Indiqube Spaces promoters buy over 1 lakh shares in open market

Indiqube Spaces, the Bengaluru-based managed workspace company, has intimated exchanges that its promoter and promoter group acquired over 1.14 lakh equity shares from the open market over the past month.

According to the exchange filing, Meghna Agarwal, a promoter of the company, and Ms. Ashu Agarwal, a member of the promoter group, together purchased 1,14,751 equity shares between February 16 and March 16, 2026. The promoters currently hold a little over 60% stake in the company with Meghna holding 15.85% stake in her personal capacity as of December 2025.

The acquisition falls below the 2% threshold that would trigger mandatory disclosure obligations under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. However, the company cited in its filing that the information was being disclosed in the spirit of commitment to transparency and good corporate governance. "As a measure of enhanced disclosure and in the interest of maintaining transparency with investors and stakeholders, the company is making this voluntary intimation," stated the filing, signed by chief financial officer Pawan J. Jain.

Promoter purchase from the open market is widely seen as a confidence signal about a company’s long-term prospects and an indicator that the promoters believe the stock is attractively valued.

According to a report by BoB Capital Markets, the company continues to be concentrated in Bengaluru (64.3% of its assets under management) with the majority (~64%) of its area leased out to tenants leasing >300 seats. The report states that as the largest operator in the city, Indiqube benefits from high demand for space within its workspaces. “We believe that the operator should be able to expand rentable area by ~21% CAGR over FY26E-FY28E, while maintaining high utilisation levels with 84.6% occupancy,” states the report.

In an earlier report, ICICI Securities stated that the company’s operating margins are expected to expand 591 bps to 19.1% in FY28 against 13.2% in FY25, owing to the percentage of rental expenses on upcoming assets reducing as a percentage of operating revenue. “Additionally, annual utility cost savings of Rs 20 crore from its Karnataka solar power plant are estimated to contribute to margin expansion,” mentions the report.