The IndiQube Spaces IPO opened today, July 23, 2025, and will remain open for subscription until July 25, 2025. The company, a provider of tech-enabled managed office spaces, aims to raise ₹700 crore through this IPO.

IPO Details

The IPO consists of a fresh issue of 2.74 crore shares aggregating to ₹650 crore and an offer for sale (OFS) of 0.21 crore shares aggregating to ₹50 crore. The price band is set at ₹225 to ₹237 per equity share. Retail investors can apply in lots of 63 shares, which translates to a minimum investment of ₹14,931 at the upper end of the price band.

** utilization**

IndiQube Spaces plans to use the net proceeds from the fresh issue for: * Financing capital expenditures for the establishment of new centers. * Repaying or pre-paying, either partially or in full, specific borrowings incurred by the company. * General corporate needs.

Subscription Status

The IPO has been booked over 29% on Day 1 so far. In the first two hours of opening, the IPO received 22% subscription applications.

Grey Market Premium (GMP)

According to market observers on July 23, 2025, the Grey Market Premium (GMP) for IndiQube Spaces IPO is ₹23. Some reports indicate a GMP of ₹24. This means that the shares are trading at a premium in the grey market, and the expected listing price could be around ₹260 (₹237 + ₹23). However, it's important to note that GMP is an unofficial figure and can change.

Company Overview

IndiQube Spaces, founded in 2015, is a Bengaluru-based company that provides managed, tech-enabled office spaces. As of March 31, 2025, the company had 115 centers across 15 cities in India, with a total managed area of 8.4 million sq ft. IndiQube caters to a diverse clientele, ranging from startups to large global capability centers (GCCs). Their key service offerings include:

• IndiQube Bespoke: Customizable design and build solutions.
• IndiQube One: Comprehensive B2B and B2C solutions from facility management to transportation.
• MiQube: Integrated technology and smart device connectivity.
• IndiQube Cornerstone: Technological upgrades and amenities.

IndiQube operates on an asset-light "lease-not-own" model, converting leased properties into managed office spaces.

Financial Performance

For the financial year ended March 31, 2025, IndiQube Spaces reported a net loss of ₹139.62 crore and revenue of ₹1,102.93 crore. While the company has been loss-making, its revenue grew by approximately 27% in FY25, and its EBITDA margins jumped to 58.2%.

Key Dates

• IPO Opening Date: July 23, 2025.
• IPO Closing Date: July 25, 2025.
• Allotment Finalization (Expected): July 28, 2025.
• Listing Date (Tentative): July 30, 2025.

Concerns

• Loss-making: IndiQube Spaces has reported net losses in the last three fiscal years.
• Geographic Concentration: A significant portion of the company's business comes from Bengaluru, which poses a concentration risk.
• Declining Occupancy: Steady-state occupancy rates have declined from 93.5% in FY23 to 86.5% in FY25.

Expert Opinion

Anshul Jain, Head of Research at Lakshmishree Investment, advised investors to apply for the long term, highlighting the company's growth push and institutional confidence. KR Choksey has assigned a "neutral" rating to the issue, believing it to be fully priced.

Neutral

Given the company's growth potential in the expanding flexible workspace sector, the IPO may be suitable for growth-focused investors with a mid- to long-term outlook. However, the company's current losses and other risk factors should be carefully considered.