India-based co-working firm Indiqube Spaces posted a net loss of ₹140 crore in FY25 despite a 27% rise in revenue to ₹1,103 crore. The company is preparing for a ₹700 crore IPO to fund expansion, repay debt, and support future growth.
Indiqube Spaces Ltd, a leading player in India’s co-working sector, has reported a narrowing net loss of ₹139.61 crore for the financial year ending March 31, 2025. This comes ahead of the company’s much-anticipated initial public offering (IPO) set to open on July 23, aimed at raising up to ₹700 crore.
The FY25 performance reflects improving financial health, with revenues climbing 27% year-on-year to ₹1,102.93 crore, compared to ₹867.66 crore in FY24, according to Indiqube’s red herring prospectus filed with the Securities and Exchange Board of India (SEBI).
Though the Bengaluru-based firm has faced losses for the past three years, the scale of loss has significantly reduced from the ₹341.50 crore recorded in FY24, showcasing operational improvement despite higher expenses.
Indiqube Spaces currently manages 115 co-working centers across 15 Indian cities, covering 8.40 million square feet of space and offering seating for nearly 1.87 lakh professionals. As demand for flexible workspaces accelerates in India’s urban hubs, the company is positioning itself for aggressive growth.
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The IPO, priced between ₹225 and ₹237 per share, comprises a fresh issue of ₹650 crore and an offer-for-sale (OFS) of ₹50 crore by promoters. Indiqube plans to allocate ₹462.6 crore towards capital expenditure for launching new centers, ₹93 crore for debt repayment, with the remaining funds reserved for general corporate purposes.
Indiqube’s planned listing comes amid a broader boom in India’s commercial leasing market. Gross office leasing across India’s top 8 cities is projected to surpass 90 million square feet in 2025, according to industry estimates—an all-time high reflecting shifting workplace dynamics and rising demand for hybrid-ready spaces.
Founded in 2015, Indiqube had earlier raised ₹324 crore in two private funding rounds. The company’s IPO aims to capitalize on the growing investor interest in flexible workspace providers and real estate-backed digital transformation plays.
With strong fundamentals, a large operating footprint, and India’s co-working market expanding rapidly, Indiqube’s IPO performance will be closely watched by retail and institutional investors alike.
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