July 20, 2025 | Mumbai — Workspace company IndiQube Spaces is heading for its IPO, and the timing couldn’t be better. The company just posted solid numbers for FY25. Losses dropped sharply to Rs 139.6 crore, way down from last year’s Rs 341.5 crore. At the same time, revenue climbed to Rs 1,102.93 crore, marking a jump of over 27%.
That kind of turnaround grabs attention—especially when a public issue is around the corner.
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IndiQube has been busy. Its network now spans 115 centres across 15 cities in India. These offices add up to 8.40 million square feet and can seat around 1.86 lakh people. Not long ago, in FY23, the company was making Rs 601 crore. Fast-forward to FY25, and that figure has almost doubled. They’re growing fast—and efficiently too.
EBITDA for FY25 came in at Rs 660 crore, a healthy figure that shows the business isn’t just scaling, it’s doing it with control.
While renting office space is the main business, IndiQube has added extra layers. Its Value-Added Services — think food, tech setups, event spaces — brought in Rs 135 crore this year. That’s double what it was making before. These services now contribute about 13% to total revenue.
Clearly, people don’t just want a desk. They want the whole experience. IndiQube is selling that experience.
Their in-house tech tool, MiQube, is no side project. It processed over a million transactions last year. Customers use it to book meeting rooms, order meals, and manage their space without headaches. That’s not just a fancy feature — it’s become part of how the business runs.
IPO Details You Need to Know
Let’s talk numbers. The company plans to raise Rs 700 crore through its IPO:
- Rs 650 crore as fresh shares
- Rs 50 crore from existing promoters selling part of their stake
The price band has been set at Rs 225–237 per share. Investors will need to buy in lots of 63 shares, which means one lot costs around Rs 14,931. Listing is planned on both NSE and BSE.
Here’s the allocation breakdown:
- 75% for institutional investors
- 15% for high-net-worth individuals
- 10% for retail buyers
IPO opens July 23 and closes July 25.
Out of the Rs 700 crore, the company has specific plans:
- Around Rs 462 crore will go into opening new centres.
- Rs 93 crore will be used to pay off debt.
- The rest will support day-to-day operations and future plans.
It’s a move to grow bigger, faster—and clean up the books at the same time.
IndiQube isn’t just about real estate. A big slice of its offices are renovated Grade B buildings, which cuts down on new construction waste. More than 36% of its properties are green-certified. And they’ve got a 20 MW solar setup powering their operations.
This kind of thing matters to today’s investor. It’s not just about profit—it’s about how you get there.
If you’ve been tracking the flexible office space market, you know it’s heating up. IndiQube has numbers to show, a story of rapid growth, and a plan for what comes next. Losses are shrinking. Revenue is growing. And tech plus services are adding new cash streams.
This IPO might not break headlines like a tech unicorn. But if you’re looking for a solid growth business with expanding demand and a grip on its costs, IndiQube might just be worth a closer look.
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