IndiQube Spaces IPO booked over 7x; Check latest GMP, allotment date & more

The initial public offering (IPO) of IndiQube Spaces continued to see a decent response during the third and final day of the bidding process from all the categories of the investors. The issue, which kicked off on Wednesday, July 23, managed to sail through during the first day itself.

IndiQube Spaces is set to launch its initial public offering (IPO) with shares priced between Rs 225 and Rs 237 each. Investors can apply for a minimum of 63 shares, with further investments in multiples thereof. The IPO aims to raise Rs 700 crore, comprising a fresh issue of Rs 650 crore and an offer-for-sale (OFS) of up to 21.09 lakh shares valued at Rs 50 crore.

According to the data, the investors made bids for 12,67,50,708 equity shares, or 7.39 times, compared to the 1,71,48,335 equity shares offered for the subscription by 2.55 pm on Friday, July 25, 2025. The three day bidding for the issue, which opened on Wednesday, July 23, concludes today.

The allocation for retail investors was subscribed 11..35 times, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 6.42 times. Portion for employees was booked 6.03 times. However, the quota set aside for qualified institutional bidders (QIBs) saw bids for 6.57 times as of the same time.

Incorporated in 2015, Bengaluru-based IndiQube Spaces provides innovative, tech-driven workspace solutions designed to enhance the traditional office experience. For the financial year ending March 31, 2025, IndiQube reported a net loss of Rs 139.62 crore on revenue of Rs 1,102.93 crore, compared to a net profit of Rs 341.51 crore with revenue of Rs 867.66 crore in the previous year.

IndiQube is focused on leveraging its diversified business model and experienced leadership to capture growth opportunities in the managed workspace market. Analysts have a mixed view, noting growth potential but expressing concerns over its loss-making status and margin pressures.

IndiQube’s initial issue is priced at 8.4 times TTM EV/Ebitda, compared to the domestic peer average of 12.2x TTM EV/EBITDA. Further, the issue is priced at 47.4 times FY25 EV/adjusted cash Ebitda, compared to the domestic peer average of 42.4 times FY25 EV/adjusted cash Ebitda, said DR Choksey Finserv with a ‘neutral’ rating citing fully priced valuations. 

The grey market premium (GMP) for IndiQube Spaces has seen fluctuations, with recent premiums ranging from Rs 5-10 per share, indicating possible listing gains of 2-5 per cent. The company aims for a market capitalisation of approximately Rs 4,977 crore at the IPO prices.

The company’s shift to bundled offerings and upcoming ESG-aligned “Sustainability-as-a-Service” initiatives are expected to further boost yield per sq ff, ensuring IndiQube’s revenue growth outpaces industry averages through a combination of scale, premium locations, and service-led differentiation, said SMIFs.

“We recommend subscribing to the issue as a longterm investment, supported by robust industry growth trends and reasonable valuations, while acknowledging potential short to medium-term cash flow risks,” it added.

In terms of subscription status, 75 per cent of the offer is reserved for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors (NIIs), and 10 per cent for retail investors. The company has already raised Rs 314.3 crore from 29 anchor investors, with 1.3 crore shares allocated at Rs 237 each.

The issue is managed by ICICI Securities and JM Financial, with MUFG Intime India serving as the registrar. Shares are expected to be listed on both BSE and NSE on 30 July.