Indiqube Spaces IPO— Price Band, Listing Date, Financials, Valuation, Peer Comparison & More: DRChoksey Report
Indiqube Spaces' Rs 700-crore IPO will open on July 23 for subscription.

Indiqube Spaces Ltd.'s Rs 700-crore IPO comprises of a fresh issue of shares worth Rs 650 crore and an offer-for-sale portion of Rs 50 crore. The office workspace solution provider has fixed the price band in the range of Rs 225 to Rs 237 per share.
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DRChoksey Report
Indiqube Spaces Ltd. will open its initial public offering on July 23 and closes on July 25. The office workspace solution provider has fixed the price band in the range of Rs 225 to Rs 237 per share.
The Rs 700-crore IPO comprises of a fresh issue of shares worth Rs 650 crore and an offer-for-sale portion of Rs 50 crore.
The allotment for the Indiqube Spaces IPO is expected to be finalised on July 28.
The shares will be listed on both the National Stock Exchange and the BSE on July 30.
ICICI Securities Ltd. and JM Financial Ltd. are the book-running lead managers for the public issue.
Objects of the offer
Funding capital expenditure towards establishment of new centers.
Repayment/pre-payment, of certain borrowings.
General corporate purposes.
Outlook:
IndiQube Spaces, is one of the India’s leading and organized, flexible managed office workspace provider. As of March 31, 2025, it operated 115 centers spanning across eight Tier I cities and 7 non-Tier I cities, with a total area under management of 8.4 million square feet and rentable area of 6.3 Mn. Sq. Ft. with occupancy ranging from ~80.0-85.0% over the last three years.
It offers quality and affordable office workspace in key micro markets along with comprehensive set of value-added services including customized fit-outs and interiors, access to board rooms, meeting rooms and training rooms, cafeterias and F&B services to client’s employees, access to entertainment and collaborative areas, end-to-end facility management through a centralized platform at a comprehensive single pricing, so that organizations can avoid hustle and pain to own and manage their own office space.
The Company has been able to scale its revenue and Ebitda at 35.2% and 61.4% CAGR respectively, over FY23-25, driven by faster roll-out of additional properties. Moreover, its rentable area and total area under management has witnessed growth of 21.4% and 30.4% CAGR respectively, over FY23-25.
Despite a rapid scale-up of its operations it maintained an Ebitda margin of ~58% compared to the domestic peer average of ~48%, reflecting its cost-effective policies. It aims to raise Rs 6.5 billion through issue of fresh equity in its initial issue, to fund capital expenditure of Rs 4.6 billion for establishing new centers, for repaying borrowing to the tune of Rs 0.9 billion and to fund other corporate purpose to the tune of Rs 0.9 billion.
IndiQube’s initial issue is priced at 8.4x trailing twelve months EV/Ebitda, compared to the domestic peer average of 12.2x TTM EV/Ebitda. Further, the issue is priced at 47.4x FY25 EV/adjusted cash Ebitda, compared to the domestic peer average of 42.4x FY25 EV/Aadjusted cash Ebitda.
On comparing the growth with peers, we believe the IndiQube’s initial offering is fully priced in, and we assign a “Neutral” rating to the issue.
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