IndiQube Spaces Limited, a managed workplace solutions company, is set to expand the breadth and depth of its commercial real estate portfolio across India with the addition of 3 million sq.ft. of flexible workspace stock over the next three years. This growth will be funded through the proceeds from the company’s upcoming Initial Public Offering (IPO). With Rs 462.6 crore allocated from the fresh issue component of the IPO specifically towards capital expenditure for new centers, IndiQube’s total Area Under Management (AUM) is projected to reach 11.47 million sq.ft. by FY28.
Bengaluru, India’s largest flexible workspace market with an estimated 29 million sq.ft. of stock as of Q1CY25, is expected to account for a significant portion of this expansion. IndiQube plans to add 1.79 million sq.ft. in the city over the next three years, bringing its Bengaluru AUM to 7.22 million sq.ft. by FY28. The expansion is expected to span across key micro-markets in the city, including the Central Business District (CBD), Extended Business District (EBD), Outer Ring Road (ORR), North Bengaluru, and Whitefield.
In addition to its Bengaluru growth, IndiQube plans to add 7.4 lakh sq.ft. in Chennai and 3.6 lakh sq.ft. across Tier II cities during the same period. As of March 31, 2025, the company managed a portfolio of 115 centres across 15 cities, covering 8.40 million sq.ft. of AUM with a total seating capacity of 186,719. In Bengaluru alone, IndiQube operates 65 centers spanning 5.43 million sq.ft.
The company has a strong presence in eight Tier I cities, namely Bengaluru, Pune, Chennai, Mumbai, Noida, Gurgaon, and Hyderabad. The Rs 700 crore IPO comprises a fresh issue of Rs 650 crore and an offer for sale (OFS) of Rs 50 crore by promoters Rishi Das and Meghna Agarwal. Of the fresh capital, Rs 462.6 crore has been earmarked for expanding IndiQube’s footprint through the establishment of new centers.
IndiQube’s growth strategy includes both entering new cities, including emerging non-Tier I markets, and deepening its presence in existing ones through additional properties in high-demand micro-markets. The company operates on a hub-and-spoke model, acquiring smaller properties in new geographies to assess demand and establish local presence. Once these properties break even and demonstrate viability, IndiQube scales up with investments in larger, strategically located properties.
Over the next three years, IndiQube plans to add 1.29 million sq.ft. in FY26, 1.24 million sq.ft. in FY27, and 0.54 million sq.ft. in FY28. It proposes to utilize Rs 194.4 crore, Rs 186.8 crore, and Rs 81.3 crore respectively in each of these fiscal years for the establishment of new centers.
According to market projections, the total flexible workspace stock across Tier I cities is expected to grow to approximately 140-144 million sq.ft. by the end of CY2027. The Total Addressable Market for the sector is projected to reach Rs 730-960 billion over the same period, underscoring the significant opportunity IndiQube is aiming to capture through its planned expansion.
