Indiqube Spaces Limited

Indiqube Spaces Limited is a managed workplace solutions company offering comprehensive, sustainable, and technology-driven workplace solutions dedicated to transforming the traditional office experience. Led by an experienced management, with entrepreneurial track record since 1999, their diverse solutions range from providing large corporate offices to small branch offices for enterprises and transforming the workplace experience of their employees by combining interiors, amenities and a host of value added services which comprise amenities, green initiatives, designed interiors, B2B and B2C solutions ranging from facility management, sale of goods, asset maintenance and plantation to catering, and transportation services for the employees of the clients and technology applications, through contracts with clients occupying the space within the centers or third-party clients ('VAS'). They complement the solutions through backward and forward integration capabilities. While backward integration focuses on asset renovation, upgradation and customized build-to-suit models, forward integration enables them to provide business-to-business ('B2B') and business-to-customer ('B2C') VAS to clients and their employees. Company manages a portfolio of 115 centers across 15 cities, consisting of 105 operational centres and 10 centres for which they have executed letters of intent, covering 8.40 million square feet of area under management ('AUM') in super built-up area ('SBA') with a total seating capacity of 1,86,719 as of March 31, 2025. They have expanded the portfolio by 3.46 million square feet of AUM with the addition of 41 properties and five new cities between March 31, 2023 and March 31, 2025. In Bengaluru, they have a portfolio of 65 centers spanning 5.43 million square feet in AUM as of March 31, 2025. As of March 31, 2025, clients with over 300 seats, account for 63.06% of the total portfolio with an average lock-in of 36 months. Company operates under the Brand 'IndiQube' and serve, as of March 31, 2025, 769 clients of which 59.56% were acquired directly by them. As of March 31, 2025, multinational corporations comprising 43.56% and the remaining 56.44% Indian enterprises. The business model is reflected in the strong financial and operational metrics, occupancy rate in steady state centers of 86.50%, return on capital employed of 34.21% and cash EBIT margins of 10.81% as of March 31, 2025. As per financial performance, Indiqube Spaces Limited has posted total income / net profits of Rs 601.28 Cr / (198.11) Cr (FY23), Rs 867.66 Cr / Rs (341.51) Cr (FY24) and Rs 1,102.93 Cr / (139.62) Cr (FY25). So as per previous financials data, company has shown good growth, but Company is making consistent losses. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, two lead managers ICICI Securities Limited and JM Financial Limited are associated with this IPO, and have handled 99 IPOs in last three fiscals.  ( As on 19.07.25 ) As per financials, Indiqube Spaces Limited has shown good sales growth, but making consistent losses. When compared with listed peers, issue looks fully priced. Company is in business of managed workplace solutions, the sector is expected to grow at good rate. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Rishi Das
• 2 Meghna Agarwal
• 3 Anshuman Das