Indiqube Spaces IPO subscription status: The initial public offering of Indiqube Spaces kicked off for subscription on Wednesday, July 23. The issue garnered decent bids during the first day of the bidding process as it neared the full subscription mark amid strong demand from retail investors and a decent grey market premium (GMP). Analysts remain mixed on the mainboard IPO.
Indiqube Spaces IPO, worth ₹700 crore, is a mix of fresh share sale of ₹650 crore and an offer for sale of ₹50 crore by the promoter selling shareholders. The IPO price band for Indiqube Spaces has been fixed at ₹225 to ₹237 per share. Investors can apply for a minimum of 63 shares in one lot and its multiples thereof.
The company plans to use the funds raised from the fresh share sale for setting up new centres, repayment of certain corporate borrowings availed by the company and general corporate purposes.
Financially, the company has posted losses consistently for the last three fiscal years, while its revenue has seen growth during this period. Its net loss in FY25 stood at ₹157.3 crore as against ₹385 crore in FY24. Meanwhile, revenue grew 27.5% to ₹1059 crore from ₹831 crore between FY25 and FY24.
Indiqube Spaces IPO Subscription Status
As of the first day of the bidding process, Indiqube Spaces IPO was booked 87%, receiving bids for 1,50,03,450 shares as against 1,71,48,335 shares on offer.
The retail portion was subscribed 3.41 times, NII portion 0.78 times and the QIB quota 0.06 times. The employee portion was booked 2.83 times.
Indiqube Spaces IPO GMP
Indiqube Spaces IPO GMP today is ₹20. This is lower than the ₹40 GMP that the company was commanding a few days back. At the prevailing GMP and upper end of the price band, Indiqube Spaces IPO shares could list at ₹257, a premium of 8%.
Investors must note that GMP is subject to change and should not be the only factor influencing their investment decision. They must consider company fundamentals and risk appetite before investing.
Indiqube Spaces IPO: Review
Domestic brokerage Anand Rathi has a ‘Subscribe for long-term’ rating on the issue. “At the upper price band company is valued at P/S of 4.7x with EV/EBITDA of 14.6x and a market cap of ₹ 49,771 million post issue of equity shares. We believe that the IPO is fully priced and recommend a “Subscribe-Long term” rating to the IPO,” it said.
Meanwhile, SBI Securities said Indiqube Spaces is one of the customised managed workspace solutions offering company, with a diversified client base. It has a healthy occupancy rate across most of the centers. “At the upper price band of ₹237, ISL is valued at FY25 EV/Adj. EBITDA of 40.7x, which is at a premium to listed peers. We recommend investors to AVOID the issue and track company’s performance post listing especially focusing on its capital efficiency. We believe companies like Awfis Space Solutions offer better investment opportunity within the coworking space which is currently profitable and trades at FY25 EV/Adj. EBITDA of 28.1x,” SBI Securities said.
DR Choksey has a ‘Neutral’ rating on the IPO, and Arihant Capital has a ‘Subscribe’ tag.
Disclaimer: This story is for educational purposes only. 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.
