Startup Originals Team
IndiQube Spaces Limited, a leading provider of technology-enabled and managed workspaces, is set to reinvent the Indian office market. With bold plans funded via its July 2025 IPO, the company aims to add 3 million square feet of flexible workspace nationwide over the next three years. This expansion not only underscores IndiQube’s growth ambitions but also highlights the surging demand for modern office solutions across India’s business ecosystem.
IndiQube’s Expansion Blueprint:
Targeting 11.5 Million Square Feet by 2028:
IndiQube currently manages an impressive portfolio of 115 centers spread across 15 Indian cities, totaling 8.40 million square feet and offering over 186,700 seats. By leveraging IPO proceeds, IndiQube expects to increase its assets under management to 11.47 million square feet by the end of fiscal 2028.
Spotlight on Bengaluru:
Bengaluru takes center stage in IndiQube’s upcoming expansion. The city, already India’s largest flexible workspace market with around 29 million square feet as of Q1 2025, will see an additional 1.79 million square feet from IndiQube in the next three years. By 2028, IndiQube’s footprint in Bengaluru is projected to hit 7.22 million square feet, operating 65 centers and reinforcing its dominance in this key market.
Growth in Chennai and Tier-II Cities:
IndiQube is not limiting its growth to Bengaluru. Its Chennai operations are forecasted to expand by 740,000 square feet, while Tier-II cities are set to gain 360,000 square feet of modern office space. This approach mirrors the growing popularity of flexible workspaces beyond major metros, catering to emerging business hubs across the country.
IPO Highlights and Fund Deployment:
IPO Size and Structure:
IndiQube’s public offering is a major event in India’s workspace sector. The IPO comprises a fresh equity issue of ₹650 crore and an offer for sale of ₹50 crore, with the issue price set between ₹225-237 per share. The subscription window runs from July 23 to July 25, 2025, and shares are slated for listing on July 30, 2025.
How IPO Funds Will Be Used:
A substantial ₹462.6 crore from the fresh issue will fund capital expenditures towards new centers. The remaining amount is allocated for debt repayment and general corporate purposes. IndiQube plans to deploy this capital as follows:
- ₹194.4 crore in FY2026
- ₹186.8 crore in FY2027
- ₹81.3 crore in FY2028
These investments will support the opening of new centers and expansion in promising markets.
Market Trends and Growth Strategy:
Hub-and-Spoke Model:
IndiQube follows a hub-and-spoke strategy-first acquiring smaller properties (spokes) in new cities to gauge demand, then scaling up with larger (hub) properties once demand is proven. This prudent, phased approach enables efficient market entry and sustainable growth.
Industry Outlook:
India’s flexible office market is witnessing rapid growth. The total flexible workspace stock in Tier I cities is projected to reach 140–144 million square feet by the end of 2027, with a total addressable market of ₹730-960 billion. Flexible and managed workspaces are increasingly favored by corporates, startups, and even multinationals, with Bangalore maintaining leadership thanks to its tech-driven economy and deep talent pool.
