IndiQube Spaces, a co-working company based in Bengaluru, made its debut on the stock exchanges today, July 30, 2025, listing at a discount of nearly 9%. The IPO, which aimed to raise ₹700 crore, was priced at ₹237 per share.
Listing Performance
On the NSE, IndiQube Spaces' shares listed at ₹216, which is 8.86% below the IPO price. Simultaneously, the shares debuted on the BSE at ₹218.70, a 7.7% decrease from the issue price.
IPO Details and Subscription Status
The IndiQube Spaces IPO was open for bidding from July 23 to July 25, 2025. The IPO consisted of a fresh issue of 2.74 crore shares, aggregating to ₹650 crore, and an offer for sale of 0.21 crore shares, totaling ₹50 crore. The IPO witnessed a robust response from investors, with an oversubscription of 13 times. The retail investor category was subscribed 13.28 times, while the non-institutional investor (NII) segment saw 8.68 times subscription. The qualified institutional buyer (QIB) portion was the most sought after, with a subscription of 15.12 times.
The IPO price band was set at ₹237 per share, with a lot size of 63 shares, requiring a minimum investment of ₹14,175 for retail investors. The issue also included a reservation of up to 69,767 shares for employees, offered at a discount of ₹22 to the issue price.
Objectives of the IPO
IndiQube Spaces intends to utilize the net proceeds from the fresh issue for capital expenditure to establish new centers, repayment of certain borrowings, and general corporate purposes. Specifically, ₹462.6 crore is allocated for capital expenditure, and ₹93.04 crore for debt repayment. The company aims to expand its footprint in key markets like Bengaluru, Chennai, and Pune, as well as Tier II cities.
Financial Performance
IndiQube Spaces has demonstrated strong revenue growth, with revenue increasing by 27% and profit after tax (PAT) rising by 59% between the financial year ending March 31, 2025, and March 31, 2024. In fiscal year 2025, the company reported revenue of ₹1,102.93 crores, compared to ₹867.66 crores in fiscal year 2024. However, the company reported a loss of ₹139.62 crores in 2025, although this was an improvement from a loss of ₹341.51 crores in 2024.
Grey Market Premium (GMP)
Ahead of the listing, the grey market premium (GMP) for IndiQube Spaces shares had declined, indicating a cautious sentiment among speculative investors.
Market Sentiment and Expert Views
Market experts have expressed mixed opinions on IndiQube Spaces' listing. Gaurav Goel, Founder & Director at Fynocrat Technologies, believed that the IPO was likely to have a flat or slightly positive listing due to concerns about the company's profitability and valuation. Mahesh M. Ojha, AVP Research and Business development, Hensex Securities Pvt Ltd, expected a 2-3% premium, citing strong demand and the company's asset-light flex workspace model.
Company Overview
Incorporated in 2015, IndiQube Spaces specializes in providing flexible and innovative workspace solutions. As of March 2025, the company managed 8.4 million square feet across 115 centers in 15 cities, catering to over 750 clients. IndiQube operates on a hub-and-spoke model, focusing on acquiring full buildings in high-demand micro-markets and renovating older properties.
Strategies for Growth
IndiQube Spaces is planning to add 3 million sq. ft. of flexible workspace stock over the next three years. The company intends to strengthen its presence in existing markets and enter new cities. IndiQube aims to reach an Area Under Management (AUM) of 11.47 million sq.ft. by FY28.
Buy, Hold, or Sell?
Given the weak listing, investors should exercise caution. Long-term investors who believe in the growth potential of the flexible workspace market may consider holding the stock, closely monitoring the company's occupancy rates and margins. Investors concerned about profitability and rich valuation may consider selling. A wait-and-see approach is advisable to assess the company's performance in the coming quarters.
