Nukleus Office Solutions IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details

Nukleus Office Solutions is a prominent co-working and managed office space provider in the Delhi NCR region, offering fully furnished, flexible workspaces. The company provides a range of office solutions, including dedicated desks, private cabins, meeting rooms, startup zones, virtual offices, and enterprise workspaces. Catering to startups, SMEs, large enterprises, and professionals, Nukleus also offers fully serviced and managed office solutions for teams ranging from 50 to 500 seats. As of December 31, 2024, the company operates 7 flexible workspace centers and manages 4 Managed Offices, with a total seating capacity of 2,796.

Nukleus Office Solutions, a Fixed Price Issue amounting to ₹ 31.70 Crores, consisting an entirely Fresh Issue of 13.55 Lakh Shares. The subscription period for the Nukleus Office Solutions IPO opens on February 24, 2025, and closes on February 27, 2025. The allotment is expected to be finalized on or about Friday, February 28, 2025, and the shares will be listed on the BSE SME with a tentative listing date set on or about Tuesday, March 4, 2025.

The Share price of Nukleus Office Solutions IPO is set at ₹ 234 per equity share. The Market Capitalisation of the Nukleus Office Solutions Limited at IPO price of ₹ 234 per equity share will be ₹ 94.35 Crores. The lot size of the IPO is 600 shares. Retail investors are required to invest a minimum of ₹ 1,40,400, while the minimum investment for High-Net-Worth Individuals (HNIs) is 2 lots (1,200 shares), amounting to ₹ 2,80,800.

Sundae Capital Advisors Private Limited is the book running lead manager of the Nukleus Office Solutions IPO, while Bigshare Services Private Limited is the registrar for the issue. Nikunj Stock Brokers Limited is the Market Maker for Nukleus Office Solutions IPO.

Nukleus Office Solutions Limited IPO GMP Today
The Grey Market Premium of Nukleus Office Solutions Limited IPO is expected to be ₹ 0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.

Nukleus Office Solutions Limited IPO Live Subscription Status Today: Real-Ti
me Update
As of 07:00 PM on 27 February, 2025, the Nukleus Office Solutions Limited IPO live subscription status shows that the IPO subscribed 1.00 times on its Final day of subscription period. Check the Nukleus Office Solutions IPO Live Subscription Status Today at BSE.

Nukleus Office Solutions Limited Day Wise IPO GMP Trend

Date

IPO Price

Expected Listing Price

GMP

Last Updated 

20 February 2025

₹ 234

₹ 234

₹ 0 (0.00%)

03:00 PM; 20 Feb 2025


Nukleus Office Solutions Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
Nukleus Office Solutions IPO allotment date is 28 February, 2025, Friday. Nukleus Office Solutions IPO Allotment will be out on 28 February, 2025 and will be live on Registrar Website from the allotment date. 
Check Nukleus Office Solutions IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Nukleus Office Solutions Limited IPO from the dropdown list of IPOs
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.

Objectives of Nukleus Office Solutions Limited IPO
Nukleus Office Solutions proposes to utilise the Net Proceeds towards the following objects: 
1. ₹ 2,296.24 Lakhs for Capital expenditure and security deposit towards establishment of new centres;
2. ₹ 34.22 Lakhs for Building up technology platform, integration of all centres, online client interaction and mobile application;
3. ₹ 49.56 Lakhs is required for Advertisement expenses towards enhancing the visibility of its brand;
4. ₹ 588.02 Lakhs is required for General Corporate Purpose.

Refer to Nukleus Office Solutions Limited RHP for more details about the Company.

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Nukleus Office Solutions IPO Details

IPO Date February 24, 2025 to February 27, 2025
Listing Date March 04, 2025
Face Value ₹10
Price ₹234 per share
Lot Size 600 Equity Shares
Total Issue Size 13,54,800 Equity Shares (aggregating up to ₹31.70 Cr)
Fresh Issue 13,54,800 Equity Shares (aggregating up to ₹31.70 Cr)
Offer for Sale NIL
Issue Type Fixed Price Issue
Listing At BSE SME
Share holding pre issue 26,77,200
Share holding post issue 40,32,000

Nukleus Office Solutions IPO Lot Size

Application Lots Shares Amount
Retail (Min) 1 600 ₹1,40,400
Retail (Max) 1 600 ₹1,40,400
HNI (Min) 2 1,200 ₹2,80,800

Nukleus Office Solutions IPO Timeline (Tentative Schedule)

IPO Open Date Monday, Feb 24, 2025
IPO Close Date Thursday, Feb 27, 2025
Basis of Allotment Friday, Feb 28, 2025
Initiation of Refunds Monday, Mar 3, 2025
Credit of Shares to Demat Monday, Mar 3, 2025
Listing Date Tuesday, Mar 4, 2025
Cut-off time for UPI mandate confirmation 5 PM on February 27, 2025

Nukleus Office Solutions IPO Reservation

Investor Category Shares Offered Reservation %
Non-Institutional Investor Portion 6,50,700 Not More than 50% of the Issue
Retail Shares Offered 6,50,700 Not More than 50% of the Issue
Market Maker Portion 53,400 -

Nukleus Office Solutions IPO Promoter Holding

Share Holding Pre Issue 94.01%
Share Holding Post Issue 62.42%

Nukleus Office Solutions IPO Subscription Status

Investor Category Shares Offered Shares Bid For No oF Times Subscribed
Non Institutional Investors(NIIS) 7,04,100 4,93,200 0.70
Retail Individual Investors (RIIs) 6,50,700 8,61,600 1.32
Total 13,54,800 13,54,800 1.00

About Nukleus Office Solutions Limited

Business Overview

Incorporated in December 2019, Nukleus Office Solutions Limited specializes in co-working and managed office spaces across Delhi NCR. The company offers a variety of furnished and flexible workspaces, including dedicated desks, private cabins, meeting rooms, startup zones, and virtual offices.

Nukleus provides customized office solutions tailored for startups, SMEs, large enterprises, professionals, and entrepreneurs. The company focuses on offering fully serviced workspaces ranging from 50 to 500-seat enterprises, catering to diverse business needs.

As of December 31, 2024, the company operated 7 flexible workspace centers and 4 managed offices in Delhi NCR, with a total seating capacity of 2,796 and an impressive 88.48% occupancy rate.

The company employs a team of 30 professionals across various departments, ensuring smooth operations and customer satisfaction. The Bankers to the Company is HDFC Bank Limited.

 

Industry Analysis

India’s Growing Flexible Workspace Market

India’s commercial office landscape is undergoing a significant transformation, driven by the increasing adoption of flexible workspaces. The demand for agile, cost-effective, and collaborative office environments has led to strong growth in co-working, serviced offices, and managed spaces.

As of Q1 2023, the total operational area dedicated to flexible workspaces in India's top seven cities reached 53 million square feet, accounting for a 4.7% share of the overall office space stock. This makes India one of the fastest-growing flexible workspace markets globally.

Key Growth Drivers

  • Corporate Shift to Hybrid Work Models: Large enterprises are embracing flexible offices to reduce long-term leasing commitments.
  • Startup and SME Growth: Government initiatives like Startup India and increasing venture funding support workspace demand.
  • Tech Integration & Smart Workspaces: Companies prefer IoT-enabled, AI-driven workspaces for enhanced productivity.
  • Infrastructure Development: Expansion of Grade-A commercial spaces in metro cities is driving market growth.

Competitive Landscape

Nukleus competes with global and regional players such as WeWork, Awfis, 91Springboard, Smartworks, and IndiQube, along with real estate developers like DLF, Embassy Group, and Brigade Group, which are entering the flexible workspace segment.

Business Strengths

  1. Efficient Management & Proven Track Record
    • Strong leadership and streamlined operations contribute to high customer satisfaction and retention.
  2. Customizable Workspaces & Flexible Memberships
    • Offers tailor-made solutions, scalable seating arrangements, and short-term or long-term leasing options.
  3. Hybrid Model Catering to Diverse Demand
    • A mix of private offices and shared spaces meets the evolving needs of businesses.
  4. Strategic Locations in Delhi NCR
    • Offices in Connaught Place, Saket, Noida, and Gurugram ensure high accessibility and business prominence.
  5. Infrastructural Development & Technology Integration
    • Features touchless entry-exit systems, AI-driven facility management, and automated security solutions.
  6. Experienced Promoters & Management Team
    • Led by industry veterans, Nukleus has a well-structured management team ensuring operational excellence and future scalability.

Business Strategies

  1. Expansion in Delhi NCR & Beyond
    • Plans to establish new centers in Noida, Gurugram, and other metro cities to capitalize on increasing demand.
  2. Focus on Hybrid Work Solutions
    • Increasing hybrid workspace adoption through a mix of private offices and shared co-working spaces.
  3. Brand Positioning & Digital Marketing
    • Strengthening SEO, digital presence, and direct client acquisition strategies to reduce dependency on brokers.
  4. Long-Term Client Retention Strategies
    • Implementing customer engagement programs, wellness initiatives, and green workspace concepts to enhance client retention.

Risk Factors and Concerns

  1. Heavy Dependence on Leased Properties
    • The company relies on long-term lease agreements, making it vulnerable to rental fluctuations and renewal risks.
  2. Competitive Market Conditions
    • Established players with strong financial backing pose a pricing and occupancy challenge.
  3. Market Sensitivity to Economic Cycles
    • Economic slowdowns or downturns in business activity could negatively impact occupancy rates and revenue.
  4. High Financial Leverage
    • The company has outstanding borrowings of ₹1,382.36 lakhs as of January 2025, raising concerns about debt servicing.
  5. Regulatory & Compliance Challenges
    • Adherence to local zoning laws, taxation policies, and fire safety regulations is essential for uninterrupted operations.

Nukleus Office Solutions Limited Financial Information (Restated Consolidated)

Amount in (₹ in Lakh)

Period Ended Dec 31, 2024 Mar 31, 2024 Mar 31, 2023 Mar 31, 2022
Reserve of Surplus 602.97 167.76 84.04 16.76
Total Assets 2,936.60 1,935.86 735.68 326.89
Total Borrowings 1,358.09 822.32 183.47 -
Fixed Assets 839.07 543.13 226.64 15.86
Cash 91.44 582.18 4.58 4.65
Net Borrowing 1,266.65 240.14 178.89 -4.65
Revenue 2,135.66 1,716.41 1,089.76 342.42
EBITDA 529.99 327.53 140.23 4.66
PAT 151.13 119.72 67.27 10.64
EPS 7.69 19.71 12.94 2.05

Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2024 Data, given in RHP.
Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2024 Data, given in RHP.
Note 3:- RoNW calculation in KPI is based on 31st Mar, 2024 Data, given in RHP.
Note 4:- Price to Book Value calculation in KPI is based on Cap Price Post Offer, given in RHP.

Key Performance Indicator

KPI Values
EPS Pre IPO (Rs.) ₹19.71
EPS Post IPO (Rs.) ₹2.97
P/E Pre IPO 11.87x
P/E Post IPO 78.81x
ROE 46.09%
ROCE 14.39%
P/BV 14.05
Debt/Equity 1.96
RoNW 46.09%

Nukleus Office Solutions Limited IPO Peer Comparison

Company Name EPS ROCE ROE P/E (x) P/Bv Debt/Equity RoNW (%)
Nukleus Office Solutions IPO ₹2.97 14.39% 46.09% 78.81 14.05 1.96 46.09%
Kontor Space Limited 3.15 9.69% 14.61% 30.41 2.15 0.19 14.61%
EFC (I) Limited ₹14.06 17.50% 21.40% 42.23 4.71 1.55 21.40%
Awfis Space Solutions Limited Negative 17.42% -8.35% NA 11.30 2.46 NA
Nukleus Office Solutions Limited Contact Details

Nukleus Office Solutions Limited

1102, Barakhamba Tower, 22 Barakhamba Road, Connaught Place, New Delhi - 110001, India
Contact Person : Pooja Jaiswal
Telephone : +91 9667049487
Email ID : cs@nukleus.work
Website : 
http://www.nukleus.work/

Nukleus Office Solutions IPO Registrar and Lead Manager(s)

Registrar : Bigshare Services Private Limited
Telephone : + 91 22 - 6263 8200
Contact Person : Babu Rapheal C
Email ID : ipo@bigshareonline.com
Website : 
https://www.bigshareonline.com/

Lead Manager :
Sundae Capital Advisors Private Limited
Telephone : +91 22 4515 5887
Contact Person : NitiN Somani / Rajiv Sharma
Email ID : nukleus.ipo@sundaecapital.com
Website : 
https://www.sundaecapital.com/

Nukleus Office Solutions IPO Review

Nukleus Office Solutions is a leading co-working and managed office provider in Delhi NCR, offering flexible workspaces, including dedicated desks, private cabins, meeting rooms, and virtual offices. Catering to startups, SMEs, and enterprises (50-500 seats), it operates 7 centers and manages 4 offices, totaling 2,796 seats as of December 31, 2024.

The Company is led by Promoters, Nipun Gupta (48), a Commerce graduate from the University of Delhi, has 26+ years of experience across real estate, finance, infrastructure, and technology. Recognized as the Youngest Entrepreneur from India by the Govt. of UAE, he drives the company's growth, strategy, and financial performance since its inception in 2019 and Puja Gupta (46), also a Commerce graduate from the University of Delhi, has 20+ years of experience and manages the company's backend operations.


The Revenues from operations for the period ended on Dec 31, 2024, Fiscals ended 2024, 2023 and 2022 were ₹ 2,135.66 Lakh, ₹ 1,716.41 Lakh, ₹ 1,089.76 Lakh and ₹ 342.42 Lakh respectively. The EBITDA for the period ended on Dec 31, 2024, Fiscals ended 2024, 2023 and 2022 were ₹ 529.99 Lakh, ₹ 327.53 Lakh, ₹ 140.23 Lakh, and ₹ 19.00 Lakh, respectively. The Profit after Tax for the period ended on Dec 31, 2024, Fiscals ended 2024, 2023 and 2022 were ₹ 151.13 Lakh, ₹ 119.72 Lakh, ₹ 67.27 Lakh, and ₹ 10.64 Lakh respectively. This indicates a steady growth in financial performance.

The Company Key Performance Indicates the pre-issue EPS of ₹ 19.71 and post-issue EPS of ₹ 2.97 for FY24. The pre-issue P/E ratio is 11.87x, while the post-issue P/E ratio is 78.81x. The company's ROCE for FY24 is 14.39%, ROE for FY24 is 46.09% and RoNW 46.09%. The Annualised EPS based on the latest financial data is ₹ 10.25 and PE ratio is 22.82x. These metrics suggest that the IPO is fully priced.

The Grey Market Premium (GMP) of Nukleus Office Solutions 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 Nukleus Office Solutions Limited IPO for Listing gain or long-term Investment Purposes.


Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. 

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 during the training period. He is good at technical analysis and Fundamental Analysis and uses both Technical and Fundamental analysis along with five other important factors that affect the movement of the Market namely Global Market Analysis, Upcoming Event Analysis, Institutional Money Analysis, Derivative Data Analysis, and Emotions and Sentiment of Traders and Investors in his Framework called - Technical Fundamental GUIDE to find the winning Trades.

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