Indiqube Spaces IPO 2025: Key Details & GMP

Indiqube Spaces IPO : IndiQube Spaces Limited is a technology-driven and managed workspace provider with a presence in 15 cities across India with over 115 centres. The company creates modern office spaces for corporations and startups. Its ₹700 crore IPO, opening on July 23, 2025, could be a great opportunity for investors, especially when the demand for flexible office space is constantly increasing. This IPO includes an offer for sale along with a fresh issue, which makes it even more interesting.

IndiQube Spaces Limited IPO Particulars

About IndiQube Spaces Limited

Indicube Spaces Limited was founded in 2015 in Bengaluru. Today, this company has become one of the fastest growing names in India’s flexible office space industry. By 2025, it is operating more than 115 centers in 15 cities, out of which 105 are already operational while 10 new centers are going to start soon. These centers have a total area of ​​about 8.40 million square feet and a seating capacity of more than 1.86 lakh. These figures show that the company has achieved a big position in the field of office space solutions in just a few years.

What does the company do and how is its business model : Indicube provides technology-based office solutions that are fully managed and sustainable. This company provides ready-to-move office space, co-working hubs, branch offices and enterprise space to businesses. Its business model is for both B2B and B2C categories, i.e. it provides customized office solutions to startups as well as large corporations.

Better experience through brands and technology : The company has four major services. IndiQube Grow offers shared office facilities for small and large businesses, while IndiQube Bespoke offers fully customized and high-end office designs. Through IndiQube One, the company provides property and facility management services such as IT support, housekeeping and security. An in-house mobile app called MiQube™ provides employees with all office related services from one place such as seat booking, food ordering, transportation and event updates.

Market position and company strategy : IndiQube has become a trusted office space partner for large companies due to its “enterprise-first” model. The company is primarily present in tier 1 cities like Bengaluru, Pune, Mumbai, Hyderabad and Noida and is also expanding its presence in tier 2 cities like Jaipur, Kochi, Madurai and Vijayawada. It renovates old buildings and converts them into modern and eco-friendly offices, thereby reducing real estate costs and having a positive impact on the environment.

Company Organization and Employee Base : As of March 2025, the company has 625 permanent employees who handle its operations, technology and client support. This team is the strong foundation of IndiQube that keeps it competitive in a high-growth sector. The company’s management is experienced and its vision is to promote a workspace ecosystem that is better and sustainable for all types of businesses.

Financial Performance

Objectives of the Indiqube Spaces IPO

IPO Reservation Details

Competitive Strengths of Indiqube Spaces

One of the biggest workspace brands in the country : Indicube Spaces has established itself as a trusted and fast-growing office space company over the years. Started in Bengaluru in 2015, the company now operates in more than 15 cities across the country. Be it startups or big companies Indicube is now a trusted choice, especially for businesses looking for a modern, smart and scalable office space.

Technology-first approach that makes work easier : In today’s era, the office is not just a place, but an experience and this is where Indicube is different from other companies. The company doesn’t just provide a chair table space, but creates a technology-enabled workspace where employees can book meeting rooms, order food or talk to the helpdesk through a mobile app. This whole approach makes the company ready for future needs.

For businesses of every city, every scale : Indicube’s biggest strength is its diverse location network. The company is present not only in metro cities like Bengaluru, Pune and Gurgaon, but also in emerging cities like Jaipur, Kochi and Madurai. This enables it to work with businesses of different sizes and sectors.

Not just offices, complete facilities : Indicube’s model is completely different from other traditional real estate companies. It does not just rent office space, but does everything from office planning to design, interiors, facility management and technological integration. The client only has to start his work the rest of the setup is managed by the company.

Cost savvy and smart expansion : Indicube has chosen a model where it leases most of the properties and renovates them and uses them. This not only saves capital but also makes it easier to expand to new cities quickly. The company also works on long-term partnerships with property owners, which keeps operations stable.

Experienced leadership and trusted investors : The real strength of any business is its team. IndiQube’s leadership team has years of experience in the real estate and tech industry. This is the reason why many renowned institutional investors have invested in this company and supported its expansion and vision.

Potential Risks Associated with Investing in Indiqube Spaces

The company has not yet reached profit : The company has been continuously incurring losses till March 2025. Even though revenue has shown growth recently, profit is still far away. As an investor, it is important to note that the company’s net worth is currently negative, which raises doubts about financial stability.

High dependence on big clients : Most of Indicube’s business comes from enterprise clients. If any of these big clients cancel their deal or end the contract, then the company’s income can be directly affected. Lack of client diversity is a risk factor.

Uncertainty of the real estate sector : The commercial real estate market is largely cyclical, that is, it has sharp fluctuations. Factors such as recession, pandemic or real estate downturn can affect the company’s operations and revenue.

Heavy lease cost and renovation cost : The company’s model is to rent most of the properties and give them a new look. But if rent increases too much or renovation costs are excessive, margins may be affected. In the long run, this can affect the company’s profitability.

Ground level challenges of expansion in smaller cities : Demand for office space in tier 2 and tier 3 cities is not as stable as in metro cities. In such cities, it may be more challenging for the company to find customers, improve the condition of the property and build long-term engagements.

Indiqube Spaces Ltd. IPO Grey Market Premium (GMP)

IndiQube Spaces completed anchor booking on 22 July 2025, with a total investment of ₹314.32 crore. 50% of its shares will be out of lock-in on 30 August 2025, while the remaining 50% will be available on 26 October 2025.

Current GMP Trends

The grey market premium of Indiqube Spaces IPO is ₹23 as of the morning of 23 July 2025. Based on this price band ₹237, the potential listing price is estimated to be ₹260, which can give investors an estimated listing gain of around 9.70%.

Talking about Subject to Sauda, the price is running at ₹1100 for retail investors and ₹15,400 for small HNI investors.

Looking at the grey market activity of the last 7 sessions, GMP is once again trending upwards and a strong listing is expected from this.

Though the GMP has declined from the previous high of ₹40, today’s trend is positive, indicating a potentially strong listing.

Listing Prospects

Given the strong base coming from anchor investment and tech-driven model, the company’s listing prospects look positive. However, caution is important as fundamentals are still in the red and net worth is negative.

Also Read : Best Data Center Stocks in India 2025

Final Thoughts

IndiQube Spaces Limited’s IPO has brought an interesting twist to India’s co-working and managed office space sector. The company’s focus on technology, sustainability and enterprise clients gives it a distinct identity. However, the company is yet to make a profit and some challenges remain. Still, its business model and market demand keep it in the news. It is important to understand every detail related to the IPO so that any decision can be taken thoughtfully.