Indiqube Spaces Valuation Multiples

WillScot Holdings Corporation (Nasdaq: WSC) is a leading provider of turnkey temporary space solutions in North America, headquartered in Scottsdale, Arizona. It leases modular office complexes, mobile offices, classrooms, blast-resistant modules, clearspan structures, portable storage containers and climate-controlled units, plus value-added products such as furniture, power and connectivity, to customers across 15 end markets, led by commercial and industrial (43% of 2025 revenue) and construction and infrastructure (42%). At December 31, 2025 it had about 260 branch locations across the US, Canada and Mexico, a lease fleet of over 304,000 units, more than 85,000 customers and approximately 4,700 employees. Revenue comes mainly from lease rentals, supplemented by delivery and installation, value-added products and sales of new and used units; full-year 2025 revenue was $2.3 billion, with adjusted EBITDA of $971 million. The business has roots dating back more than 80 years; the current holding company took shape when Double Eagle Acquisition Corporation acquired Williams Scotsman International in 2017, merged with Mobile Mini in 2020 and was renamed from WillScot Mobile Mini Holdings Corp. in July 2024. Tim Boswell became chief executive on January 1, 2026.

International Workplace Group PLC owns a network of business centers leased to various business customers and offers flexible workspace options. It owns and operates brands like Regus, Spaces, Signature, HQ, and No 18. The company operates in three principal geographical segments: the Americas; Europe, the Middle East, Africa; and Asia-Pacific. The Americas segment generates the majority proportion of revenue.

Wework India Management Ltd is a premium flexible workspace operator in India. It provides flexible, high-quality workspaces to its customers which include companies of all sizes: large enterprises, small and mid-size businesses, startups, as well as individuals. The company's portfolio comprised approximately 114,077 desks across 68 Operational Centres with an aggregate Leasable Area for Operational Centres of 7.67 million square feet. It offers a comprehensive mix of flexible workspace solutions, including a mix of custom designed buildings, floors and offices, enterprise office suites, customized managed offices, private offices, co-working spaces, and hybrid digital solutions.

Smartworks Coworking Spaces Ltd is an office experience and managed campus platform. It leases and manages approximately SBA of 8.99 million square feet. The company equips its campuses with modern and aesthetically pleasing designs and amenities such as cafeterias, sports zones, smart convenience stores, gymnasiums, and medical centres etc., to provide a collaborative workspace. It focuses on mid-to-large enterprises and has built a growing client base, which includes Indian corporates, MNCs operating in India, and startups. Geographically, the company generates the majority of its revenue from India, and Others.

Framery Group Oyj is engaged in the design, manufacture, and marketing of soundproof private workspaces, related software solutions, and pods to address noise and privacy issues in open offices.

Servcorp Ltd is a provider of a wide variety of office-space solutions for businesses, including virtual offices, executive suites, meeting rooms, and other accommodations. The company was founded in Australia but currently operates in numerous large cities across countries, including New York, Sydney, London, Paris, Tokyo, Hong Kong, and Dubai. Notable locations include a co-working space in the One World Trade Center in New York City. The company reports revenue from like-for-like floor income. The company has its operating segments in Australia, New Zealand, and Southeast Asia (ANZ/SEA); the United States of America (USA); Europe and the Middle East (EME); North Asia, and Other.

EFC (I) runs managed and flexible office space under the EFC brand, with centres in Mumbai and other cities. Its customers are companies renting seats and offices, and it also has a small real estate business. It is headquartered in Mumbai.

Awfis Space Solutions Ltd is a flexible workspace solutions company with a presence in various cities in India. It provides a wide spectrum of flexible workspace solutions ranging from individual flexible desk needs to customized office spaces for start-ups, small and medium enterprises (SMEs) as well as for large corporates and multi-national corporations. It also provides integrated facility management services and enterprise workspace designing and building services. The group is organized into several business segments: Providing co-working space on rent and allied services, Facility management services, Construction and fit-out services, and Other services. Key revenue is generated from Co-working space on rent and allied services.

WOTSO is engaged in providing flexible workspace, offering various solutions ranging from a single desk to larger spaces to anyone from start-ups to small-to-medium enterprises to large corporate teams. Along with its subsidiaries, it comprises three reportable operating segments: Properties, which represent traditional commercial leases in owned properties; WOTSO FlexSpace, which represents month-to-month flexspace coworking business in both owned properties, as well as third-party leased properties; and corporate, overhead and investments segment, which is responsible for the overall management and compliance of the group and its investments. The majority of the group's revenue is generated from the WOTSO FlexSpace segment. Geographically, it operates across Australia and New Zealand.

Dev Accelerator Ltd is one of the flex space operators. Its comprehensive office space solutions include sourcing office spaces, customizing designs, developing spaces and providing technology solutions to providing complete asset management. Its clientele comprises of large corporates, MNCs and SMEs, to whom the company offers a variety of flexible office space solutions such as managed office spaces and coworking spaces as well as design and execution services through its Subsidiary. The flexible workspace solutions provided by the company at its Centers are divided in the following segments: Managed office spaces, Coworking spaces, Design and execution services, Payroll management services, Facility management services, and IT/ITes services.