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Schedule of Indiqube Space Ltd IPO
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About Indiqube Spaces Limited IPO
Indiqube Spaces Limited will launch its Initial Public Offering, comprising a fresh issue of equity shares and an offer for sale by its promoters. The total issue size is up to ₹850 crores, consisting of the fresh issue of ₹750 crores and an offer for sale of ₹100 crores by promoter selling shareholders.
The IPO opens on a date TBA. The credit of shares will take place on a date TBA. The basis of allotment will take place on TBA and the initiation of refunds will take place on TBA.
Objectives of Indiqube Spaces Limited IPO
The proceeds from this fresh issue of funds will largely be utilised by Indiqube for:
- Funding capital expenditure towards establishment of new centers
- Repaying/pre-paying, in full or in part, certain borrowings availed by the company
- General corporate purposes
Indiqube Space Ltd IPO
Valuation
| Detail | Information |
|---|---|
Upper Price Band | TBA |
Fresh Issue | up to ₹7,50 crores |
Offer for Sale | Up to ₹100 crores |
EPS (in ₹) for FY 24 | (26.09) |
Share Offer and Subscription Details
| Investor Category | Shares Offered |
|---|---|
QIBs | Not less than 75% of the net offer |
Non-institutional Investors (NIIs) | Not more than 15% of the net offer |
Retail-individual Investors (RIIs) | Not more than 10% of the net offer |
Industry outlook
The industry outlook for Indiqube Spaces Limited, as detailed in the Draft Red Herring Prospectus (DRHP), highlights the growth potential and evolving dynamics of the flexible workspace segment in India. This sector has witnessed significant transformation, driven by changing work environments, increasing adoption of hybrid work models, and the rise of startups and SMEs as key contributors to demand.
Company Information
Indiqube is a managed workplace solutions company providing technology-driven, sustainable office spaces, catering to the design, build, operations, & management of workspaces for enterprises, startups, & SMEs across India. With its humble beginnings in 2015, this brainchild of co-founders Rishi Das and Meghna Agarwal now boasts of 103 centers across 13 cities, covering 7.76 million square feet, with an occupancy rate of 91%, a return on capital employed of 32.09%, and a CRISIL A+/Stable credit rating.
Indiqube Space Ltd Strengths
A key player in India’s expanding flexible workspace industry:
Their comprehensive footprint spans 13 cities, including seven Tier-I and six non-Tier-I cities as of June 30, 2024. With over 172,451 seats in 103 centres, they offer a comprehensive portfolio that spans workspace leasing and VAS, such as interior design, facility management, and technology-enabled solutions.
An expansion strategy focused on demand-driven locations:
83.92% of their properties are located in key micro markets of India. These properties ensure value creation and long-term market relevance. Their footprint in Bengaluru, Chennai, and Pune comprises a combined portfolio of 6.87 million square feet across these three key markets.
Capital efficient model with robust risk management
The company leases instead of owning properties. It allows them to secure 10-year leases with a three-year lock-in period which can be extended for another 10 years. This ensures flexibility and control in their arrangement with their lessors.
Risks of Indiqube Spaces Limited IPO
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Any changes in demand-driven locations, along with real estate fluctuations and policy changes, could impact overall business
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The business depends on demand for flexible workspaces, and changes in commercial property prices. Any adverse changes can impact their business,
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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 their business, results of operations, cash flows and financial condition.
All Financial Information about Indiqube Space Ltd
Particulars (in Rs. crores)
Particulars (in Rs. crores)
Comparison with peers
| Parameter | Indiqube Spaces Ltd | Awfis Space Solutions Ltd |
|---|---|---|
Total income in ₹ crores | 867.66 | 874.80 |
P/E as on December 20, 2024 | NA | 714.50 |
EPS Basic in ₹ for FY 24 | 26.09 | 2.79 |
NAV per share in ₹ for FY 24 | 10.03 | 127.74 |
IPO Registrar and Book Running Lead Manager
Link Intime India Private Limited is the registrar with Book Running Lead Mangers being -
- ICICI Securities Limited
- JM Financial Limited
Business Model
Indiqube Spaces is a managed flexible workspaces provider. It develops and operates managed workspaces and provide related services for entrepreneurs, small- and medium-sized enterprises, large enterprises, start-ups and anyone who requires flexible workspaces. The company leases properties and designs, builds and operates flexible workspaces, providing infrastructure, services, amenities, and a sense of community. Indiqube generates revenue by leasing out desks, dedicated desks, private offices, meeting rooms and other workspace solutions on flexible terms.
Company Growth Trajectory
The company's EBITDA has grown ₹140.62 crores in Fiscal 2022 to ₹258.23 crores in Fiscal 2023 and further to ₹263.42 crores in Fiscal 2024. Similarly, Operational EBITDA rose from ₹129.49 crores in Fiscal 2022 to ₹236.69 crores in Fiscal 2023 and ₹226.34 crores in Fiscal 2024, showcasing strong operational performance. The revenue from operations also experienced substantial growth, climbing from ₹344.11 crores in Fiscal 2022 to ₹579.74 crores in Fiscal 2023 and reaching ₹830.57 crores in Fiscal 2024.
Comparison with peers
| Parameter | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Total Income (in ₹ crores) | 2,63.423 | 258.227 | 140.617 |
Profit Before Tax (in ₹ crores) | NA | NA | NA |
EBITDA (in ₹ crores) | 495.28 | 348.93 | 212.53 |
EPS | (26.09) | (15.28) | (16.13) |
Indiqube Space Ltd Balance Sheet
| Parameters | FY 24 | FY 23 | FY 22 |
|---|---|---|---|
Profit Before Tax (in ₹ crores) | NA | NA | NA |
Net Cash from Operating Activities (in ₹ crores) | 542.17 | 323.88 | 202.31 |
Net Cash in Investing Activities (in ₹ crores) | (192.69) | (173.67) | (46.68) |
Net Cash in Financing Activities (in ₹ crores) | (364.78) | (149.28) | (176.35) |
(Bank overdraft) / Cash and Cash Equivalents (in ₹ crores) | (32.58) | (17.28) | (18.21) |
How to Check Allotment Status of Indiqube Spaces Ltd IPO?
- Go to the BSE website.
- Click on "Investor Services" then "Application Status Check".
- Select "Equity" or "Debt" for issue type.
- Choose "Indiqube Spaces Ltd" from the issue name drop-down menu.
- Enter your application number or PAN number.
- Check the box that says "I'm not a Robot".
- Click "Search" to see if allotment status.
How to Apply for Indiqube Spaces IPO?
Here are the steps to check IPO allotment status on Kotak Securities.
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Login to Kotak Securities Demat account.
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Go to current IPO section.
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Enter number of lots and price to apply for the IPO.
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Input UPI ID and click submit to place exchange bid.
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UPI app will receive a mandate notification to block funds.
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Approve mandate request on UPI to block funds.
This article is for informational purposes only and does not constitute financial advice. It is not produced by the desk of the Kotak Securities Research Team, nor is it a report published by the Kotak Securities Research Team. The information presented is compiled from several secondary sources available on the internet and may change over time. Investors should conduct their research and consult with financial professionals before making any investment decisions. Read the full disclaimer here.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Please read the SEBI-prescribed Combined Risk Disclosure Document before investing. Brokerage will not exceed SEBI’s prescribed limit.
Indiqube Space Ltd IPO FAQs
What is the Indiqube Spaces Ltd IPO?
Indiqube Spaces Ltd IPO is an upcoming initial public offering (IPO) by the Bengaluru-based flexible workspace provider. The IPO consists of a fresh issue of equity shares worth ₹750 crore and an offer-for-sale of ₹100 crore by the promoters, with proceeds allocated for debt repayment, establishing new centers, and general corporate purposes.
Is Indiqube Spaces IPO coming?
Indiqube Spaces is expected to open for subscription soon.
Who is the CEO of Indiqube Spaces?
Rishi Das is the CEO and co-founder of Indiqube.
Where can I read more about the Indiqube Spaces business IPO?
You may read more about Indiqube Spaces and its IPO from the company’s red herring prospectus (RHP) here.
