IPO-bound Indiqube Spaces' net loss narrows to ₹140 crore in FY25

Indiqube Spaces narrows its FY25 net loss to ₹139.61 crore, improving from the previous year. The company plans to raise ₹700 crore through its upcoming IPO opening July 23, 2025

Indiqube reported a net loss of ₹139.61 crore in financial year (FY) 2024-25, an improvement from the ₹341.50 crore loss posted in FY2023-24. The company attributed the narrowing loss to better cost control and increased occupancy rates, according to the company's red herring prospectus (RHP).

 

The issue opens on July 23, 2025, and closes on July 25, with anchor investor bidding scheduled for July 22. Coworking and managed office space provider Indiqube Spaces Ltd had filed its RHP with Sebi for an initial public offering (IPO) to raise ₹700 crore. 

The company has set a price range of Rs 225 to Rs 237 per share for its IPO, which will close on July 25.

 

Fundraising and Capital Utilisation

The IPO comprises a fresh issue of equity shares aggregating up to ₹650 crore and an offer for sale (OFS) of ₹50 crore.

 

Indiqube Spaces will utilise ₹462.65 crore from the IPO proceeds for capital expenditure on new centres, ₹93 crore for repaying certain borrowings, and the remaining amount for general corporate purposes. The company has not proposed any pre-IPO placement.

Financial Performance

In FY2024-25, the coworking space provider reported a total income of ₹1,102.93 crore, reflecting a year-on-year growth of 27.1 per cent. In FY2023-24, total income rose to ₹867.66 crore, registering a growth of 44.3 per cent over the previous financial year. The company had posted a total income of ₹601.28 crore in FY2022–23.

 

Revenue from operations saw robust growth, climbing to ₹1,059.29 crore in FY2024-25 from ₹830.57 crore in the previous fiscal. Total income, including other revenue streams, rose to ₹1,102.93 crore during the same period.

Company Background

Founded in 2015 as Innovent Spaces Pvt Ltd and headquartered in Bengaluru, Indiqube has established itself as a prominent player in the managed office space sector, currently operating 105 centres across 14 Indian cities. However, the company remains heavily dependent on southern and western markets—Bengaluru, Pune, and Chennai—which accounted for over 88 per cent of its revenue in recent years.

 

As of March 31, 2025, Indiqube Spaces operates 115 centres across 15 cities, managing a total area of 8.40 million square feet with a seating capacity of 186,719. 

Bookrunners

ICICI Securities and JM Financial are the book-running lead managers for the issue, while MUFG Intime India Pvt Ltd is acting as registrar. Indiqube shares are proposed to be listed on both the NSE and BSE.

Peer Listing

Recently, Awfis Space Solutions completed its IPO and got listed on exchanges on May 30, 2024, and Smartworks Coworking Spaces concluded its ₹582.56 crore IPO on July 14, 2025. Meanwhile, WeWork India has received Sebi approval for an upcoming IPO, which will be an entirely offer-for-sale issue of up to 43.7 million equity shares, paving the way for its entry into the public market.