IndiQube IPO: Price Band Set At INR 225-237

Managed workspace solutions provider IndiQube has set a price band of INR 225 to INR 237 per share for its initial public offering (IPO) that will open for subscription on July 23 and close on July 25.

The issue will open for anchor investor bidding on July 22, with the company’s shares expected to list on the bourses on July 30.

While 75% of the IPO offer will be reserved for qualified institutional investors (QIBs), 15% will be for non-institutional investors (NIIs). The remaining 10% would be reserved for retail investors.

The post issue implied market capitalisation of the company will be in the range of INR 4,758 Cr (about $552.5 Mn)  to INR 4,977 Cr (about $578 Mn). 

The company filed its RHP for the IPO yesterday, cutting the issue size by INR 150 Cr to INR 700 Cr. The IPO will now consist of a fresh issue of shares worth INR 650 Cr and an offer for sale (OFS) of INR 50 Cr. 

The cofounders of the company, Rishi Das and Meghna Agarwal, are the only shareholders who will sell their stake via the OFS. 

Out of the 650 Cr fresh issue, the company plans to deploy INR 462 Cr for capital expenditure for establishing newer centres. It will use INR 93 Cr towards repayment of debt, and the remaining amount will be used for general corporate purposes.

Founded in 2015, IndiQube is a managed office space provider that offers ‘office in a box’ experience to clients, encompassing workspace design, interior build-out and a plethora of B2B & B2C services by leveraging technology. 

The pre-IPO shareholding pattern of IndiQube comprises 70% promoter shareholding, followed by WestBridge’s 27.9% stake, Ashish Gupta’s 0.9% stake, and ESOPs of 0.7%. Post listing, the promoters will hold 60% stake, followed by WestBridge with 24.3% and Gupta with 0.8%. 

At the end of FY25, the company was managing 8.40 Mn sq. ft. of space across 115 centres in 15 cities, with an 85.12% occupancy rate and a total capacity of 1.86 Lakh seats, serving 769 clients. 

Of its occupancy, 63% comprises enterprises with 300+ seats, 23% is for 100-300 seats, and the remaining 13% for enterprises with less than 100 seats. It counts the likes of Myntra, upGrad, Moglix, and Ninjacart, among others.

IndiQube’s Financial Health

The company has grown at a CAGR of 35.17% between FY23 and FY25, with its value-added services (VAS) segment registering a 40.6% growth in the same period. While its operating revenue rose 28% YoY to INR 1,059.3 Cr in FY25, the company continued to be loss making ahead of its IPO. IndiQube’s net loss declined 60% YoY to INR 139.6 Cr.

IndiQube reported a revenue-to-rent ratio of 2.4 in 2025, up from 1.9 in 2023. The company operates under 10-20 years lock-in agreements with landlords, while its tenant lock-in period is three years.

It is pertinent to note that IndiQube trailed its listed peers, Awfis and Smartworks, in terms of FY25 financial performance. Awfis posted a profit of INR 68 Cr on INR 1,207 Cr operating revenue during the year, while Smartworks reported a loss of INR 63.2 Cr on INR 1,374.1 Cr revenue.

IndiQube’s public listing bid comes at a time when a number of companies in the segment are looking to go public. While Awfis went public last year, shares of Smartworks listed yesterday at a 7% premium to the issue price. 

Recently, SEBI cleared WeWork India’s IPO, while DevX is also awaiting SEBI approval for its DRHP.

India’s coworking office space market, currently valued at $2.08 Bn in 2025, is projected to grow to $2.91 Bn by 2030.