Indiqube Spaces IPO Review

Indiqube Spaces is a managed workplace solutions provider offering tech-driven, sustainable office spaces ranging from large corporate hubs to smaller branch spokes. Since 1999, their experienced team has delivered integrated services including interiors, green initiatives, and employee-centric amenities. Their value-added offerings span facility management, catering, transport, and tech solutions for both in-house and third-party clients.

They are led by experienced Promoters, and a professional management team with experience in the workspace industry and a proven track record of performance. The Promoters are Rishi Das, Meghna Agarwal and Anshuman Das. Rishi Das, is an alumnus of IIT Roorkee, the Chief Executive Officer, has a diverse entrepreneurial experience of over two and half decades. He was the co-founder of CareerNet, which is a talent solutions provider in India. Meghna Agarwal, an alumnus of IMT Ghaziabad is our co-founder and Chief Operating Officer, has an extensive experience of 20 years in operations and business management.

The Revenues from operations for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 11,029.31 Million, ₹ 8,676.60 Million and ₹ 6,012.75 Million. The EBITDA for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 6,601.87 Million, ₹ 2,634.23 Million and ₹ 2,582.27 Million. The Profit after Tax for the Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ -1,396.17 Million, ₹ -3,415.08 Million and ₹ -1,981.09 Million respectively. This indicates a steady growth in financial performance.

The Company Key Performance Indicates the pre-issue EPS of ₹ -7.65 and post-issue EPS of ₹ -8.86 for FY24. The pre-issue P/E ratio is -30.98x, while the post-issue P/E ratio is -26.75x against the Industry P/E ratio is 66x. The company's ROCE for FY24 is 34.21%. These metrics suggest that the IPO is fully priced.

The Grey Market Premium (GMP) of Indiqube Spaces showing listing gains of 0.00 %.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the Indiqube Spaces Limited IPO for Listing gain.

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About the Author
CA Abhay Kumar (Also known as  CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.