Indiqube Spaces Limited, a provider of tech-driven managed office spaces, has launched its ₹700 crore Initial Public Offering (IPO). The IPO opened on July 23, 2025, and will close on July 25, 2025. With a combination of fresh equity and an Offer for Sale (OFS), the IPO aims to raise capital to fund new centers, repay borrowings, and meet general corporate purposes.

Let’s take a comprehensive look at the company’s background, financial performance, IPO details, objectives, market sentiment, subscription status, and a final verdict on whether you should invest.

About the Company: Indiqube Spaces Limited

Indiqube Spaces is a managed workplace solutions provider that offers customizable office spaces ranging from large-scale hubs for corporates to smaller branches for remote teams. Established in 1999, the company has over two decades of experience in designing modern, sustainable, and tech-enabled workspaces.

Its key services include:

• Office interiors & customized fit-outs

• Green building initiatives

• Facility management

• Employee-centric amenities such as transport, food, and wellness

• Technology integration for workspace optimization

These services are delivered in-house and to third-party clients, setting Indiqube apart from standard coworking space operators.

IPO Details: Key Highlights

• IPO Size: ₹700.00 Crores

  • Fresh Issue: ₹650.00 Crores (274.26 lakh shares)

  • Offer for Sale: ₹50.00 Crores (21.09 lakh shares)

• Price Band: ₹225 – ₹237 per equity share

• Lot Size: 63 shares

  • Retail Minimum Investment: ₹14,931

  • HNI Minimum Investment: ₹2,09,034 (14 lots or 882 shares)

• Face Value: ₹10 per share

• Tentative Listing Date: July 30, 2025 on BSE and NSE

• IPO Allotment Date: July 28, 2025

• Registrar: MUFG Intime India Pvt Ltd (formerly Link Intime)

• Book Running Lead Managers (BRLMs):

  • ICICI Securities Ltd

  • JM Financial Ltd

• Market Capitalization at upper price band: ₹4,977.11 Crores

Use of IPO Proceeds

The company intends to utilize the net proceeds from the IPO as follows:

1. ₹462.65 Crores for establishing new workspace centers.

2. ₹93.03 Crores for repayment/prepayment of debt.

3. The rest for general corporate purposes.

Indiqube IPO Subscription Status (Live Update)

As per BSE at 11:30 AM on July 25, 2025, the final day of the IPO:

• Total Subscription: 1.18 times

This indicates modest interest, which is below average for popular IPOs in the current market.

Anchor Investors & Allocation

Indiqube raised ₹314.32 Crores from Anchor Investors on July 22, 2025:

• Anchor Price: ₹237 per share

• Equity Shares Allotted: 1,32,62,658 shares

• Allocation done in consultation with BRLMs

GMP (Grey Market Premium) Status

• GMP as of July 21, 2025: ₹0

• Expected Listing Price: ₹237 (equal to issue price)

The absence of a premium suggests no listing gain is expected.

Note: GMP is an unofficial indicator and does not guarantee listing performance. Investors are advised to focus on fundamentals.

Company Financials: Performance Snapshot

Despite growing revenues and EBITDA, the company remains loss-making.

Key Ratios:

• Pre-issue EPS (FY24): ₹ -7.65

• Post-issue EPS (FY24): ₹ -8.86

• Pre-issue P/E: -30.98x

• Post-issue P/E: -26.75x

• Industry P/E: ~66x

• ROCE (FY24): 34.21%

Leadership Team

• Rishi Das (CEO) – IIT Roorkee alumnus and co-founder of CareerNet

• Meghna Agarwal (COO) – IMT Ghaziabad alumnus with 20 years’ experience

• Anshuman Das (Promoter) – Extensive domain knowledge in workspace solutions

The management team is well-qualified and experienced, but the operational losses raise questions about business efficiency and scalability.

Allotment Process: How to Check

To check the Indiqube IPO allotment status on or after July 28:

1. Visit the registrar’s website: MUFG Intime India Pvt Ltd

2. Select “Indiqube Spaces IPO”

3. Enter either PAN, Application No., or DP Client ID

4. Click “Submit” to view your allotment status

Indiqube IPO Review: Should You Apply?

While Indiqube operates in a high-growth segment of flexible workspaces and has shown revenue growth, its persistent losses, zero GMP, and high valuation multiples are red flags for short-term investors.

Pros:

• Attractive business model with long-term potential

• Large market opportunity in flexible workspace

• Professional and experienced promoters

Cons:

• Consistent losses for three years

• High P/E despite negative EPS

• Weak listing expectations with GMP at ₹0

• Poor IPO subscription response so far

Verdict: Avoid for Listing Gains

Given the current market conditions, lack of profitability, and zero GMP, the Indiqube Spaces IPO is not recommended for listing gains. However, long-term investors with high risk tolerance and confidence in the flexible workspace sector may evaluate it based on personal investment strategy.

Disclaimer:

This article is for informational purposes only. It is not a recommendation to buy or sell securities. Investors are advised to consult a SEBI-registered financial advisor before making investment decisions. Investment in the securities market is subject to market risks. Please read all scheme-related documents carefully before investing.

The Upcoming IPOs in this week and coming weeks are M&B Engineering, Cash Ur Drive Marketing, Renol Polychem, Jyoti Global Plast, Takyon Networks, Mehul Colours, Aditya Infotech, Sri Lotus Developers & Realty, Lakshmi India Finance, Jyoti Global Plast, B.D. Industries (Pune), Kaytex Fabrics, Umiya Mobile, Repono, NSDL.

The Current active IPO are Shree Refrigerations, Sellowrap Industries, Shanti Gold International, Patel Chem Specialities, Brigade Hotel Ventures, Indiqube Spaces, GNG Electronics, TSC India.

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