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Bengaluru-based workspace solutions provider IndiQube Spaces will launch its initial public offering (IPO) on July 23, which will remain open for subscription until July 24. The company has fixed the price band between Rs 225 and Rs 237. At the upper price band, the company’s valuation stands at approximately Rs 5,000 crore. The IPO includes a fresh issue of Rs 650 crore and an offer for sale (OFS) of Rs 50 crore. Moreover, WestBridge Capital, a significant investor in the company since 2018, will not be selling any shares in the OFS.

IndiQube plans to use the fresh funds primarily for expansion. Around Rs 462.6 crore will be allocated for capital expenditure to set up new centres, while Rs 93 crore will be used for loan repayment, and the remaining amount will be utilised for general corporate purposes.

Some of its prominent clients include Enphase, Myntra, Zerodha, NoBroker, upGrad, Siemens, Juspay, Perfios, Moglix, Ninjacart, Narayana Health, and Allegis.

Here is the list of risks that investors should consider before subscribing to the IPO:

IndiQube on Sunday (July 20) reported a net loss of Rs 139.61 crore in FY25, narrowing from a loss of Rs 341.50 crore in FY24, despite a rise in expenses.

The company's total income increased to Rs 1,102.93 crore in FY25 from Rs 867.66 crore in FY24, representing a CAGR of 35 per cent from FY23.

The company has incurred losses for the past three consecutive fiscal years, even as it continues to scale operations across the country.

The company has reserved 75 per cent of the offer for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors, and the remaining 10 per cent for retail investors.

ICICI Securities and JM Financial are acting as the book-running lead managers for the issue. IndiQube’s equity shares are expected to be listed on July 30 on both the BSE and NSE.

ICICI Securities and JM Financial are acting as the book-running lead managers, while MUFG Intime India is appointed as registrar.

Shares of IndiQube Spaces are expected to be listed on July 30 on both the BSE and NSE.

The coworking industry in India is witnessing increased activity, with Awfis and Smartworks recently listed on the stock exchanges. Additionally, WeWork India has recently received regulatory approval from SEBI to launch its own IPO.

Founded in 2015, IndiQube has seen growth in recent years. As of March 2025, the company manages a portfolio of 8.40 million square feet across 115 properties in 15 cities, providing 1,86,719 seats, an increase from 4.94 million square feet across 74 centres in March 2023.

The company’s client portfolio includes well-known names such as Zerodha, Morris Garages, Myntra, NoBroker, upGrad, Siemens, Juspay, Perfios, Moglix, Ninjacart, Narayana Health, and Allegis.

The company serves 769 clients, with 44 per cent being global capability centres. Its enterprise-first strategy has resulted in 63 per cent of the occupied space being leased by clients with more than 300 seats.

Moreover, 44 per cent of the firm's revenue is generated from clients operating in multiple centres.

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