Indiqube Spaces Ltd IPOINDIQUBE

The IPO opens on 23 Jul 2025 & closes on 25 Jul 2025.

Indiqube Space Limited was incorporated as Innovent Spaces Private Limited, a Private Limited Company on January 14, 2015 by the Registrar of Companies, at Kanpur. Subsequently, the Company name was changed to 'Indiqube Spaces Private Limited' and a fresh Certificate of Incorporation dated November 8, 2024 was issued by the RoC. Pursuant to the conversion of Company into a Public Limited, the name was changed to 'Indiqube Spaces Limited', on December 17, 2024. Indiqube is a managed workplace company offering comprehensive, sustainable, and technology-driven workplace solutions committed to business transformation. The Company is primarily engaged in the business of leasing of network of shared work spaces of fully or partly equipped premises and other related activities. While backward integration focuses on asset renovation, upgradation and customized build-to-suit models, forward integration enables to provide business-to-business (B2B) and business-to-customer (B2C) VAS to clients and their employees. The supply acquisition strategy prioritizes acquiring full buildings in high-demand micro-markets with robust infrastructure connectivity, low vacancy rates, and strong talent catchments. Through a data-driven selection process, Company evaluate factors such as leasing activity, and infrastructure developments to identify properties with high future potential. The Company expanded the business to Gurugram in 2021, further expanded to Coimbatore, Jaipur and Madurai in 2022; Kochiand Vijayawada in 2023, expanded the operations to Mohali in FY24 and opened a new business center to the eastern region of India to Kolkata in FY25. The Company came up with the Initial Public Offer aggregating an issuance of 29,542,340 equity shares of face value Re 1 each, by raising funds aggregating to Rs 700 Cr, comprising a fresh issue of 27,432,636 equity shares aggregating to Rs 650 Cr and 21,09,704 equity shares aggregating to Rs 50 Crore through offer for sale in July, 2025.

Indiqube Spaces Ltd IPO will close on 25 Jul 2025.

<ul><li>One of the Leading Players in the Large and Growing Flexible Workspace Market in India.</li><li>Acquisition Strategy with a Focus on Value Creation and Demand-Driven Locations.</li><li>Prudent Business Management Practices with Strong Operational Metrics.</li><li>Capital Efficient Model with Resilience and Comprehensive Risk Mitigation.</li><li>Experienced Leadership and Prominent Investor Base.</li><li>Focussed on Fostering an Ecosystem of Green Buildings.</li></ul>

<table class="table"> <thead> <tr> <th>S.No</th> <th>Promoters Name</th> <th>Pre Issue Shares</th> <th>Pre Issue Percentage</th> <th>Post Issue Shares</th> <th>Post Issue Percentage</th> </tr> </thead> <tbody> <tr> <td>1</td> <td>Rishi Das</td> <td>34646225</td> <td>18.84</td> <td>33591373</td> <td>16</td> </tr> <tr> <td>2</td> <td>Meghna Agarwal</td> <td>34646154</td> <td>18.84</td> <td>33591302</td> <td>16</td> </tr> <tr> <td>3</td> <td>Anshuman Das</td> <td>46242229</td> <td>25.15</td> <td>46242229</td> <td>22.02</td> </tr> <tr> <td>4</td> <td>Careernet Technologies Private</td> <td>9467282</td> <td>5.15</td> <td>9467282</td> <td>4.51</td> </tr> <tr> <td>5</td> <td>Hirepro Consulting Private Lim</td> <td>3949162</td> <td>2.15</td> <td>3949162</td> <td>1.88</td> </tr> <tr> <td>6</td> <td>MMARS Trust</td> <td>142000</td> <td>0.08</td> <td>142000</td> <td>0.07</td> </tr> <tr> <td>7</td> <td>SRI Family Trust</td> <td>142000</td> <td>0.08</td> <td>142000</td> <td>0.07</td> </tr> <tr> <td>8</td> <td>A4 Family Trust</td> <td>142000</td> <td>0.08</td> <td>142000</td> <td>0.07</td> </tr> </tbody> </table>

<ul><li>For Fiscals 2025, 2024 and 2023, 88.84%, 91.82% and 93.18% of its revenue from operations, respectively, was derived from its centers in Bengaluru, Pune and Chennai collectively. Any adverse developments affecting the company centers in these locations, could have an adverse effect on its business, results of operations and financial condition.</li><li>Its business is sensitive to real estate market fluctuations and the company has witnessed a decline in its occupancy rate from 83.68% as of March 31, 2023 to 80.21% as of March 31, 2024; changes in commercial property prices can significantly impact its leasing costs, which may adversely affect the company profitability.</li><li>The company has experienced losses in the last three Fiscals and its may continue to incur losses in the future which could have an adverse effect on its business, results of operations and cash flows.</li><li>If the company is unable to pay the lease rentals to our lessors, its business, results of operations and financial condition may be adversely affected.</li><li>The lease agreements with its landlords and certain of the company agreements with its clients are required to be stamped in accordance with the relevant state stamp duty legislation and registered under the Registration Act, 1908. Any failure to register and/or appropriately pay stamp duty on such agreements may affect its ability to enforce such agreements.</li><li>The company does not own the properties where its centers are located. Any defect in the title and ownership of such properties may result in the company centers being shut down, result in relocation costs for it and termination of the company client agreements, which may adversely impact its business, results of operations and financial condition.</li><li>Its value-added services may not achieve desired growth and yield desired returns. Further, provision of value-added services poses operational risks as it includes rendering services at high quality standards at our centers. A failures to manage such risks could have an adverse impact on its business, results of operations, cash flows and financial condition.</li><li>Its asset transformation and management solutions services are exposed to development and construction risks, which may have an adverse impact on the company business, results of operations, cash flows and financial condition.</li><li>The company is dependent upon third parties for supply of raw materials and effectuating interior enhancement. Any defaults or delays by these third parties may have an adverse impact on its business, results of operations, cash flows and financial condition.</li><li>While its business has grown rapidly in the past, we may not be successful in managing the company growth effectively, which could have an adverse effect on its business, results of operations, cash flows and financial condition.</li><li>Its may not be able to attract new clients, and the company existing clients may prematurely terminate their agreements with it, which could adversely affect its business, results of operations and financial condition.</li><li>The company relies on its client relationships, reputation and brand to grow its business. Any negative client experience may adversely affect the company brand reputation, impacting its ability to attract or retain clients and consequently have an adverse effect on its business, results of operations, cash flows and financial condition.</li><li>Any inability to expand its business into new regions and markets in India could adversely affect the company business, results of operations, cash flows and financial condition.</li><li>Any decline in its average revenue per square feet or average revenue per rentable seat could have an adverse effect on the company business, results of operations and financial condition.</li><li>The company has incurred operating losses in the last three Fiscals and its may continue to incur operating losses in the future which could have an adverse effect on the company business, results of operations and cash flows.</li><li>Shifts in work culture, such as the rise of remote and hybrid working models, could alter the demand for plug and play workspaces, which could adversely affect its business, results of operations, cash flows and financial condition.</li><li>The estimation of the cost for establishing proposed centers maybe incorrect due to various factors and it may adversely affect its financial condition and the successful implementation of the company expansion plans.</li><li>The company has incurred indebtedness and an inability to comply with repayment and other covenants in its financing agreements could adversely affect its business, results of operations, cash flows and financial condition.</li><li>The company Registered and Corporate Office and its centers are located on leased premises. If the leases agreements are terminated or not renewed on terms acceptable to us, it could adversely affect its business, financial condition, results of operations, and cash flows.</li><li>The company faces significant competitive pressures in its business. The company inability to compete effectively would be detrimental to its business and prospects for future growth.</li><li>Its reliance on brokers for client referrals may adversely affect the company business operations, financial position, and cash flows.</li><li>The company has substantial capital expenditure and working capital requirements and may require additional financing to meet those requirements, which could have an adverse effect on its business, results of operations, cash flows and financial condition.</li><li>Its operations entail certain fixed expenses, and the company inability to reduce such costs during periods of low demand for its workspace solutions may have an adverse effect on the company business, results of operations, cash flows and financial condition.</li><li>The company depends on its senior management and qualified and skilled personnel, and if the company is unable to recruit and retain senior management, qualified and skilled personnel, its business, financial conditions, cash flows and results of operations may be adversely affected.</li><li>Any decline in occupancy rates and inability to secure new tenants could adversely affect its business, results of operations, and financial condition.</li><li>The company has not yet identified the exact locations for establishing new centers for which the Net Proceeds of the Offer are proposed to be utilised.</li><li>The company relies on contract labour for carrying out certain of its operations and the company may be held responsible for paying the wages of such workers, if the independent contractors through whom such workers are hired default on their obligations, and such obligations could have an adverse effect on its results of operations, cash flows and financial condition.</li><li>Its Statutory Auditors and Predecessor Auditor have included certain emphasis of matter and other matters under Companies (Auditor's Report) Order, 2020 in their audit report for its Restated Financial Information. The company cannot assure you that similar emphasis of matter or other qualifications will not be included in its financial statements in the future.</li><li>The Company had filed a compounding application for violation of Section 96(1) of the Companies Act, 2013 and there may be instances of non-compliances with the MCA in the future.</li><li>Its operations could be adversely affected by strikes or increased wage demands by its employees or any other kind of disputes with the company employees.</li><li>The company is subject to government regulation in the jurisdictions in which its operate. Any non-compliance with, or changes in, regulations applicable to it may adversely affect our business, results of operations, cash flows and financial condition.</li><li>The company requires certain licenses, permits and approvals in the ordinary course of business, and the failures to obtain or retain them in a timely manner may adversely affect its business, results of operations, cash flows and financial condition.</li><li>Its may not have adequate insurance and may be unable to secure additional insurance to cover all losses we may incur in the company business operations or otherwise.</li><li>If the company is unable to establish and maintain an effective internal controls and compliance system, its business, results of operations, cash flows and financial condition could be adversely affected.</li><li>The company has experienced delay/ default in payment of statutory dues in the past, which may attract penalties and in turn have an adverse impact on its financial condition.</li><li>The Company, Promoters, Directors, KMPs and SMPs are involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings may have an adverse effect on its business, financial condition, cash flows and results of operations.</li><li>The company has received complaints pursuant to filing of the DRHP which could impact the reputation of the Company and deter potential investors to subscribe to the IPO.</li><li>The company may be subject to employee misconduct, fraud, theft, employee negligence or similar incidents which may adversely affect its business, results of operations, cash flows and financial condition.</li><li>One of the sub-lease deed entered into by the Company with one of its client, for the property located at Kaikondrahalli Village, Varthur Hobli, Banglore East, Bangalore has expired and has not been renewed at the time of filing of this Red Herring Prospectus.</li><li>Its may be exposed to risks associated with our acquisition strategy in relation to high-demand lease properties and the attractiveness of new centers.</li><li>Its may not be successful in implementing and managing our expansion and growth strategy effectively.</li><li>The company may undertake acquisitions, investments, joint ventures or other strategic alliances, which may have an adverse effect on its ability to manage our business, and such undertakings may be unsuccessful.</li><li>Any failures to protect our intellectual property rights could adversely affect its competitive position, business, financial condition and results of operation.</li><li>The company is exposed to risks associated with development and fit-out process of the spaces we occupy.</li><li>If the company is inadvertently infringe on the intellectual property rights of others, its business and results of operations may be adversely affected.</li><li>Technology failures could disrupt its operations and adversely affect the company business operations and financial performance.</li><li>Failures to maintain confidential information of its clients could adversely affect the company business, results of operations, cash flows and financial condition or damage its reputation.</li><li>The company failures in maintaining its quality accreditations and certifications may negatively impact the company brand and reputation.</li><li>One of its Promoter Group companies, Innoprop Spaces Private Limited, is involved in the similar line of business as that of the Company.</li><li>Some of its Promoters and Directors also serve on the boards of other companies and as key managerial personnel of other companies, which may adversely affect their commitment and attention required for its business and operations.</li><li>Its Promoters have provided guarantees in connection with the company borrowings. Its business, results of operations, cash flows and financial condition may be adversely affected by the revocation of all or any of the guarantees provided by them in connection with its borrowings.</li><li>The company has in the past entered into related party transactions and may continue to do so in the future.</li><li>The company has issued Equity Shares during the preceding 12 months at prices that may be lower than the Offer Price.</li><li>Any downgrade in its credit ratings could increase the company finance costs and adversely affect its business, results of operations, financial condition and cash flows.</li><li>Its Promoters, Directors and key management personnel may have interests other than reimbursement of expenses incurred and normal remuneration or benefits.</li><li>Its Promoters and members of the company Promoter Group will continue to hold a significant equity stake in its Company after the Issue and their interests may differ from those of the other shareholders.</li><li>Certain sections of this Red Herring Prospectus disclose information from the CBRE Report which is a paid report and commissioned and paid for by it exclusively in connection with the Issue and any reliance on such information for making an investment decision in the Issue is subject to inherent risks.</li><li>Certain non-GAAP financial measures relating to its operations and financial performance have been included in this Red Herring Prospectus. These non-GAAP financial measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable.</li><li>Its funding requirements and proposed deployment of the Net Proceeds of the Offer have not been appraised by a bank or a financial institution and if there are any delays or cost overruns, its business, cash flows, financial condition and results of operations may be adversely affected.</li><li>Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.</li><li>Certain of its Directors are not directors of listed companies and hence lack of such adequate experience to address complexities associated with listed companies could have an adverse impact on its business and operations.</li><li>The Offer for Sale proceeds will not be available to the Company.</li></ul>

The Issue type of Indiqube Spaces Ltd is Book Building.

The minimum application for shares of Indiqube Spaces Ltd is 63.

The total shares issue of Indiqube Spaces Ltd is 29535865.

Initial public offering of 29,542,340 equity shares of face value of Re.1 each ("Equity Shares") of Indiqube Spaces Limited (formerly known as Indiqube Spaces Private Limited, Innovent Spaces Private Limited) ("Company" or "Issuer") for cash at a price of Rs.237.00 per equity share (including a share premium of Rs.236.00 per equity share) ("Offer Price") aggregating to Rs.700.00 crores ( "Offer") comprising a fresh issue of 27,432,636 equity shares of face value Re.1 each by the company aggregatingto Rs.650.00 crores ("Fresh Issue") and an offer for sale of 2,109,704 equity shares of face value Re.1 each aggregating to Rs.50.00 crores, comprising an offer for sale of 1,054,852 equity shares of face value Re.1 each aggregating to Rs.25.00 crores by Rishi Das and an offer for sale of 1,054,852 equity shares of face value Re.1 each aggregating Rs.25.00 crores by Meghna Agarwal (collectively, Promoter Selling Shareholders") ("Offer for Sale"). This offer includes a reservation of 69,767 equity shares aggregating up to Rs.1.50 crores of face value Re.1 each (constituting up to 0.03% of the post-offer paid-up equity share capital) for purchase by eligible employees (the "Employee Reservation Portion"). The offer less the employee reservation portion is hereinafter referred to as the "Net Offer". The offer and the net offer would constitute 14.07% and 14.03%, respectively, of its post-offer paid-up equity share capital. The company in consultation with the brlms offered a discount of up to 9.28% (equivalent to Rs.22 per equity share) to the offer price to eligible employees bidding in the employee reservation portion ("Employee Discount"). The face value of the equity shares is Re.1 each and the offer price is 237 times the face value of the equity shares. A discount of up to 9.28% on the offer price (equivalent of ?22 per equity share) was offered to eligible employees bidding in the employee reservation portion.