IndiQube Spaces IPO Sees 93% Subscription on Day 1: Should You Invest? Check GMP, Price Band, Broker Opinions
The Grey Market Premium (GMP) for the IndiQube Spaces IPO is currently at 9.70%, suggesting moderate potential gains upon listing.
The public offering of flexible workspace provider IndiQube Spaces Ltd opened for bidding on Wednesday, July 23, and will stay open till Friday, July 25. The company aims to raise Rs 700 crore, and the IPO price band is set between Rs 225 and Rs 237 per share. By the end of Day 1, the issue was 93% subscribed, receiving applications for 1,51,10,739 shares, against 1,62,79,682 shares available.
Retail investors and Non-Institutional Investors (NIIs) subscribed at 3.63x and 0.83x, respectively, while the Qualified Institutional Buyers (QIB) segment saw just 0.06x subscription.
Grey Market Premium (GMP) Update
As per market sources, IndiQube’s shares are being quoted at Rs 260 in the unlisted market — a Rs 23 premium over the upper IPO price of Rs 237, translating to a 9.70% gain. GMP figures depend on investor sentiment and can fluctuate.
IPO Schedule & Listing Date
- Subscription Window: July 23–25, 2025
- Allotment Finalization: July 28, Monday
- Listing Date: July 30, Wednesday on BSE and NSE
Pricing Details & Minimum Investment
- Price Band: Rs 225–Rs 237
- Minimum Lot Size: 63 shares
- Minimum Investment: Rs 14,175 for retail investors
- Valuation: Nearly Rs 5,000 crore at the top end
Brokerage Opinions: Should You Subscribe?
Brokerage firms have expressed mixed reactions:
- KR Choksey Finserv: Rated ‘Neutral’, citing the IPO is “fully valued” versus peers. Valuation at 8.4x TTM EV/EBITDA versus peer average of 12.2x; 47.4x FY25 EV/Adjusted cash EBITDA.
- SBI Securities: Gave an ‘Avoid’ recommendation due to negative free cash flow and rich valuations. Compared it to Awfis, which trades at 28.1x vs IndiQube’s 40.7x (FY25 EV/Adj. EBITDA).
- Anand Rathi: Suggested ‘Subscribe for Long-Term’, noting the company’s tech-driven hub-and-spoke model and platform MiQube. Though the issue is fairly priced (P/S 4.7x, EV/EBITDA 14.6x), long-term growth is promising.
- Arihant Capital: Suggested ‘Subscribe for Listing Gains’. Praised the scalable, asset-light model, high tenant retention, and presence in key metros like Bengaluru and Pune.
- Kunvarji Finstock: Highlighted loss-making status (average EPS: -Rs 15.07), making P/E-based valuation impossible. However, blamed accounting norms and suggested a ‘Subscribe with Long-Term View’ due to strong revenue momentum.
- SMIFS: Also rated the IPO a ‘Subscribe’, backed by sector growth, green initiatives like ‘Sustainability-as-a-Service’, and prime locations.
IPO Structure & Use of Proceeds
The IPO includes:
- Rs 650 crore via fresh issue
- Rs 50 crore via Offer for Sale (OFS) from promoters
WestBridge Capital, a major investor since 2018, is not selling any shares in the OFS.
The company raised Rs 314 crore from anchor investors before public opening.
Funds will be used for:
- Rs 462.6 crore for opening new centres
- Rs 93 crore for loan repayments
- The rest for general business use
Company Overview & Financials
- Founded in 2015, IndiQube manages 8.4 million sq. ft. of workspace across 115 centres in 15 cities (up from 4.9 million sq. ft. in 2023)
- Seating capacity: 1,86,719
- Client base: 769, with 44% being Global Capability Centres
- 63% of space leased by enterprise clients (300+ seats)
- Multi-centre clients generate 44% of revenue
- Notable clients: Myntra, Enphase, Zerodha, NoBroker, Juspay, Siemens, Narayana Health, etc.
- Revenue FY25: Rs 1,103 crore (35% CAGR from FY23)
Past Funding
The company raised Rs 324 crore across 2018 and 2022:
- Rs 190 crore: WestBridge Capital
- Rs 131 crore: Promoters
- Balance from angel investor Ashish Gupta
Book-running lead managers: ICICI Securities and JM Financial
Expected Listing Date: July 30 on BSE and NSE
