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IndiQube Spaces IPO GMP Remains Muted, Issue Subscribed 3.02x On Day 3 So Far: Should You Apply?
IndiQube Spaces IPO GMP Remains Muted, Issue Subscribed 3.02x On Day 3 So Far: Should You Apply?

News18

time4 days ago

  • Business
  • News18

IndiQube Spaces IPO GMP Remains Muted, Issue Subscribed 3.02x On Day 3 So Far: Should You Apply?

Last Updated: 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. About the Author Mohammad Haris Haris is Deputy News Editor (Business) at He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris More Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! tags : initial public offering (IPO) IPO view comments Location : New Delhi, India, India First Published: July 25, 2025, 10:27 IST News business » ipo IndiQube Spaces IPO GMP Remains Muted, Issue Subscribed 3.02x On Day 3 So Far: Should You Apply? Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.

Indiqube Spaces IPO Day 3 Live: Issue booked 2.54x so far. Check GMP, review, subscription details. Apply or not?
Indiqube Spaces IPO Day 3 Live: Issue booked 2.54x so far. Check GMP, review, subscription details. Apply or not?

Mint

time4 days ago

  • Business
  • Mint

Indiqube Spaces IPO Day 3 Live: Issue booked 2.54x so far. Check GMP, review, subscription details. Apply or not?

The ₹ 700-crore initial public offering (IPO) of the firm based in Bengaluru will close today, (Friday, July 25). Indiqube Spaces IPO price band has been established at ₹ 225-237 per share. At the upper end of this range, the company's worth approaches ₹ 5,000 crore. IndiQube Spaces IPO announced on Tuesday, July 22, that it has secured over ₹ 314 crore from anchor investors, just one day before its public share-sale begins. Indiqube Spaces IPO, which opened on Wednesday, July 23, intends to raise ₹ 650 crore through a fresh issue of shares, while promoters plan to sell shares valued at ₹ 50 crore in the Offer-for-Sale (OFS). WestBridge Capital, a significant investor in the company since 2018, will not be selling any of its stake in the OFS. IndiQube Spaces aims to use the new capital, amounting to ₹ 462.6 crore, for capital expenditure on new centers, allocate ₹ 93 crore for debt repayment, and use the remaining amount for general corporate purposes. Founded in 2015, the company manages a portfolio encompassing 8.40 million square feet distributed across 115 properties in 15 cities, with a total capacity for 186,719 seats as of March 2025. This marks an increase from 74 centers and 4.94 million sq ft in March 2023. IndiQube caters to 769 clients, with 44 percent being Global Capability Centres. The company adopts an enterprise-first approach, resulting in 63 percent of its occupied space being leased by clients requiring over 300 seats. IndiQube Spaces IPO subscription status is 2.54 times on day 2, so far. The retail portion was subscribed 6.90 times, and NII portion has been booked 1.84 times, Qualified Institutional Buyers (QIBs) portion received 1.42 times bids. Employee Reserved portion has been booked 4.47 times. The company has received bids for 4,35,18,510 shares against 1,71,48,335 shares on offer, at 17:00 IST, according to data on BSE. As per brokerage SMIFS, within this sector, the Food & Beverage segment alone experienced a compound annual growth rate (CAGR) of 36.7%, with client penetration rising from 238 to 373. Additionally, related areas such as facility management, tech-driven MiQube solutions, and design-build services have enhanced revenue generation per client. The company's transition to packaged offerings and forthcoming ESG-focused "Sustainability-as-a-Service" initiatives are anticipated to further increase returns per square foot, positioning IndiQube's revenue growth to exceed industry norms through a blend of scale, prime locations, and service-oriented differentiation. 'We advise subscribing to the issue as a long-term investment, underpinned by strong industry growth patterns and fair valuations, while recognizing potential cash flow challenges in the short to medium term,' said the brokerage. IndiQube Spaces IPO grey market premium is +10. This indicates IndiQube Spaces share price was trading at a premium of ₹ 10 in the grey market, according to Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of IndiQube Spaces share price was indicated at ₹ 247 apiece, which is 4.22% higher than the IPO price of ₹ 237. Analyzing the grey market trends from the past nine sessions, the current GMP stands at ₹ 10 and indicates a downtrend. The minimum GMP recorded is ₹ 0.00, while the maximum GMP observed is ₹ 40, as stated by experts from 'Grey market premium' indicates investors' readiness to pay more than the issue price. Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.

IndiQube Spaces IPO GMP Falls, Issue Subscribed 1.1x On Day 2 So Far: Should You Apply?
IndiQube Spaces IPO GMP Falls, Issue Subscribed 1.1x On Day 2 So Far: Should You Apply?

News18

time5 days ago

  • Business
  • News18

IndiQube Spaces IPO GMP Falls, Issue Subscribed 1.1x On Day 2 So Far: Should You Apply?

Last Updated: IndiQube Spaces IPO GMP Today: The grey market premium has slipped from 9.70% to 5.91%, indicating weak listing for the IPO. IndiQube Spaces IPO GMP Today: The initial public offering of workplace solutions company IndiQube Spaces Ltd is witnessing a second day of bidding today, Thursday, July 24. It will be closed on July 25. Till 10:34 am on the second day of bidding on Thursday, the issue received a 1.15 times subscription, garnering bids for 1,87,51,572 shares as against the 1,62,79,682 shares on offer. The retail and NII participation stood at 4.52x and 1.05x, respectively. The QIB category has received a 0.06x subscription. Its grey market premium has slipped from 9.70% to 5.91%, indicating weak listing for the IPO. IndiQube Spaces IPO Key Dates The IPO will remain open for subscription between July 23, 2025, and 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). IndiQube Spaces IPO Price & Lot Size 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. According to market observers, unlisted shares of IndiQube Spaces Ltd are currently trading at Rs 251 against the upper IPO price of Rs 237. It means a grey market premium or GMP of Rs 14, which is 5.91% 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." IndiQube Spaces IPO: More Info 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. About the Author Mohammad Haris Haris is Deputy News Editor (Business) at He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris More Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! tags : initial public offering (IPO) IPO view comments Location : New Delhi, India, India First Published: July 24, 2025, 10:47 IST News business » ipo IndiQube Spaces IPO GMP Falls, Issue Subscribed 1.1x On Day 2 So Far: Should You Apply? Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.

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

India Today

time6 days ago

  • Business
  • India Today

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

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 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 IPO is a bookbuilt issue with a price band of Rs 225 to Rs 237 per 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 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 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, 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 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' 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 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, 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 advertisement

IndiQube Spaces IPO Opens Today: Should You Apply? Check GMP, Price, Lot Size, Subscription, Reviews
IndiQube Spaces IPO Opens Today: Should You Apply? Check GMP, Price, Lot Size, Subscription, Reviews

News18

time6 days ago

  • Business
  • News18

IndiQube Spaces IPO Opens Today: Should You Apply? Check GMP, Price, Lot Size, Subscription, Reviews

The GMP of the IndiQube Spaces IPO currently stands at 9.70%, indicating mild listing gains for investors. IndiQube Spaces IPO GMP: The initial public offering of workplace solutions company IndiQube Spaces Ltd opened for public subscription today, Wednesday, July 23. It will remain open for bidding for three days till July 25. 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. Till 11:04 am on the first day of bidding on Wednesday, the issue received a 0.19 times subscription, garnering bids for 30,69,801 shares as against the 1,62,79,682 shares on offer. The retail and NII participation stood at 0.79x and 0.16x, respectively. The IPO's grey market premium currently stands at 9.70%, indicating mild listing gains for investors. The IPO will remain open for subscription between July 23, 2025, and 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 IPO has been fixed in the range of Rs 225 to Rs 237 per share. 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. According to market observers, unlisted shares of IndiQube Spaces Ltd are currently trading at Rs 260 against the upper IPO price of Rs 237. It means a grey market premium or GMP of Rs 23, which is 9.70% over its issue price, indicating mild listing gains. The GMP is based on market sentiments and keeps changing. 'Grey market premium' indicates investors' readiness to pay more than the issue price. 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 equity shares are expected to be listed on July 30 on the BSE and NSE. About the Author Mohammad Haris Haris is Deputy News Editor (Business) at He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris More Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! tags : initial public offering (IPO) IPO view comments Location : New Delhi, India, India First Published: July 23, 2025, 11:39 IST News business » ipo IndiQube Spaces IPO Opens Today: Should You Apply? Check GMP, Price, Lot Size, Subscription, Reviews Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.

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