Indiqube Spaces IPO: Should you invest? Check GMP and review by experts

India Today

5 days ago

The initial public offering (IPO) of Indiqube Spaces is currently open for subscription and has attracted strong interest from retail investors. As of noon on the opening day, the issue was nearly half subscribed, with most bids coming from the retail category.Indiqube Spaces is aiming to raise Rs 700 crore through this IPO. The issue includes a fresh issue of 2.74 crore shares worth Rs 650 crore and an offer for sale of 21 lakh shares valued at Rs 50 crore.The IPO is a bookbuilt issue with a price band of Rs 225 to Rs 237 per share.Investors can bid in lots of 63 shares. For retail investors, the minimum investment comes to Rs 14,175. For small non-institutional investors (sNII), the minimum application is 14 lots or 882 shares (Rs 2,09,034), and for big non-institutional investors (bNII), it is 67 lots or 4,221 shares (Rs 10,00,377).ICICI Securities is the book-running lead manager, and MUFG Intime India Private Limited (Link Intime) is the registrar for the issue.SHOULD YOU SUBSCRIBE?Indiqube Spaces offers managed workplace solutions such as coworking spaces, interiors, tech services, and facility management. It uses a 'hub-and-spoke' model and caters to startups, mid-sized businesses, and large corporates.As of March 31, 2025, the company operates 115 centres across 15 cities, managing 8.40 million sq ft with a total seating capacity of 1,86,719.According to Anand Rathi's IPO report, the company is expanding its real estate footprint and plans to scale its customised office design service, IndiQube Bespoke, across India.The tech platform MiQube is used to streamline operations and improve client experience. The report noted that the company is valued at a price-to-sales ratio of 4.7x and an EV/EBITDA of 14.6x post-issue, with a market cap of Rs 4,977.1 crore. The brokerage recommended a 'Subscribe–Long term' rating.While the company is still loss-making, experts see potential. Gaurav Garg from Lemonn Markets Desk said that Indiqube is working in a high-growth but underpenetrated sector. Its strong presence in key office markets and its technology-driven platform are positives. However, due to high valuations and ongoing losses, he suggested that this IPO may be more suitable for long-term investors who can take moderate risks.LATEST GMPAs of July 23, 2025, the latest grey market premium (GMP) for Indiqube Spaces IPO stands at Rs 23. Based on the upper end of the price band (Rs 237), the expected listing price is Rs 260. This implies a potential listing gain of around 9.7%.key datesThe IPO will close for bidding on July 25, 2025. The allotment is expected to be finalised on July 28, 2025. The shares are likely to be listed on BSE and NSE on July 30, 2025.Investors considering this issue are advised to look at the company's long-term business potential and not just the listing gains. The mix of high-profile clients, expanding presence, and integrated tech support positions Indiqube well in the flexible workspace segment. However, like any IPO, investors should be cautious about valuations and market conditions before deciding.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- Ends
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