Workplace solutions provider IndiQube Spaces set a price band of ₹225 to ₹237 per share for its ₹700-crore initial public offering (IPO). The Bengaluru-based company’s IPO will be open for public subscription from July 23 to July 25, with anchor investor bidding scheduled for July 22, the company announced.
At the top end of the price range, the firm’s valuation stands at nearly ₹5,000 crore.
The workplace solutions company plans to raise ₹650 crore through a fresh issue and ₹50 crore via an offer for sale (OFS) by promoters.
From the fresh issue proceeds, IndiQube intends to allocate ₹462.6 crore for capital expenditure to establish new centers. Additionally, it plans to use ₹93 crore for debt repayment, while the remaining amount will be set aside for general corporate purposes.
Founded in 2015, the workplace solutions provider manages a portfolio of 8.40 million sq ft across 115 properties in 15 cities, offering a total seating capacity of 1,86,719 as of March 2025—up from 74 centers and 4.94 million sq ft in March 2023.
The company caters to 769 clients, with 44% being global capability centers. Following an enterprise-first approach, 63% of its occupied space comes from clients leasing more than 300 seats. Additionally, 44% of its revenue is derived from multi-center clients. Its client portfolio includes prominent names such as Enphase, Myntra, Zerodha, NoBroker, upGrad, Siemens, Juspay, Perfios, Moglix, Ninjacart, Narayana Health, and Allegis.
Financially, the workplace solutions provider posted a total income of ₹1,103 crore in FY25, reflecting a 35% CAGR since FY23.
The company has allocated 75% of the IPO to qualified institutional buyers (QIBs), 15% to non-institutional investors, and the remaining 10% to retail investors.
ICICI Securities and JM Financial are serving as the book-running lead managers for the issue.
The company will list its equity shares on the BSE and NSE on July 30.
