Chanakya’s Review – IndiQube Spaces IPO
IndiQube Spaces Limited is a prominent player in India’s growing flexible workspace industry, offering tech-enabled, sustainable, and fully managed office solutions. Since inception, the company has evolved into a comprehensive workspace experience platform, providing customized setups ranging from headquarters for large corporates to branch offices for growing enterprises.
Its offerings go far beyond traditional leasing—covering interior design, facility management, technology integration, green initiatives, and value-added services such as catering, transport, maintenance, and even plantation services, all under long-term client contracts.
📍 Pan-India Presence & Portfolio Growth
As of March 31, 2025, IndiQube manages:
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115 centers across 15 cities, including 105 operational and 10 under Letter of Intent
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8.40 million sq. ft. of super built-up area (SBA)
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186,719 seating capacity, up from 143,000 in 2023
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A robust expansion of 3.46 million sq. ft. across 41 properties and five new cities over the last two years
Bengaluru remains its core market with 65 centers and 5.43 million sq. ft. AUM.
💹 Strong Financial & Operational Metrics
IndiQube operates on an asset-light model, securing long-term leases (typically 10 years with a 3-year lock-in and renewal options) instead of owning real estate. This gives the company flexibility in dynamic markets and limits capital burden.
As of March 31, 2025:
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Steady state occupancy: 86.5%
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Return on Capital Employed (ROCE): 34.21%
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Cash EBIT margin: 10.81%
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Credit rating: CRISIL A+/Stable
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Total income: ₹1,102.93 crore in FY25 vs ₹601.28 crore in FY23 (CAGR of 35.44%)
🏆 Industry Recognition & Market Leadership
IndiQube has been consistently recognized as a high-growth company:
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Listed in Forbes DGEMS 2023 (Top 200 global-potential companies)
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Future Ready Organization – Economic Times (2023)
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Asia-Pacific High-Growth Company – Financial Times (2020–2025)
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India’s Growth Champion – Economic Times (2021–2023)
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Best Startup – ET Entrepreneur Awards (2024)
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Real Estate Startup of the Year – Entrepreneur Media (2023)
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Breakthrough Enterprise – YourStory/MSME Ministry (2019)
🏢 Sector Outlook – Flexible Workspaces on the Rise
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India’s flexible workspace stock stood at 96+ million sq. ft. as of March 2025
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Expected to grow to 280–300 million sq. ft. by 2027, valued at ₹730–₹960 billion
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Tier-I cities dominate 90% of this stock, but demand from Tier-II cities is rising
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IndiQube operates in both — with a footprint across 8 Tier-I and 7 non-Tier I cities
India’s office stock has grown over 20x since 2003, now standing at 883 million sq. ft., with Grade A spaces forming 85.1%. A large portion of aging stock (over 10 years old) is being refurbished — creating opportunities for operators like IndiQube to enter redevelopment and asset optimization.
🧠 Chanakya’s Take
IndiQube’s asset-light, tech-driven model, strong client retention, and wide national footprint give it a solid edge in India’s evolving commercial real estate market. Its revenue growth, cash efficiency, and CRISIL A+ rating reflect strong execution. However, IPO investors should assess valuation multiples, compare with listed REITs or peers in realty services, and watch market sentiment before applying.
Verdict: Apply
IPO opens on 23 July 2025 and closes on 25 July 2025
IndiQube Spaces IPO Review
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