The Indiqube Spaces IPO has captured market attention as India’s flexible workspace leader goes public. With the subscription window open from July 23-25, 2025, investors are keenly tracking the live Grey Market Premium (GMP) for listing gain clues. This definitive guide delivers critical insights on GMP trends, financials, risks, and expert recommendations – everything you need to make an informed investment decision.
About IPO Details
| Parameter | Details |
|---|---|
| IPO Type | Book Built Issue (Fresh Issue + Offer for Sale) |
| Fresh Issue | ₹650 Crores (2.74 Cr shares) |
| Offer for Sale | ₹50 Crores (0.21 Cr shares) |
| Total Issue Size | ₹700 Crores (2.95 Cr shares) |
| Face Value | ₹1 per share |
| Price Band | ₹225 – ₹237 per share |
| Market Lot | 63 Shares |
| Min Investment | ₹14,175 (63 × ₹225) to ₹14,931 (63 × ₹237) |
| Listing | BSE & NSE |
| Employee Discount | ₹22 per share |
About the IPO Company
Founded in 2015, Indiqube Spaces is India’s 2nd largest flexible workspace provider with:
- 115 centers across 15 cities (105 operational + 10 under LOI)
- 8.4 million sq. ft. area under management
- 186,719 seats capacity (as of March 2025)
- Enterprise-first strategy: 85% revenue from corporates
- Tech-enabled solutions: Proprietary MiQube™ platform
- Sustainable focus: 25.22% portfolio renovated to green standards
Business Segments:
- IndiQube Grow: Customized enterprise workspaces
- IndiQube Bespoke: Premium office designs
- IndiQube One: Facility management services
IPO GMP (Grey Market Premium) Today
(Data as of July 24, 2025, 11:30 AM IST)
| Indicator | Value | Sentiment |
|---|---|---|
| GMP | ₹23 | Moderately Positive |
| Kostak Rate | ₹25,000/lot | |
| Subject to Sauda | ₹40/share | |
| Est. Listing Price | ₹250-260 | (237 + 23) |
Note: GMP fluctuates daily. Check our IPO GMP Tracker for real-time updates.
Financial Performance (₹ Crores)
| FY Ended | Revenue | PAT | Assets | EBITDA | EBITDA Margin |
|---|---|---|---|---|---|
| Mar-2025 | 1,102.93 | -139.62 | 4,685.12 | 660.19 | 58.20% |
| Mar-2024 | 867.66 | -341.51 | 3,667.91 | 263.42 | 30.36% |
| Mar-2023 | 601.28 | -198.11 | 2,969.32 | 258.23 | 42.94% |
Analysis:
- 27% revenue growth (FY24-FY25)
- Losses due to Ind-AS accounting standards
- High EBITDA margins from premium positioning
- Asset base grew 57.8% in 2 years
IPO Application Details
Applying for the Indiqube Spaces IPO is straightforward through ASBA (Applications Supported by Blocked Amount) facilities:
- Eligibility: Must have a valid Demat Account and Trading Account.
- Channels:
- Net Banking: Via your bank’s net banking portal (Look for “IPO” or “ASBA” section).
- Trading Platform: Through your stockbroker’s trading app or website (Zerodha, Upstox, Groww, ICICI Direct, HDFC Securities, etc.).
- UPI: Using the UPI ID linked to your bank account (popular and convenient method).
- Steps (General):
- Log in to your chosen platform.
- Navigate to the IPO section and select “Indiqube Spaces IPO”.
- Choose investor category (Retail, HNI, etc.).
- Enter your Demat Account details.
- Enter the number of lots/bid price (Usually only upper price band for retail).
- Confirm application and authenticate via UPI mandate or net banking.
- Payment: Funds equivalent to your application amount will be blocked in your bank account until allotment. Only the amount for allotted shares is deducted; the rest is unblocked.
Deadline: UPI mandates must be confirmed by 5 PM on July 25, 2025
IPO Lot Size
| Category | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail Min | 1 | 63 | 14,931 |
| Retail Max | 13 | 819 | 1,94,103 |
| sNII Min | 14 | 882 | 2,09,034 |
| bNII Min | 67 | 4,221 | 10,00,377 |
IPO Reservation Quota
| Category | Shares | % of Issue |
|---|---|---|
| QIB | 2,21,04,431 | 74.84% |
| NII (HNI) | 44,20,885 | 14.97% |
| Retail Investors (RII) | 29,47,257 | 9.98% |
| Employees | 63,291 | 0.21% |
| Total | 2,95,35,864 | 100% |
Promoter Holding
| Holding Period | Stake | Lock-in |
|---|---|---|
| Pre-IPO | 70.37% | – |
| Post-IPO* | 61.17% | 36 months |
*Calculated based on post-issue equity of 21 Cr shares
IPO Timeline
| Event | Date |
|---|---|
| IPO Open Date | July 23, 2025 |
| IPO Close Date | July 25, 2025 |
| Allotment Finalization | July 28, 2025 |
| Refund Initiation | July 29, 2025 |
| Credit to Demat | July 29, 2025 |
| Listing Date | July 30, 2025 |
Investor Category Reservations
- QIB (74.84%): Mutual funds, FIIs, banks
- NII (14.97%): HNIs investing >₹2 lakhs
- Retail (9.98%): Max ₹2 lakh application
- Employees (0.21%): Discounted quota
Anchor Investor Details
| Detail | Value |
|---|---|
| Anchor Portion Size | ₹314.32 Crores |
| Shares Allotted | 1,32,62,658 |
| Bid Date | July 22, 2025 |
| 50% Lock-in End | August 27, 2025 |
| Remaining Lock-in End | October 26, 2025 |
Key Performance Indicators (KPIs)
| KPI | Value | Industry Avg |
|---|---|---|
| ROE | -2.19% | 12-15% |
| ROCE | 34.21% | 18-20% |
| Debt/Equity | -110.58 | 0.8-1.2 |
| PAT Margin | -12.66% | 8-10% |
| EBITDA Margin | 58.20% | 25-30% |
| Market Cap | ₹4,977 Cr | – |
| Pre-IPO EPS | -₹7.65 | – |
Note: Negative ratios stem from accounting losses under Ind-AS
Company Contact Details
Indiqube Spaces Ltd.
Plot #53, Careernet Campus,
Kariyammanna Agrahara Road,
Devarabisanahalli, Outer Ring Road,
Bengaluru, Karnataka – 560103
Phone: +91 99000 92210
Email: cs.compliance@indiqube.com
Website: www.indiqube.com
IPO Registrar
MUFG Intime India Private Limited
Phone: +91-22-4918 6270
Email: indiqubespaces.ipo@linkintime.co.in
Website: Link Intime IPO Services
IPO Recommendation: Subscribe for Long-Term
Analysis: Indiqube shows impressive improvement in all key profitability ratios (RoE, RoCE, PAT Margin, EBITDA Margin) over the last three years, indicating strong operational leverage and efficiency. The P/E ratio at the upper band is within the typical range for high-growth companies in the flexible workspace sector, reflecting market optimism about its future prospects. BVPS and EPS growth further underscore the company’s value creation.
Pros:
✅ Market leader in ₹12,500 Cr flexible workspace industry
✅ 27% revenue growth despite accounting losses
✅ High EBITDA margins (58.2%)
✅ Strong enterprise client base (IT/ITeS majors)
✅ ₹462 Cr fresh capital for expansion
Cons:
⚠️ Consistent accounting losses (Ind-AS impact)
⚠️ Negative ROE and PAT margins
⚠️ High lease liability risk (₹1,856 Cr commitments)
⚠️ Intense competition from WeWork, Awfis
Verdict:
SUBSCRIBE for investors with 3-5 year horizon. Short-term listing gains likely (GMP indicates 18% premium), but true value unlocking depends on path to profitability post-expansion. Avoid if seeking quick returns.
RHP/DRHP Documents
Essential reading for risk factors and detailed financials
IPO Review: SWOT Analysis
| Strengths | Weaknesses |
|---|---|
| Top 2 market position | Consistent accounting losses |
| Premium enterprise focus | Negative net worth |
| High-growth sector (30% CAGR) | Lease concentration risk |
| Tech-enabled operations | Dependence on IT/ITeS sector |
| Opportunities | Threats |
|---|---|
| Hybrid work adoption | Economic slowdown impact |
| Tier-II city expansion | Rising real estate costs |
| Cross-selling facility services | Aggressive pricing competition |
| Green workspace premiumization | Regulatory changes |
FAQs
Q1. What is Indiqube Spaces’ GMP today?
A: Current GMP is ₹38-42 (as of July 24), indicating est. listing price of ₹277-279.
Q2. Why is the company loss-making despite high revenue?
A: Losses stem from Ind-AS accounting standards requiring upfront lease expense recognition.
Q3. What is the minimum investment amount?
A: ₹14,931 for 1 lot (63 shares at upper price band).
Q4. When will allotment happen?
A: July 28, 2025.
Q5. How many centers does Indiqube operate?
A: 115 centers across 15 cities (105 operational + 10 under development).
Q6. What % is reserved for retail investors?
A: 9.98% of the issue (29.47 lakh shares).
Q7. Who are the main competitors?
A: WeWork India, Smartworks, Awfis, and 150+ regional players.
Q8. When will shares get credited to demat?
A: July 29, 2025.
Q9. What is the post-issue market cap?
A: ₹4,977 Crores at upper price band.
Q10. Should I subscribe to this IPO?
A: Suitable for long-term investors believing in hybrid work trends. Avoid if seeking short-term profits.
