IPO-bound Indiqube Spaces FY25 net loss at Rs 140 Cr, revenue rises 27%

Coworking firm Indiqube Spaces Ltd, which will soon launch an initial public offering (IPO), has posted a net loss of Rs 139.61 crore during the last fiscal on higher expenses.

The net loss of Indiqube Spaces, which provides managed office spaces to corporates, stood at Rs 341.50 crore during the 2023-24 fiscal.

Its total income rose to Rs 1,102.93 crore in 2024-25 from Rs 867.66 crore in the preceding year, according to its red herring prospectus (RHP) filed with SEBI.

Indiqube Spaces said the company has incurred losses during the last three fiscal years.

Indiqube Spaces manages a portfolio of 115 centres across 15 cities, covering 8.40 million square feet of area under management with a total seating capacity of 1,86,719 as of March 31, 2025.

Bengaluru-based Indiqube Spaces will hit the capital market on July 23 to raise up to Rs 700 crore through its IPO.

The company has fixed a price band of Rs 225 to Rs 237 per share for its IPO that closes on July 25.

The company is raising Rs 650 crore through the issuance of fresh issue and promoters will offload shares worth Rs 50 crore under the offer for sale (OFS).

Out of the total net proceeds of the IPO, Indiqube Spaces will utilise Rs 462.6 crore towards funding capex for setting up new centres, Rs 93 crore for repayment and the rest for general corporate purposes.

The company, which was incorporated in 2015, had raised Rs 324 crore in two funding rounds during 2018 and 2022.

Amid the rising demand for flexible workspaces, co-working operators are looking to expand their business across major cities in India. They lease office spaces from landlords and then sub-lease the areas to corporations of all sizes.

To support their expansion plan, they are looking to raise funds through various routes, including an IPO.

Already, Awfis and Smartworks have listed their companies on stock exchanges, while WeWork India recently received Sebi nod to launch its IPO.

Gross leasing of office spaces across India's top eight cities is expected to cross 90 million square feet in 2025, beating last year's record demand of around 89 million square feet, according to Cushman & Wakefield.