Indiqube Spaces Limited, a prominent managed workplace solutions provider, has launched its initial public offering (IPO) aiming to raise approximately ₹700 crore through a combination of a fresh issue and an offer for sale. The IPO opened on July 23, 2025, and closed on July 25, 2025, with shares expected to be allotted by July 28, 2025, and listed on both BSE and NSE around July 30, 2025.

The IPO comprises a fresh issue of 274.26 lakh shares worth ₹650 crore and an offer for sale of 21.09 lakh shares totaling ₹50 crore. The price band is fixed between ₹225 and ₹237 per equity share. The company’s market capitalization at the upper price band of ₹237 is approximately ₹4,977.11 crore. Retail investors must subscribe to a minimum lot size of 63 shares costing about ₹14,931, while High Net Worth Individuals (HNIs) are required to invest a minimum of 14 lots (882 shares), amounting to ₹2,09,034.

ICICI Securities Limited and JM Financial Limited serve as the book running lead managers, with MUFG Intime India Private Limited acting as the registrar for the issue.

Subscription and Anchor Investors

As of 11:30 AM on the final subscription day, the IPO was subscribed 1.18 times, indicating a moderate level of investor interest. The company raised a substantial ₹314.32 crore from anchor investors, who subscribed to 1,32,62,658 equity shares at the upper price band of ₹237. Anchor investor participation reflects strong institutional confidence in Indiqube Spaces’ business model and prospects.

Grey Market Premium (GMP)

The Grey Market Premium for Indiqube Spaces IPO remains at ₹0, suggesting that market participants expect the shares to list at or near the issue price. Investors are cautioned that GMP trading occurs unofficially and carries risks due to unregulated demand and supply dynamics.

About Indiqube Spaces Limited

Founded in 1999, Indiqube Spaces offers technology-driven, sustainable managed workplace solutions catering to a range of clients from large corporate hubs to smaller satellite offices. Their comprehensive service portfolio includes interiors, green initiatives, employee-centric amenities, and value-added services such as facility management, catering, transport, and technology solutions for both in-house and third-party clients.

Leadership and Management

The company is led by experienced promoters and a seasoned management team, including:

• Rishi Das (CEO), an IIT Roorkee alumnus and serial entrepreneur with over 25 years of diverse experience including co-founding talent solutions provider CareerNet.

• Meghna Agarwal (COO), an IMT Ghaziabad alumna with 20 years of expertise in operations and business management.

• Anshuman Das, also part of the promoter team contributing to strategic direction and growth.

Financial Performance

Indiqube Spaces has witnessed strong revenue growth in recent years:

• Revenues from operations were ₹6,012.75 million (FY23), ₹8,676.60 million (FY24), and ₹11,029.31 million (FY25).

• EBITDA grew from ₹2,582.27 million (FY23) to ₹6,601.87 million (FY25), showing operational leverage and scalability.

• Despite increasing revenues and EBITDA, the company posted net losses after tax of ₹1,981.09 million (FY23), ₹3,415.08 million (FY24), and ₹1,396.17 million (FY25), reflecting ongoing investments and expansion costs.

Key financial ratios include:

• Pre-issue EPS: ₹-7.65 (FY24)

• Post-issue EPS: ₹-8.86 (FY24)

• Pre-issue P/E ratio: -30.98x

• Post-issue P/E ratio: -26.75x

• Industry average P/E ratio: 66x

• Return on Capital Employed (ROCE): 34.21%

The negative earnings per share and P/E ratios reflect the company’s current loss position, but the healthy ROCE indicates efficient use of capital.

IPO Objectives

Net proceeds from the IPO are intended for:

1. ₹462.66 crore for funding capital expenditure towards the establishment of new centers and infrastructure expansion.

2. ₹93.04 crore for repayment or pre-payment of existing borrowings, strengthening the balance sheet.

3. The remaining funds for general corporate purposes to support business operations and growth initiatives.

Investment Perspective

Indiqube Spaces is a significant player in the managed workplace and sustainable office solutions sector, a growing segment driven by evolving workspace needs and ESG priorities. The company’s integrated approach combining technology, sustainability, and employee-focused services positions it well for future growth.

However, the current financials show ongoing losses, which investors must consider alongside the company’s growth potential. The zero Grey Market Premium and fully priced IPO valuation suggest limited scope for short-term listing gains.

Potential investors should assess their risk appetite and consider a long-term investment horizon focused on the company's growth story in the evolving commercial real estate and workplace management sector.

How to Check Allotment Status

Investors can verify their IPO allotment from July 28, 2025, onward on the registrar’s official website by:

• Selecting Indiqube Spaces Limited IPO from the IPO list.

• Entering application details such as application number, PAN, or DP Client ID.

• Submitting the information to view the allotment status.

Conclusion

The Indiqube Spaces IPO offers investors exposure to a pioneering managed workplace solutions provider with a robust presence and strong growth prospects. Its emphasis on tech-driven, sustainable office environments aligns with future workspace trends, making it a strategic play in the evolving corporate infrastructure space.

Given the current financial losses but promising operational scale, investors should weigh potential growth against near-term risks and the IPO’s fully priced valuation. This IPO is best suited for investors with a long-term outlook looking to participate in India’s expanding managed office space sector.

The Upcoming IPOs in this week and coming weeks are Highway Infrastructure, Flysbs Aviation, Part Electricals & Engineering, Jyoti Global Plast, M&B Engineering, Cash Ur Drive Marketing, Renol Polychem, Jyoti Global Plast, Takyon Networks, Mehul Colours, Sri Lotus Developers & Realty, Jyoti Global Plast, B.D. Industries (Pune), NSDL.

The Current active IPO are Aditya Infotech, Lakshmi India Finance, Kaytex Fabrics, Umiya Mobile, Repono, Shree Refrigerations, Sellowrap Industries, Shanti Gold International, Patel Chem Specialities.

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