Indiqube Spaces made a weak debut on Dalal Street today, July 30, as the stock listed at a 9% discount at ₹216 apiece on the NSE, compared to the issue price of ₹237. On the BSE, it opened 7.7% lower at ₹218.
Following the poor listing, the stock slipped further to ₹201.60, down 6.7% from its listing price and 15% below the IPO price. At 12:30 p.m., the stock was trading at ₹211.09 apiece. Analysts said the weak listing was due to the issue being fully priced, leaving little incentive for investors to participate, even though the company’s long-term prospects appear optimistic.
Sourav Choudhary, Managing Director, Raghunath Capital, said the muted debut of Indiqube Spaces, which listed nearly 8–9% below its issue price, reflects market skepticism around valuation and the absence of near-term profitability.
According to Choudhary, for short-term investors, the lack of listing gains and subdued grey market sentiment offer little incentive to enter at current levels, and any upside in the near term is likely to be speculative rather than fundamentally driven.
Choudhary added that from a long-term investment perspective, Indiqube’s business model remains relevant in a post-COVID world where flexible, managed workspaces are gaining traction. He highlighted that the company’s strong EBITDA margins and focused enterprise clientele offer scalability potential, particularly if it can diversify beyond its heavy Bengaluru concentration.
Choudhary suggested that investors with a 3–5-year horizon and a higher risk appetite may consider staggered exposure, preferably on price corrections, as the company works toward profitability.
“We are maintaining a ‘Neutral to Selective Long-Term Accumulate’ stance on Indiqube Spaces, with a close watch on its quarterly performance, cost structure, and expansion strategy beyond southern markets,” said Sourav.
About Indiqube Spaces
Indiqube Spaces is a managed workplace solutions company offering comprehensive, sustainable, and technology-driven workplace solutions dedicated to transforming the traditional office experience.
Its diverse solutions range from providing large corporate offices (hubs—i.e., the main office of their clients where key functions, leadership teams, and primary operations are based, typically located in a central or strategic area) to small branch offices. The company focuses on transforming the workplace experience of employees by combining interiors, amenities, and a host of value-added services that go beyond standard workspace leasing.
These services include amenities, green initiatives, designed interiors, and B2B and B2C solutions ranging from facility management, sale of goods, asset maintenance, and plantation to catering and transportation services for employees of their clients, as well as technology applications.
These offerings are provided through contracts with clients occupying spaces within their centers or with third-party clients (“VAS”).
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
