Indiqube Spaces Ltd IPO

For Fiscals 2025, 2024 and 2023, 88.84%, 91.82% and 93.18% of our revenue from operations, respectively, was derived from our centers in Bengaluru, Pune and Chennai collectively. Any adverse developments affecting our centers in these locations, could have an adverse effect on our business, results of operations and financial condition.

Our business is sensitive to real estate market fluctuations and we have witnessed a decline in our occupancy rate from 83.68% as of March 31, 2023 to 80.21% as of March 31, 2024; changes in commercial property prices can significantly impact our leasing costs, which may adversely affect our profitability.

We have experienced losses in the last three Fiscals and we may continue to incur losses in the future which could have an adverse effect on our business, results of operations and cash flows.

If we are unable to pay the lease rentals to our lessors, our business, results of operations and financial condition may be adversely affected.

The lease agreements with our landlords and certain of our agreements with our clients are required to be stamped in accordance with the relevant state stamp duty legislation and registered under the Registration Act, 1908. Any failure to register and/or appropriately pay stamp duty on such agreements may affect our ability to enforce such agreements.

We do not own the properties where our centers are located. Any defect in the title and ownership of such properties may result in our centers being shut down, result in relocation costs for us and termination of our client agreements, which may adversely impact our business, results of operations and financial condition.

Our value-added services may not achieve desired growth and yield desired returns. Further, provision of value-added services poses operational risks as it includes rendering services at high quality standards at our centers. A failure to manage such risks could have an adverse impact on our business, results of operations, cash flows and financial condition.

Our asset transformation and management solutions services are exposed to development and construction risks, which may have an adverse impact on our business, results of operations, cash flows and financial condition.

We are dependent upon third parties for supply of raw materials and effectuating interior enhancement. Any defaults or delays by these third parties may have an adverse impact on our business, results of operations, cash flows and financial condition.

While our business has grown rapidly in the past, we may not be successful in managing our growth effectively, which could have an adverse effect on our business, results of operations, cash flows and financial condition.