crore in FY23, while Ebitda margin grew to 58.2% from 40.83%, better than its listed peer Awfis Space Solutions which is around 33.3%. Net Debt was at ₹337.9 crore, out of which ₹93 crore will be paid from IPO proceeds. Awfis, on the other hand, runs cash positive operations (no debt).Price-to-earnings multiple will not help since the company is yet to record profits. The price-to-sales (P/S) multiple works out to 4.7 compared with 3.7 for Awfis. The enterprise value of Indiqube works out to be 8.6 times of Ebitda while it is 11.2 times for Awfis.
Economic Times
2 hours ago
- Economic Times
Is Indiqube Spaces' IPO a risky bet amidst growing losses?
Agencies Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel ET Intelligence Group: Indiqube Spaces, a workplace solutions firm, plans to raise ₹650 crore through a fresh issue to fund capex plans and partially repay debt. It also has an offer for sale of ₹50 crore. The promoter stake will fall to 60.6% after the IPO from 70.9%. The company operates in a sector with strong potential for growth. It has 115 centres across 15 cities. About 63% of its revenue comes from Bengaluru, reflecting geographic concentration. Though revenue and operating profit before depreciation and amortisation (Ebitda) has increased in the past two years, the company continues to report net loss . Given these, investors may wait to see clarity in in 2015, Bengaluru headquartered Indiqube Spaces provides managed, sustainable, and technology-driven workplace solutions. The company's backward integration focuses on asset renovation, upgradation and customised build-to-suit models. It also provides value-added-services (VAS) to clients and their employees. It manages a portfolio of 115 centers across 15 cities, consisting of 105 operational centres and 10 centres for which Indiqube has executed letters of intent, covering 8.4 million square feet of area under management with a total seating capacity of 186,719 as of March from operations and Ebitda grew 35.2% and 61.4% annually to ₹616.5 crore and ₹236.7 crore, respectively between FY23 and FY25. Net loss declined to ₹139.6 crore in FY25 from ₹198.1 crore in FY23, while Ebitda margin grew to 58.2% from 40.83%, better than its listed peer Awfis Space Solutions which is around 33.3%. Net Debt was at ₹337.9 crore, out of which ₹93 crore will be paid from IPO proceeds. Awfis, on the other hand, runs cash positive operations (no debt).Price-to-earnings multiple will not help since the company is yet to record profits. The price-to-sales (P/S) multiple works out to 4.7 compared with 3.7 for Awfis. The enterprise value of Indiqube works out to be 8.6 times of Ebitda while it is 11.2 times for Awfis.
