Highest Upside

Large Addressable Market with Strong Growth Potential: The Indian home services market, valued at USD 59 billion, is expected to reach USD 97 billion by FY30, implying a 10–11% CAGR.

Awfis Space Solutions (Awfis) delivered another strong quarter with Q1FY26 revenue growing 30% YoY, while IGAAP EBITDA of INR 480mn grew 60% YoY and mature centre occupancy (>12 months) stood at 84%.

The Company has serviced ~14.6 Mn. customers till date. Moreover, it has witnessed a healthy growth of 25.5% CAGR in its overall NTV over FY23-25, driven by an increase of 17.3% CAGR growth in annual transacting users and a growth of 4.6% CAGR in avg. spend per transacting user.

Launched in 2017, company is, according to the CBRE Report, a leading premium flexible workspace operator in India, and have been the largest operator by total revenue in the past three Fiscals. According to the CBRE Report, company have played a significant role in the growth of the flexible workspace sector in India and been a key contributor for the evolution of flexible workspace products and services. Company is the exclusive licensee of the WeWork Brand in India. Company provide...

WeWork India Management Ltd. (WIML) is a leading premium flexible workspace operator in India. The company's business model involves leasing buildings from landlords, undertaking fit-outs and transforming these spaces into fully managed, modern, tech-enabled and productive offices for its clients/members. As of Jun'25, WIML had 68 operational...

IPO NOTE

WeWork India: Leading the Flexible Workspace Market Embassy Group, is India's largest flexible workspace operator by revenue. Headquartered in Bengaluru, it has built a strong presence across major Tier 1 cities with 68 operational centres and a total leasable area of 7.67 msf. Its portfolio comprises ~94% or 7.07 msf of Grade A development. It...

Dev Accelerator Ltd. (DAL) is a flex space operator (a third-party company that manages and run flexible workplaces) with presence in tier-I & tier-II markets across India. The company offers comprehensive office space solutions which includes sourcing office spaces, customizing designs, developing spaces and providing technology solutions. As of May'25, DAL has over 250 clients and 28 centers across 11 cities in India with 14,144 seats with SBA (Super Built-up Area) of 8,60,522 sqft under management. Flexible workspace solutions include managed office spaces, co-working spaces,...

IPO NOTE

UCL enables consumers to book services such as cleaning, plumbing, electrical work, appliance repair, beauty treatments, and massage therapy, delivered by trained, background-verified professionals. UCL has also ventured into home solutions with the launch of water purifiers and electronic door locks under its brand Native'. It supports service professionals with training, tools, financing, insurance, and branding, helping improve service quality and earning potential. In three months ended June 30, 2025, UCL had 54,347 average monthly...

Urban Company operates a technology-driven, full-stack online services marketplace for quality driven services and solutions across various home and beauty categories. Company operate in 51 cities across India, United Arab Emirates (UAE) and Singapore, excluding cities served by company's joint venture in Kingdom of Saudi Arabia (KSA), of which 47 cities are in India, as at June 30, 2025. Company's platform enables consumers to easily order services, including cleaning, pest...

IPO NOTE

The company's platform growth has improved operational leverage and cost efficiency, improving profitability for FY25 compared to FY23. Revenues have witnessed ~34% CAGR between FY23-25 while the company reported net profit of Rs.28.5cr for FY25 (Ex. Deferred Tax) in...

Urban Company Ltd (UCL) is a technology driven, full-stack online services marketplace for quality driven solutions and services in 51 cities across India, United Arab Emirates (UAE) and Singapore. The market of Saudi Arabia is...

Company is a managed workplace solutions company offering comprehensive, sustainable, and technology-driven workplace solutions dedicated to transforming the traditional office experience. Company's diverse solutions range from providing large corporate offices (hubs, i.e., the main office of company's clients wherein key functions, leadership teams, and primary operations are based, and is typically located in a central or strategic area) to small branch offices (spokes, i.e., smaller,...

Indiqube Spaces Ltd (ISL) is a managed workspace solutions provider with diverse capabilities ranging from providing large corporate offices to small branch offices. As of Mar'25, the company has a managed portfolio of 115 centres (105 operational, 10 under letters of intent & agreements to lease) across 15 cities with a total Super Built-Up Area (SBA) of 8.4 mn sq ft and operational SBA of 6.9 mn sq ft. As of Mar'25, the company was amongst the leading operators in Bengaluru, which is the largest commercial office and flexible workspace market in India. The company's total and operational seat...

IPO NOTE

IndiQube Spaces, is one of the India’s leading and organized, flexible managed office workspace provider.

Company an office experience and managed Campus platform. As of March 31, 2024, company was the largest managed campus operator, amongst the benchmarked operators in terms of total stock, with a lease signed portfolio of 8.0 million square feet. Company have leased, and company manage a total SBA of 8.99 million square feet as of March 31, 2025. Company strive to make Enterprises and their employees in India more productive at work by providing value-centric pricing and superior office...

Incorporated in 2015, Smartworks Coworking Spaces Ltd (SCSL) is engaged in the business of customized managed workspace solutions, offering fully serviced, tech-enabled office environments with aesthetic...