India's Leap Towards Sustainable & Innovative Workspace Design
- Industry News
- March 13, 2024

IndiQube made an impressive debut as a listed company by delivering a standout Q1 performance: operating revenue soared to ₹313 crore, up 27% year-on-year, backed by a robust recurring income model. EBITDA almost doubled to ₹65 crore, and net profit surged by 303%, landing at ₹18.5 crore. Under Ind AS, the firm reported a ₹37 crore net loss—a variation largely due to depreciation and lease interest obligations.
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IndiQube Spaces’ ₹700 crore IPO comprising a ₹650 crore fresh issue and ₹50 crore Offer-for-Sale was legally steered by Khaitan & Co, supported by Cyril Amarchand Mangaldas (CAM) and Hogan Lovells. The high-profile transaction reflects surging investor confidence in India’s coworking ecosystem and consolidates Khaitan’s leadership in sectoral IPO advisory.
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As IndiQube Spaces moves toward its public listing, investors are closely examining its ability to generate profits. Although the company has experienced growth and secured significant anchor tenant commitments, it has yet to achieve profitability, leading to doubts about its valuation in a competitive coworking industry.
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IndiQube Spaces, backed by private equity heavyweight WestBridge Capital, listed below its ₹237 IPO price, reflecting initial investor caution. But long-term conviction from WestBridge, which retained its ~28% stake, turns the narrative toward a multibagger outcome driven by scale, institutional backing, and operational maturity.
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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.
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On its second day of bidding, IndiQube Spaces’ ₹700 crore IPO was fully subscribed, largely due to the enthusiasm of retail investors. The overall subscription reached 2.5–2.7 times, with retail bids exceeding 7 times, showing strong market confidence in the Bengaluru-based managed workspace company’s growth potential.
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