Indiqube Spaces IPO invites bids: GMP up 10%; should you apply?

Indiqube Spaces IPO opens for public subscription today: Check issue size, price band, lot size, grey market premium (GMP), reviews, allotment date, listing date and other key details here

Indiqube Spaces IPO opens for subscritpion: The initial public offering (IPO) of workplace solutions provider Indiqube Spaces is set to open for public subscription today, Wednesday, July 23, 2025.

At the upper end, the company aims to raise ₹700 crore through the offering, which comprises a fresh issue of 27.4 million equity shares worth ₹650 crore and an OFS with promoters Meghna Agarwal and Rishi Das divesting up to 2.1 million equity shares, aggregating up to ₹50 crore. Notably, Indiqube Spaces has already raised ₹314.32 crore from anchor investors in the bidding that concluded on July 22.

Meanwhile, the brokerages remain optimistic about the public offering, citing a favourable long-term outlook. Before delving into the brokerage reports, let's have a look at the key details of the Indiqube Spaces IPO:

 

Indiqube Spaces IPO price band, lot size

Indiqube Spaces has set a price band of ₹225-237 per share for the IPO. The lot size is 63 shares, allowing investors to bid for a minimum of one lot (63 shares) at ₹14,931.

A retail investor can, however, bid for a maximum of 13 lots or 869 shares of Indiqube Spaces IPO with an investment of ₹1,94,103.  ALSO READ | GNG Electronics IPO opens today: Analysts bet on growth; should you apply?

Indiqube Spaces IPO grey market premium (GMP)

The unlisted shares of Indiqube Spaces were commanding a decent premium in the grey markets ahead of the opening of their public issue on Wednesday. Sources tracking unofficial market activity revealed that Indiqube Spaces shares were trading at ₹260 apiece, reflecting a grey market premium (GMP) of ₹23 or 9.70 per cent over the upper price band of ₹237.

Indiqube Spaces IPO timelines

Indiqube Spaces IPO will remain open for subscription until Friday, July 25, 2025. Following that, the basis of allotment of Indiqube Spaces IPO shares is expected to be finalised on Monday, July 28, 2025, and shares will be credited to successful allottees’ demat accounts on Tuesday, July 29, 2025.

The tentative listing date for Indiqube Spaces shares on the BSE and NSE is Wednesday, July 30, 2025.

Indiqube Spaces IPO registrar, lead manager

MUFG Intime India (Link Intime) has been appointed as the registrar for the Indiqube Spaces IPO, while ICICI Securities acts as the book-running lead manager for the issue.

Indiqube Spaces IPO objectives

The company will not receive any proceeds from the OFS, as those will go to the selling promoters. The company, however, proposes to utilise the proceeds from the fresh issue for funding capital expenditure towards the establishment of new centers, as well as for the repayment/pre-payment, in full or in part, of certain borrowings availed by the company. Indiqube Spaces will further use the proceeds from the fresh issue for general corporate purposes.  ALSO READ | NSDL IPO: Trading in unlisted shares freezes; check key details from DRHP

Should you subscribe to Indiqube Spaces IPO?

Anand Rathi Research - Subscribe for long-term

Analysts at Anand Rathi Research team have recommended the investors to subscribe to the public offering for a long-term perspective citing that the issue is fully priced. "At the upper price band, the company is valuing at P/S of 4.7x with EV/Ebitda of 14.6x and market cap of ₹4,977.1 crore post issue of equity shares," wrote the analyst in a research note.

The company plans to expand its commercial real estate portfolio further, both in scale and geographical reach across the country. "The company’s integrated tech platform, MiQube, connects clients, employees, and service partners to streamline office operations, enhance efficiency, and improve overall workspace experience."

SMIFS - Subscribe for long-term

Analysts at SMIFS also recommended subscribing to the issue as a long-term investment, citing that the company is supported by robust industry growth trends and reasonable valuations, while acknowledging potential short- to medium-term cash flow risks.

 

IndiQube, they said, is positioned to disproportionately benefit from the Indian flexible workspace market growth with 6.92 million sq. ft. operational as of FY25, an additional 1.48 million sq. ft. under LOIs, and 3.07 million sq. ft. in the capex pipeline, taking its total inventory to 11.47 million sq. ft.—a 65.7 per cent increase over FY25 levels. 

"The company’s shift to bundled offerings and upcoming ESG-aligned 'Sustainability-as-a-Service' initiatives are expected to further boost yield per sq. ft., ensuring IndiQube’s revenue growth outpaces industry averages through a combination of scale, premium locations, and service-led differentiation," said the analysts in their report. 

Deven Choksey Research - Neutral

Brokerage firm Deven Choksey Research has assigned a Neutral rating on the public issue, citing the valuations.

 

"IndiQube’s initial issue is priced at 8.4x TTM EV/, compared to the domestic peer average of 12.2x TTM EV/Ebitda. Further, the issue is priced at 47.4x FY25 EV/Adjusted Cash Ebitda, compared to the domestic peer average of 42.4x FY25 EV/Adjusted Cash Ebitda."

 

The public offering of IndiQube Spaces, the brokerage said, is fully priced in when comparing the growth with peers.

About Indiqube Spaces

Indiqube Spaces is a managed workplace solutions company offering comprehensive, sustainable, and technology-driven workplace solutions. The company offers a diverse solutions range from providing large corporate offices to small branch offices for enterprises and transforming the workplace experience of their employees by combining interiors, amenities, and a host of value-added services which are incremental to the workspace leasing.