IndiQube Spaces IPO GMP Remains Muted, Issue Subscribed 3.02x On Day 3 So Far: Should You Apply?
IndiQube Spaces IPO GMP Today: Its grey market premium has slipped from 5.91% to 4.22%, indicating weak listing for the IPO.
IndiQube Spaces IPO GMP Today: The initial public offering of workplace solutions company IndiQube Spaces Ltd is going to be closed today, Friday, July 25. Till 10:19 am on the final day of bidding on Friday, the issue received a 3.02 times subscription, garnering bids for 4,92,05,268 shares as against the 1,62,79,682 shares on offer.
The retail and NII participation stood at 8.42x and 2.45x, respectively. The QIB category has received a 1.49x subscription.
Its grey market premium has further slipped from 5.91% to 4.22%, indicating weak listing for the IPO. The GMP had stood at 9.70% and 5.91% on Day 1 and Day 2 of the bidding.
The IPO was opened for subscription on July 23, 2025. It will be closed today, July 25, 2025. The share allotment will likely be finalised on July 28 (Monday), and the company is expected to be listed on both BSE and NSE on July 30 (Wednesday).
The price band of the mainboard IPO, which plans to raise Rs 700 crore, has been fixed in the range of Rs 225 to Rs 237 apiece.
At the upper end of the price band, the company's valuation is nearly Rs 5,000 crore.
For investors, the minimum lot size for the IPO is 63. It means investors will have to apply for a minimum of 63 shares or in multiple thereof. So, retail investors require a minimum capital of Rs 14,175 to apply for the IPO.
IndiQube Spaces IPO GMP
According to market observers, unlisted shares of IndiQube Spaces Ltd are currently trading at Rs 247 against the upper IPO price of Rs 237. It means a grey market premium or GMP of Rs 10, which is 4.22% over its issue price, indicating weak listing next week.
The GMP is based on market sentiments and keeps changing. 'Grey market premium' indicates investors' readiness to pay more than the issue price.
IndiQube Spaces IPO: Should You Apply?
Brokerages are divided on the IndiQube IPO, with views ranging from cautious optimism to outright avoidance. The company operates 115 centres across 15 cities and manages 8.4 million sq. ft. of flexible office space as of March 31, 2025.
KR Choksey Finserv has a 'Neutral' rating, noting that the IPO is 'fully priced in" compared to peers. It said, 'IndiQube's initial issue is priced at 8.4 times TTM EV/EBITDA versus domestic peer average of 12.2 times, and 47.4 times FY25 EV/Adjusted cash EBITDA."
SBI Securities recommends 'Avoid', citing negative free cash flows and valuation concerns. 'The issue is valued at FY25 EV/Adj. EBITDA of 40.7 times, which is at a premium to listed peers like Awfis, which trades at 28.1 times," it said, advising investors to wait and track performance post-listing.
Anand Rathi gave a 'Subscribe for long term' rating, highlighting IndiQube's tech-driven 'hub-and-spoke" model and integrated platform MiQube. It said, 'Valued at a P/S of 4.7 times and EV/EBITDA of 14.6 times, we believe the IPO is fully priced but recommend subscribing for long-term growth."
Arihant Capital also sees potential in the company's scalable, asset-light model. It said, 'With strong tenant retention and presence in cities like Bengaluru and Pune, the company is well-positioned to benefit from rising demand for flexible workspaces. We recommend a 'Subscribe for listing gain'."
Kunvarji Finstock pointed out that the company has been posting losses (weighted average EPS of -Rs 15.07) and thus cannot be valued on P/E basis. Still, it maintained a positive stance: 'Losses are due to Ind AS accounting; we recommend subscribing with a long-term view due to strong market presence and topline growth."
SMIFS also recommended a 'Subscribe', supported by industry tailwinds and new offerings like 'Sustainability-as-a-Service'. It said, 'While cash flow risks exist in the short term, IndiQube's service-led strategy and premium locations support a positive long-term outlook."
The company is raising Rs 650 crore through issuance of fresh issue and promoters would offload shares worth Rs 50 crore under the Offer for Sale (OFS). WestBridge Capital, a key investor in the firm since 2018, is not divesting any stake in the OFS.
IndiQube Spaces raised over Rs 314 crore from anchor investors, a day before its initial share-sale opens for public subscription.
The company proposed to utilise the fresh capital to the tune of Rs 462.6 crore towards funding capex for setting up new centres, Rs 93 crore for repayment and rest for general corporate purposes.
The company, which was incorporated in 2015, manages a portfolio of 8.40 million sq ft across 115 properties in 15 cities with a total seating capacity of 1,86,719 as of March 2025. This was a growth from 74 centres and 4.94 million Sq ft in March 2023.
IndiQube serves 769 clients, out of which 44 per cent clients are Global Capability Centres. The company follows an enterprise-first strategy owing to which 63 per cent of its occupied area comes from clients who have leased over 300 seats. Further, 44 per cent of its revenue is generated from multi centre clients. Its diverse client mix includes Enphase, Myntra, Zerodha, NoBroker, upGrad, Siemens, Juspay, Perfios, Moglix, Ninjacart, Narayana Health and Allegis to name a few.
On the financial front, the company reported a total income of Rs 1,103 crore in fiscal 2025, recording a CAGR of 35 per cent from fiscal 2023.
The company raised a total of Rs 324 crore in two funding rounds during 2018 and 2022. WestBridge Capital led the investment with Rs 190 crore, followed by Rs 131 crore from the promoters, and the rest came from angel investor Ashish Gupta.
ICICI Securities and JM Financial are book-running lead managers to the issue. The equity shares are expected to be listed on July 30 on the BSE and the NSE.
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Mohammad Haris
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h...Read More
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First Published:
July 25, 2025, 10:27 IST
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