Indiqube Spaces IPO: The initial public offering (IPO) of Indiqube Spaces Limited has opened today. Bidding for the public issue will begin today at 10:00 AM, which means the Indiqube Spaces IPO subscription status will become available in the public domain. The Indiqube Spaces IPO will remain open until 25 July 2025. This means the public issue will remain open from Wednesday to Friday. The tech-driven workplace solution company has declared the Indiqube Spaces IPO price band at ₹225 to ₹237 per equity share. The book build issue is proposed for listing on the BSE and the NSE. The workplace solution company aims to raise ₹700 crore from this public offer, of which ₹50 crore is reserved for offer for sale (OFS). The remaining ₹650 crore is aimed through the issuance of fresh shares.
Ahead of the Indiqube Spaces IPO subscription opening date, the company’s shares are also available in the grey market. According to market observers, shares of the company are available at a premium of ₹23 in the grey market today. This means Indiqube Spaces IPO GMP today is ₹23. The expected Indiqube Spaces IPO listing price in the grey market today is ₹260 ( ₹237 + ₹23), which signals nearly 10% listing gain for investors, if this trend continues on the share listing date, which is most likely on 30 July 2025.
Indiqube Spaces IPO details: Top 10 facts you should know
1] Indiqube Spaces IPO GMP today: According to market observers, the company’s shares are available at a premium of ₹23 in the grey market today.
2] Indiqube Spaces IPO price: The company has declared an IPO price band of ₹225 to ₹237 per equity share.
3] Indiqube Spaces IPO date: The public issue will open on 23 July 2025 and remain open until 25 July 2025.
4] Indiqube Spaces IPO size: The company aims to raise ₹700 crore from its initial offer, of which ₹650 crore will be raised through the issuance of fresh shares, and the remaining ₹50 crore will be reserved for the OFS.
5] Indiqube Spaces IPO lot size: A bidder can apply in lots, and one lot of the public issue comprises 63 company shares.
6] Indiqube Spaces IPO allotment date: The most likely date for finalising share allocation is 26 July 2025. However, in case of any delay on 26 July 2025, we expect the next Indiqube Spaces IPO allotment date to be 28 July 2025.
7] Indiqube Spaces IPO registrar: MUFG Intime India Private Limited (Link Intime) has been appointed the official registrar of the book build offer.
8] Indiqube Spaces IPO lead managers: ICICI Securities and JM Financial have appointed the initial offer lead managers.
9] Indiqube Spaces IPO listing date: The public issue is proposed for listing on the BSE and the NSE, and the most likely date for share listing is 30 July 2025.
Indiqube Spaces IPO: Apply or not?
10] Indiqube Spaces IPO review: Advising investors to apply for the long-term, Anshul Jain, Head of Research at Lakshmishree Investment, said, “The Indiqube Spaces IPO opens from July 23–25 with a price band of ₹225–237 per share and a lot size of 63 shares (~ ₹14,931). The company aims to raise ₹1,100 crore, with ₹462.6 crore allocated for expansion and ₹93 crore for debt repayment—highlighting a strong growth push. Institutional confidence is evident from anchor investors committing ₹314 crore at the upper price band. Financially, IndiQube has shown progress, with FY25 revenue growing by ~27% and net loss nearly halving, but it remains loss-making with ₹140 crore in red. Risks tied to the commercial real estate sector, such as lease cost volatility and occupancy trends in a hybrid work environment, could impact future performance. While the IPO reflects ambition and investor backing, the lack of profitability and sector sensitivity calls for caution. The issue looks reasonable for growth-focused investors with a mid- to long-term outlook.”
On whether one should apply for the public issue or not, Gaurav Goel, Founder & Director at Fynocrat Technologies, said, “Indiqube Spaces is a notable player in the managed workspace segment, with a stronghold in Bengaluru and growing traction among IT/GCC clientele. The company has scaled revenue and EBITDA well, supported by high occupancy levels and a differentiated value-added offering. However, its profitability remains under pressure, with consistent losses even after accounting adjustments. Despite reporting a healthy RoCE, free cash flow generation remains limited, a key concern in asset-heavy business models. Additionally, the business is geographically concentrated and exposed to risks from oversupply or shifting demand dynamics in the southern region. With no strong visibility on near-term profits or capital efficiency at the net level, the IPO offers little incentive for investors at this stage. While the managed office sector has long-term potential, we believe this opportunity is best watched from the sidelines.”
The market capitalisation of the Indiqube Spaces IPO is ₹4977.12 crore. As of 31 March 2025, the company’s ROE was nearly -2.20%, ROCE was a little over 34%, and the debt-equity ratio was around -110.60. The company’s EBITDA Margin was around 58%. Since the company posted net losses in FY23, FY24, and FY25, most experts say the IPO cannot be valued on a traditional P/E basis.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
