IndiQube Spaces, based in Bengaluru, is quickly establishing itself as a prominent name in India’s flexible workspace industry. As of March 2025, the company manages 8.4 million square feet across 115 centres in 15 cities and serves more than 750 clients. Although it’s still losing money, its rapid growth and expansion plans have led to an IPO of ₹700 crore. The funds will help build new centres, pay off debts, and prepare for future growth.
IndiQube was founded in 2015 and now has a strong presence in the flexible workspace sector. It typically acquires entire buildings in popular small markets and renovates older Grade B properties. Now, it’s combining this approach with an asset-light strategy, which involves leasing rather than owning specific properties. This helps it grow faster.
Rs 700 Crore IPO to Fuel Growth
IndiQube’s IPO is open from July 23 to 25. It includes a Rs 650 crore fresh issue and a Rs 50 crore offer-for-sale by the founders, Rishi Das and Meghna Agarwal. The stock is priced between Rs 225 and Rs 237. ICICI Securities and JM Financial are leading this offering. The money will be used for:
- Building new centres (Rs 4,626 crore),
- Reducing debt (Rs 930 crore),
- Supporting company initiatives.
Strong Growth Amid Losses
IndiQube has seen strong revenue growth of 27% year-on-year, reaching Rs 11,029 crore in FY25. Most of this comes from renting workspace, while value-added services (like interior design, facility management, and tech solutions) have risen from Rs 922 crore to Rs 1,349 crore. Still, the company posted a net loss of Rs 1,396 crore, and it remains negative in net worth.
Occupancy & Operational Highlights
IndiQube maintains an 85% occupancy rate across its active regions, with 8.4 million square feet in 115 centres. The company’s assets have grown at a rate of around 30% CAGR over the past two years, increasing from 4.94 to 8.4 million square feet.
Market Position & Clientele
IndiQube holds about 20% of the managed office space market in India. However, it focuses mainly on Bengaluru and Chennai. Its clients are varied: 44% of revenues come from clients with multiple centres, and Global Capability Centres take up 63% of its space.
Market Reception & Risks
Anchor investors have already invested Rs 314 crore, purchasing shares at the top IPO price of Rs 237, showing strong confidence. The grey market premium is around 10%, indicating strong interest. However, challenges remain, including losses, reliance on mature markets, and competition from companies like Awfis and WeWork India.
Strategy for the Road Ahead
The IPO funds will support growth in Bengaluru, Chennai, and Tier-II cities like Pune. Changing to an asset-light model can help control capital requirements. IndiQube’s strategy, which includes leasing workspace and providing additional support services, could position it as a leading company in India’s expanding flexible workspace industry.
TheFlexinsights Takeaway
IndiQube stands out with solid capital backing, flexible service options, and reasonable occupancy rates. However, profitability remains a key challenge. The IPO offers investors the opportunity to support a promising company in a fast-growing field, provided the business can convert its growth into profits in the years to come.
