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Rishi Das-Led Indiqube Eyes ₹700 Crore via Public Issue

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Indiqube Spaces Limited IPO to Open on July 23; Price Band Set at ₹225–₹237 Per Share

IPO Details

Offer Structure

Company Highlights

Investor Info

All bids (except Anchor Investors) through ASBA process

UPI ID mandatory for UPI-based bidders

Ahmedabad, July 21, 2025: Indiqube Spaces Limited (formerly Indiqube Spaces Private Limited and Innovent Spaces Private Limited) is set to open its Initial Public Offering (IPO) on Wednesday, July 23, 2025. The IPO comprises a fresh issue of equity shares aggregating up to ₹6,500 million and an offer for sale of shares worth ₹500 million by promoter selling shareholders Rishi Das and Meghna Agarwal.

The price band has been fixed at ₹225 to ₹237 per equity share of face value ₹1 each. Investors can bid for a minimum of 63 equity shares and in multiples of 63 thereafter. Anchor Investor bidding will open on Tuesday, July 22, 2025, a day prior to the main issue. The IPO closes on Friday, July 25, 2025.

As part of their pre-IPO media outreach, Rishi Das (Co-Founder & CEO), Meghna Agarwal (Co-Founder), Pawan Jain (CFO), Vikas Kumar Agrawal (Head – Investor Relations), Vamsi Krishna Chatrathi (Assistant Vice President – Marketing), and Rajat Rawal from ICICI Securities were present in Ahmedabad to interact with the media. They shared insights into the company’s vision, growth story, and rationale behind going public.

“This IPO is a natural step forward in our journey of scaling up Indiqube’s innovative workspace solutions across India. We’re proud of what we’ve built and now aim to fuel our expansion plans with increased transparency and broader investor participation,” said Rishi Das, Co-Founder & CEO.

Echoing the sentiment, Meghna Agarwal, Co-Founder, added, “The IPO is not just about fundraising—it’s about inviting new stakeholders into the Indiqube family as we strengthen our position in the managed office space sector.”

The offering includes a reservation of shares worth ₹15 million for eligible employees, who will also receive a discount of ₹22 per share under the Employee Reservation Portion.

Conducted through the Book Building Process as per SEBI ICDR Regulations, the IPO will allocate at least 75% of the net offer to Qualified Institutional Buyers (QIBs), up to 15% for Non-Institutional Investors (NIIs), and up to 10% for Retail Individual Investors (RIIs). Up to 60% of the QIB portion may be allocated to Anchor Investors, with one-third reserved for domestic mutual funds.

Pawan Jain, CFO, said during the media briefing, “Our business model is robust and cash-efficient. The IPO proceeds will primarily support infrastructure expansion and debt reduction, positioning us for long-term sustainability.”

Retail investors and others (except Anchor Investors) must apply through the ASBA (Application Supported by Blocked Amount) process, with UPI details mandatory for UPI-based applications. Anchor Investors will not use the ASBA mechanism.

(Rafat Quadri canbe contacted at editorbilkul@gmail.com)

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