IndiQube Spaces eyes nearly ₹5,000 crore market capitalisation amid IPO

IndiQube Spaces targets a Rs 5,000 crore market cap with its Rs 700 crore IPO, priced at Rs 225-237 per share, focusing on expansion, debt repayment, and value-added services.

Bengaluru-based workplace services provider IndiQube Spaces is eyeing a market capitalisation of around Rs 5,000 crore as its Rs 700 crore initial public offering (IPO) is set to open on Wednesday, July 23, 2025.

 

“Our book-running lead managers have advised us on the valuation, and, looking at multiple factors, we have set our price band. Considering all of that and our upper price band, post-money valuation should be about Rs 5,000 crore,” said Rishi Das, co-founder and chairperson of IndiQube Spaces.

 

The company's public listing, planned for this month, follows Gurugram-based Smartworks Coworking Spaces, which debuted on Thursday with a market cap of Rs 5,230 crore. Previously, Awfis Space Solutions listed last year and now has a market cap of over Rs 4,662 crore. A slew of public listings by co-working space providers, including WeWork India, IndiQube, and DevX, are in the works, largely driven by the increasing demand for co-working office spaces across markets and sectors. According to Anarock, co-working spaces are the second-highest demand-generating segment for leasing office spaces in the January-June period, during which net office space absorption rose to 26.8 million square feet, up 40 per cent from the previous year’s same period. 

 

The price band for IndiQube Spaces' offer has been fixed at Rs 225-237 per equity share of the face value of Rs 1 each. The offer consists of a fresh issue of Rs 650 crore and an offer for sale of Rs 50 crore by promoters selling shareholders – Das and Meghna Agarwal, co-founder of the company.

 

Promoters hold a 70.37 per cent stake in the company. Post-IPO, the stake will reduce to 60.22 per cent. Das and Agarwal each hold an 18.84 per cent stake in the company.

 

Of its total proceeds from the issue, the company aims to utilise Rs 462.7 crore as capital expenditure towards new centres. The company is currently operating 115 centres across 15 Indian cities with an area under management of 8.4 million square feet (msf). Occupancy levels across the company’s portfolio centres stand at around 85.12 per cent.

 

The company aims to utilise Rs 93.04 crore from the IPO proceeds to repay its borrowings. The company’s total debt is around Rs 332 crore. So far, it has raised Rs 332 crore in debt and Rs 325 crore in equity, Das said.

 

WestBridge Capital invested Rs 190 crore in the company in 2018. Its current stake in the company is around 27.96 per cent, which will be diluted to 24.32 per cent post-IPO.

 

The company may use Rs 94.32 crore of the total proceeds for general corporate purposes.

 

The company’s revenue from operations in the financial year 2025 (FY25) stood at Rs 1,050.3 crore, compared to Rs 830.6 crore in FY24. The company’s revenue has grown at a CAGR of 35.17 per cent between FY23 and FY25. 87 per cent of its revenue comes from the flex space business, while the rest comes from value-added services like office space designing and managing technology.

 

In FY24, the company incurred a loss of Rs 341.51 crore. Das attributed the loss to a change in the accounting standards adopted by the company.

 

Das stated that GCCs account for 44 per cent of the company’s overall client base. Further, 85 per cent of the company’s assets have non-institutional landlords, while the rest are institutional.

 

Meanwhile, 30 per cent of the company’s office assets are renovated assets that fall in the Grade B category. Das stated that the strategy behind this combination is to offer different price points to tenants. However, the share of institutional landlords and Grade A properties may increase going ahead, Das said.

 

The issue will close on Friday, July 25, 2025. The shares may get listed on July 30, 2025, on stock exchanges. 

 

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