Indiqube Spaces Limited, a leading managed workplace solutions provider, has launched its Initial Public Offering (IPO), aiming to raise ₹700 Crores from the capital markets. The IPO opened for public subscription on July 23, 2025, and closed on July 25, 2025. This IPO has drawn considerable attention from both retail and institutional investors, with a final day subscription status of 1.18 times.

Company Overview

Indiqube Spaces is known for offering tech-enabled, sustainable office solutions ranging from large corporate hubs to small branch offices. Since its inception in 1999, the company has grown into a comprehensive space management provider delivering interior solutions, green initiatives, and employee-centric services. Their services span across:

• Facility Management

• Transport and Catering Services

• Technology Integration Solutions

• Third-party office management

The company's integrated and tech-first approach has helped it establish itself as a trusted name in the workspace management sector, catering to a variety of clientele from startups to large corporations.

Indiqube IPO Details

The IPO of Indiqube Spaces Limited is a Book Built Issue with a total size of ₹700.00 Crores, comprising:

• A Fresh Issue of 274.26 lakh shares worth ₹650 Crores.

• An Offer for Sale (OFS) of 21.09 lakh shares, aggregating ₹50 Crores.

The price band has been fixed between ₹225 to ₹237 per share, and the lot size for retail investors is 63 shares, meaning a minimum investment of ₹14,931 is required. For High-Net-Worth Individuals (HNIs), the minimum application size is 14 lots (882 shares) which equals ₹2,09,034.

At the upper price band of ₹237, the estimated market capitalisation of the company is ₹4,977.11 Crores.

Important Dates

• IPO Open Date: July 23, 2025

• IPO Close Date: July 25, 2025

• Allotment Date: July 28, 2025 (Monday)

• Listing Date (Tentative): July 30, 2025 (Wednesday)

• Stock Exchanges: NSE and BSE

Investors are eagerly awaiting the listing, hoping for positive returns on debut.

Anchor Investment

Before the IPO was opened to the public, Anchor Investors infused ₹314.32 Crores into the company at the upper band price of ₹237 per share. A total of 1,32,62,658 equity shares were allocated to these investors, which include top institutional names, under the guidance of Book Running Lead Managers (BRLMs) — ICICI Securities Limited and JM Financial Limited.

Grey Market Premium (GMP) Insight

As of July 21, 2025, the Grey Market Premium (GMP) of Indiqube Spaces IPO is ₹0, which indicates neutral sentiment in the unofficial market. Investors should note:

• GMP is purely indicative and unofficial.

• It doesn’t guarantee listing performance.

• GMP data should be used for educational purposes only.

IPO Subscription Status

On the final day of the subscription period, July 25, 2025, the IPO was subscribed 1.18 times, according to data available as of 11:30 AM. This reflects moderate interest from retail, HNI, and institutional investors.

Detailed subscription breakdown is usually released by BSE and NSE, and can be tracked in real-time on their respective portals.

IPO Objectives

The proceeds of the fresh issue will be utilised for the following purposes:

1. ₹4,626.59 Million for establishing new office centres to expand Indiqube's operational footprint.

2. ₹930.35 Million to repay or prepay certain borrowings, reducing the company’s debt load.

3. Balance funds to be used for general corporate purposes including working capital needs and brand expansion.

Registrar and Lead Managers

• Book Running Lead Managers:

  • ICICI Securities Limited

  • JM Financial Limited

• Registrar to the Issue:

  • MUFG Intime India Private Limited (formerly Link Intime India Pvt Ltd)

Investors can check their allotment status on the registrar’s official portal once it goes live post-allotment.

How to Check IPO Allotment

To check the Indiqube Spaces IPO allotment, follow the steps below:

1. Visit the official registrar website.

2. Select Indiqube Spaces IPO from the dropdown.

3. Enter your Application Number, PAN, or DP Client ID.

4. Submit and view your allotment status.

This simple process ensures that investors can quickly find out whether they have been allotted shares.

Financial Performance & Business Outlook

Indiqube’s financial performance leading up to the IPO has shown stable revenue growth, a strong client base, and continuous expansion of its operating centres. Although the IPO is moderately subscribed, the company’s long-term prospects remain promising due to:

• Rising demand for flexible office spaces

• Increasing corporate focus on sustainable infrastructure

• Expansion into Tier-2 and Tier-3 cities

If post-IPO growth is managed well, Indiqube Spaces may offer significant value appreciation for long-term investors.

Final Words

The Indiqube Spaces IPO presents an interesting opportunity in the flexible workspace sector, which is seeing accelerated transformation post-pandemic. While the Grey Market Premium does not suggest a strong buzz, the fundamentals of the company, combined with expansion plans, provide a solid growth story for investors to consider.

However, investors are advised to consult financial advisors before making any investment decisions, especially considering the uncertain global economic climate and changing dynamics of the office space industry.

Stay tuned for the IPO listing on July 30, 2025, to know how the market receives Indiqube Spaces on debut.

Disclaimer: This review is for informational purposes only. It should not be construed as investment advice. Investors must consult their financial advisors before investing. Past performance is not indicative of future results. Investment in securities is subject to market risks.

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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