About
Indiqube Spaces Limited is a managed workplace solutions company specializing in comprehensive, sustainable, and technology-driven office space solutions dedicated to transforming the traditional office experience for enterprises. The company provides a broad spectrum of workplace options, from large corporate offices (hubs) to smaller branch offices (spokes), and enhances the workplace experience through value-added services, interior solutions, and premium amenities.
Indiqube Spaces Limited is launching its Mainboard Initial Public Offering (IPO), comprising a fresh issue of equity shares aggregating up to ₹6,500 million and an offer for sale of equity shares aggregating up to ₹500 million, bringing the total IPO issue size to ₹7,000 million. The IPO is being conducted through the book-building process and the equity shares are proposed to be listed on both the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE), with NSE as the designated stock exchange
Please read the DRHP for more details: Click here
IPO Details
| Issue Price | 225 - 237 |
|---|---|
| Minimum Lot Size Retail | 63/Lot (14,931) |
| Maximum Lot Size Retail | 13 Lots (1,94,103) |
| S-Minimum Lot Size HNI | 14 Lots (2,09,034) |
| S-Maximum Lot Size HNI | 66 Lots (9,85,446) |
| Issue Type | Fresh Issue & Offer for Sale (OFS) |
| Issue Size | Total: 2,95,35,864 shares (aggregating up to ₹700.00 Cr); |
Fresh: 2,74,26,160 shares
(aggregating up to ₹650.00 Cr);
OFS: 21,09,704 shares of ₹1
(aggregating up to ₹50.00 Cr)|
|Employee Discount|22|
IPO Timeline
| Issue Period | 23rd July - 25th July 2025 |
|---|---|
| Allotment Date | 28th July 2025 |
| Refund Initiation Date | 29th July 2025 |
| Demat Transfer Date | 29th July 2025 |
| Listing Date | 30th July 2025 |
Key Strengths
- Indiqube Spaces Limited offers comprehensive, technology-driven managed workplace solutions, providing flexible office spaces ranging from large hubs to smaller branch offices, complemented by interiors, amenities, and value-added services that enhance workplace experience.
- The company has demonstrated strong revenue growth, with revenues increasing significantly over recent financial years, indicating expanding market acceptance and operational scale.
- Indiqube operates a widespread pan-India presence with 105 centres across 14 cities, supporting its ability to serve diverse clients and mitigate geographic concentration risks.
- It maintains a diversified client base with a majority of contracts having a tenure of 24 months or more, providing revenue stability and predictability.
- The company integrates end-to-end value-added services, including bespoke interiors and facility management, which differentiates it from competitors and strengthens customer relationships.
Key Risk Factors
- A substantial portion of Indiqube’s revenue (approximately 89%) is concentrated in three cities—Bengaluru, Pune, and Chennai—making the company vulnerable to adverse changes or disruptions in these markets.
- The business is asset-light and relies on leased properties. Fluctuations in commercial real estate prices or inability to renew leases on favorable terms could increase operating costs or force relocations, materially impacting profitability.
- Indiqube has recorded net losses in the last three fiscal years, and ongoing losses may affect its financial condition and ability to sustain growth.
- Certain lease and client agreements lack proper registration or stamping, which could impair enforceability and expose the company to legal and financial risks.
- The company depends on third-party suppliers for interior enhancements and value-added services; disruptions or delays in these services could adversely affect operational efficiency and client satisfaction.
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Financials of Swastika Castal Limited
| Financial Metric | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 |
|---|---|---|---|
| Revenue from Operations (₹ Lakhs) | 1,05,928.6 | 83,057.3 | 57,973.8 |
| Operating Profit Margin (%) | Not explicitly stated | Not explicitly stated | Not explicitly stated |
| Profit After Tax (PAT, ₹ Lakhs) | (13,961.7) (Loss) | (34,150.8) (Loss) | (19,810.9) (Loss) |
| Cash & Cash Equivalents (₹ Lakhs) | 5,944 | 371 | 10,442 |
| Return on Capital Employed (ROCE, %) | Not explicitly stated | Not explicitly stated | Not explicitly stated |
| Return on Equity (ROE, %) | Not explicitly stated, Net Worth negative | Not explicitly stated, Net Worth positive | Not explicitly stated, Net Worth negative |
| Earnings Per Share (EPS, ₹) | (7.65) (Loss) | (26.09) (Loss) | (15.28) (Loss) |
- Revenue from operations showed strong growth from ₹57,973.8 Lakhs in Fiscal 2023 to ₹1,05,928.6 Lakhs in Fiscal 2025.
- The company reported losses after tax over the last three fiscals with the PAT increasing in absolute terms.
- Cash and Cash Equivalents showed fluctuations with a significant jump in Fiscal 2023.
- Specific operating profit margin, ROCE, and ROE percentages were not explicitly reported in the IPO documents. The negative net worth in Fiscal 2023 and 2025 indicates challenges in equity returns.
- EPS figures reflect losses consistently over the last three years.
These figures reflect the financial performance metrics disclosed in the IPO prospectus of Indiqube Spaces Limited.
IPO FAQs
What is an IPO and how does it work?
An IPO (Initial Public Offering) is when a private company offers its shares to the public to raise capital and becomes publicly listed. In India, companies list their shares on exchanges (NSE/BSE) through IPOs. During the IPO subscription period, investors bid for shares via a broker or trading app. After the IPO closes, shares are allotted to investors and start trading on the stock market.
How to apply for an IPO with Zerodha or Upstox?
You can apply through online brokers like Zerodha or Upstox. For example, Zerodha’s Kite platform lets you apply via UPI or ASBA: log in to Kite, go to Bids → IPO → Apply, select the IPO, enter your bid quantity and price, submit, and approve the UPI mandate. Upstox works similarly: log in to the Upstox app or website, find the IPO section, select the IPO, enter lot size and bid price, input your UPI ID, and authorize the payment. Make sure your Demat account and linked bank account are ready before applying.
How is an IPO allotted to investors?
IPO shares are allocated by category. Typically, Indian IPOs have quotas for Retail, High Net Worth Individuals (HNIs), and Qualified Institutional Buyers (QIBs). Retail and HNI allotments usually use a lottery if oversubscribed, whereas QIBs get prorata allotment. For example, if demand from retail investors far exceeds available shares, a lottery (draw) decides who gets shares. Unsuccessful applicants simply get their blocked funds released.
What is GMP (Grey Market Premium) in an IPO?
GMP stands for Grey Market Premium. It is the unofficial premium above the IPO price that shares trade for in the grey market before listing. For example, if an IPO is priced at ₹100 and grey market traders are paying ₹120 per share, the GMP is ₹20. A positive GMP indicates strong demand and suggests potential listing gains, but remember this market is unregulated and unofficial, so GMP is only an indicative signal, not a guarantee.
What is the IPO calendar and where can I find upcoming IPOs?
An IPO calendar is a schedule of upcoming IPO issues (opening/closing dates, sizes, etc.). In India, IPO calendars are published on financial websites and exchange portals. For instance, sites like Chittorgarh or IPOWatch list upcoming IPOs and their timelines. You can also check NSE or BSE official websites under “New Listings” or “Upcoming Issues” for authoritative updates.
What are IPO listing gains and how do they work?
Listing gain is the profit an investor makes if a stock’s listing (opening) price is higher than its IPO issue price. In other words, if you bought at ₹150 and the stock opens at ₹200 on day one, your listing gain is ₹50 per share. Many investors apply to IPOs hoping for such gains. However, share prices can also fall on listing day if demand is weak, so listing gains are not guaranteed.
How does an IPO give profit to investors?
Investors profit from IPOs mainly in two ways: listing gains and longterm growth. On listing day, a share price often jumps if demand is strong, yielding an immediate gain. Over the longer term, if the company performs well, investors can earn from stock price appreciation. As one analysis notes, IPO investors aim for “longterm stock growth or immediate listing gains”. Always remember that IPOs carry risk, so profits depend on both market demand and company fundamentals.
Which IPO is best to buy today?
There’s no one “best” IPO to buy; it depends on the company’s fundamentals and market sentiment. Indian investors typically check the IPO’s prospectus, valuation, and oversubscription levels. The grey market premium (GMP) can give a clue: a high GMP suggests strong demand and potential listing gains. For example, if a GMP is ₹30 on a ₹100 issue, investors expect about a ₹30 upside on listing. However, always do your research on the business model and pricing. High demand or a big GMP doesn’t guarantee a profitable investment, so choose IPOs carefully.
Are IPOs safe investments?
IPOs can be profitable but come with risk. Often a heavily oversubscribed IPO will see a big price jump on day one (strong initial demand). However, many factors affect postlisting performance. As noted, “a high oversubscription does not always mean strong postlisting performance”. New IPO companies may be volatile initially, so share prices can fall if market conditions change. Retail investors should be cautious: IPO gains can be high, but IPOs also carry uncertainties and require strong risk tolerance.
How to check IPO allotment status?
After the allotment date, you can check your IPO status on exchange or registrar websites. For example:
- BSE: Go to BSE’s “Application Status Check”, select Equity, pick the IPO and enter your PAN or application number.
- NSE: Visit NSE’s “Application Status Check” under Resources/Tools, select your IPO, and enter your PAN/application details.
This will show whether your bid was allotted and how many shares you got. You can also check the registrar’s site (e.g. Bigshare, KFintech) by entering PAN or application number as guided.