IndiQube Spaces Limited

IndiQube Spaces Limited, incorporated in 2015, provides managed and technology-enabled workplace solutions, offering ready-to-use corporate offices and branch locations designed around interiors, amenities and support services rather than raw leased space. As of early FY26 the company operated over 100 centres across more than a dozen Indian cities, spanning a large managed portfolio of office space and seats, split between major metro hubs such as Bengaluru, Pune and Chennai and a wider set of smaller cities. The company follows an asset-light model, taking space on long-term lease or management arrangements from property owners and fitting it out for corporate occupiers, rather than owning real estate outright. This has let it scale its footprint quickly while keeping a comparatively capital-efficient balance sheet relative to a traditional developer. Revenue has grown strongly from FY23 to FY25 as more centres matured and occupancy improved, even as the company has continued to report accounting losses, driven in part by the depreciation and interest treatment of long-term lease liabilities under Ind AS 116 rather than by weak underlying operations. Its business is closely tied to corporate demand for flexible office space and remains concentrated in its core metro markets.

IndiQube Spaces raised about Rs 314 crore from anchor investors at the IPO cap price of Rs 237 per share, close to 45 percent of the total issue. The anchor book included investors such as BNP Paribas, Societe Generale, Aditya Birla Sun Life AMC, Invesco, Bandhan Mutual Fund, Motilal Oswal AMC, Axis Max Life Insurance and Edelweiss.