[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  R.K. [@ipo_mantra](/creator/twitter/ipo_mantra) on x 387.1K followers Created: 2025-07-18 05:42:55 UTC MAIN BOARD IPO ALERT IndiQube Spaces ►Dates: XX to XX July 2025 ►Price Band: ₹ XXX to ₹ XXX ►Lot Size: XX shares ►IPO Size: XXX crore ►Retail Quota: XX% My notes regarding this IPO are as follows: IndiQube is a managed workspace solutions company offering sustainable, tech-enabled office experiences tailored for modern businesses. Since inception in 2013, it has scaled to become a pan-India player in the flex space segment. 📌 Portfolio: XXXX million sq. ft. across XXX properties 📌 Cities: Present in 15+ cities, including X Tier X and X Tier X locations 📌 Occupancy Rate: >85%, one of the best in the sector 📌 India’s flex workspace market is projected to grow at ~20% CAGR, reaching nearly ₹96,000 Cr by 2027 (CBRE) 📌 IndiQube has outpaced this: scaling from XX centers (4.94 Mn sq. ft.) in FY23 to XXX centers (8.40 Mn sq. ft.) in FY25—a XX% CAGR, 1.5x industry pace 📌 Global Capability Centers (GCCs) remain a big driver of flex demand: •44% of clients are GCCs •63% of seats are in large deployments (300+ seats) •44% of revenue comes from multi-center clients •Big clients include Myntra, upGrad, GEP, Juspay 📌 Company reports a positive churn of 0.23%. Existing clients are expanding footprint rather than exiting. Effectively negating downsizing risks. Monetizing deeper into existing relationships 📌 Financial Highlights 1.CRISIL A+ / Stable credit rating 2.Low capex per sq. ft. (~₹1500 vs industry avg), reducing ALM risk 3.Strong operating metrics: oRoCE: XXXXX% oEBITDA margin: XX% oCash EBIT margin: XXXXX% 4.Revenue-to-rent ratio: 2.42x (FY25), i.e., rental income >2x lease obligations 5.FY23 PAT: ₹21 Cr (pre-restatement) oRestated losses in FY23–FY25 due to transition from Indian GAAP to Ind AS 116, increasing depreciation and finance costs—not operational weakness 📌 Total Proceeds: ₹650 Cr (approx.) •₹463 Cr → New centers, capex •₹93 Cr → Debt repayment •₹94 Cr → General corporate use XX% of proceeds earmarked for growth and deleveraging 📌 Revenue •FY23: ₹601 Cr •FY24: ₹868 Cr •FY25: ₹1103 Cr 📈 2-Year CAGR: ~35% Losses exist (FY25 net loss: ₹140 Cr) - Depreciation: ₹487 Cr. Finance Cost: ₹330 Cr These are non-operating losses tied to expansion and accounting norms. With IPO proceeds reducing debt, profitability may improve materially. 📌 Green Gameplan •29 centers retrofitted using sustainable practices •10 centers already green-certified or in process •22 rooftops with solar, XXXX Mn unit power capacity •Recognitions - Green Champion Award, Corporate Leading the Green Building Movement – IGBC & CII 📌 Strategic Pan-India Presence •Tier 1: Bengaluru, Pune, Chennai, Mumbai, Noida, Gurgaon, Hyderabad, Kolkata •Tier 2: Jaipur, Coimbatore, Kochi, Madurai, Calicut, Vijayawada, Mohali 📌 Awards Snapshot •FT High-Growth Companies Asia-Pacific – 2020 •ET Growth Champions – 2021 & 2022 •Real Estate Startup of the Year – 2021 •Entrepreneur India: XX Startups to Watch IndiQube is playing the long game. They are scaling rapidly, securing marquee clients, showing robust operating metrics, and now looking to reduce its debt and fuel growth with IPO funds. Losses are explainable, growth is strong, and the flex space story in India is still early innings. I will post a few more details about this IPO in the coming days. If you have any query, please post in the comments section. XXXXXX engagements  **Related Topics** [stocks](/topic/stocks) [ipo](/topic/ipo) [Post Link](https://x.com/ipo_mantra/status/1946083240197943771)
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R.K. @ipo_mantra on x 387.1K followers
Created: 2025-07-18 05:42:55 UTC
MAIN BOARD IPO ALERT
IndiQube Spaces
►Dates: XX to XX July 2025 ►Price Band: ₹ XXX to ₹ XXX ►Lot Size: XX shares ►IPO Size: XXX crore ►Retail Quota: XX%
My notes regarding this IPO are as follows:
IndiQube is a managed workspace solutions company offering sustainable, tech-enabled office experiences tailored for modern businesses. Since inception in 2013, it has scaled to become a pan-India player in the flex space segment.
📌 Portfolio: XXXX million sq. ft. across XXX properties
📌 Cities: Present in 15+ cities, including X Tier X and X Tier X locations
📌 Occupancy Rate: >85%, one of the best in the sector
📌 India’s flex workspace market is projected to grow at ~20% CAGR, reaching nearly ₹96,000 Cr by 2027 (CBRE)
📌 IndiQube has outpaced this: scaling from XX centers (4.94 Mn sq. ft.) in FY23 to XXX centers (8.40 Mn sq. ft.) in FY25—a XX% CAGR, 1.5x industry pace
📌 Global Capability Centers (GCCs) remain a big driver of flex demand: •44% of clients are GCCs •63% of seats are in large deployments (300+ seats) •44% of revenue comes from multi-center clients •Big clients include Myntra, upGrad, GEP, Juspay
📌 Company reports a positive churn of 0.23%. Existing clients are expanding footprint rather than exiting. Effectively negating downsizing risks. Monetizing deeper into existing relationships
📌 Financial Highlights 1.CRISIL A+ / Stable credit rating 2.Low capex per sq. ft. (~₹1500 vs industry avg), reducing ALM risk 3.Strong operating metrics: oRoCE: XXXXX% oEBITDA margin: XX% oCash EBIT margin: XXXXX% 4.Revenue-to-rent ratio: 2.42x (FY25), i.e., rental income >2x lease obligations 5.FY23 PAT: ₹21 Cr (pre-restatement) oRestated losses in FY23–FY25 due to transition from Indian GAAP to Ind AS 116, increasing depreciation and finance costs—not operational weakness
📌 Total Proceeds: ₹650 Cr (approx.) •₹463 Cr → New centers, capex •₹93 Cr → Debt repayment •₹94 Cr → General corporate use XX% of proceeds earmarked for growth and deleveraging
📌 Revenue •FY23: ₹601 Cr •FY24: ₹868 Cr •FY25: ₹1103 Cr 📈 2-Year CAGR: ~35% Losses exist (FY25 net loss: ₹140 Cr) - Depreciation: ₹487 Cr. Finance Cost: ₹330 Cr These are non-operating losses tied to expansion and accounting norms. With IPO proceeds reducing debt, profitability may improve materially.
📌 Green Gameplan •29 centers retrofitted using sustainable practices •10 centers already green-certified or in process •22 rooftops with solar, XXXX Mn unit power capacity •Recognitions - Green Champion Award, Corporate Leading the Green Building Movement – IGBC & CII
📌 Strategic Pan-India Presence •Tier 1: Bengaluru, Pune, Chennai, Mumbai, Noida, Gurgaon, Hyderabad, Kolkata •Tier 2: Jaipur, Coimbatore, Kochi, Madurai, Calicut, Vijayawada, Mohali
📌 Awards Snapshot •FT High-Growth Companies Asia-Pacific – 2020 •ET Growth Champions – 2021 & 2022 •Real Estate Startup of the Year – 2021 •Entrepreneur India: XX Startups to Watch
IndiQube is playing the long game. They are scaling rapidly, securing marquee clients, showing robust operating metrics, and now looking to reduce its debt and fuel growth with IPO funds. Losses are explainable, growth is strong, and the flex space story in India is still early innings.
I will post a few more details about this IPO in the coming days.
If you have any query, please post in the comments section.
XXXXXX engagements
