Indiqube Spaces Limited, a tech-enabled managed workplace solutions provider, is launching its ₹700 crore IPO via the book-building method, with a price band of ₹225 to ₹237 per equity share. The issue opens on July 23, 2025, and closes on July 25, 2025.

Founded in 1999, Indiqube has grown to deliver customised workspaces for startups, SMEs, and large corporates across India. Their offerings include office interiors, facility management, catering, employee transport, and technology integration with a focus on sustainability and employee-centric designs.

IPO Details

• Total Issue Size: ₹700.00 Cr

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

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

• Price Band: ₹225 – ₹237 per share

• Lot Size: 63 shares

  • Retail Min Investment: ₹14,931 (1 lot)

  • HNI Min Investment: ₹2,09,034 (14 lots)

• Market Capitalisation at ₹237: ₹4,977.11 Cr

• Listing On: BSE and NSE

• Tentative Listing Date: July 30, 2025

• Allotment Date: July 28, 2025

• Lead Managers: ICICI Securities, JM Financial

• Registrar: MUFG Intime India Pvt. Ltd.

Company Background

Indiqube has built a nationwide presence offering plug-and-play and build-to-suit workspaces. Their team of experts handles everything from design to execution, making it a one-stop-shop for enterprises seeking hassle-free workspace solutions.

The company’s operations are led by:

• Rishi Das – CEO and IIT Roorkee alumnus, also co-founder of CareerNet

• Meghna Agarwal – COO, IMT Ghaziabad alumnus with 20 years of experience

• Anshuman Das – Co-promoter and strategic advisor

They have a reputation for turnkey execution, offering modern, modular, and flexible office setups tailored for enterprise needs.

Financial Performance

Despite increasing revenues, Indiqube continues to report losses for three consecutive years, raising investor concerns.

Key Financial Ratios (FY24)

• EPS (Pre-Issue): ₹ -7.65

• EPS (Post-Issue): ₹ -8.86

• P/E Ratio (Post-Issue): NA (Negative earnings)

• Industry P/E Benchmark: 66x

• ROCE: 34.21%

• ROE: Negative

• Debt Position: Company aims to repay a portion using IPO proceeds

IPO Objectives

Indiqube plans to utilise the net proceeds as follows:

1. ₹462.65 Cr – Funding capex for new centres

2. ₹93.04 Cr – Debt repayment/pre-payment

3. Remaining – General corporate purposes

This funding will help the company expand its operational footprint while deleveraging its balance sheet partially.

Anchor Investors & GMP Status

The company has not yet disclosed the list of Anchor Investors.
As of 21 July 2025, the Grey Market Premium (GMP) is ₹0, indicating no active interest or premium pricing in unofficial trading circles.

Date-wise GMP Update:

⚠️ Note: GMP is speculative and should not be relied upon for investment decisions.

Allotment Status – How to Check

Allotment will be finalised on July 28, 2025. Here's how to check:

1. Visit registrar website (MUFG Intime India)

2. Select Indiqube Spaces Limited IPO from the dropdown

3. Enter Application Number / PAN / DP Client ID

4. Submit to view allotment status

Expert Verdict – Apply or Avoid?

Despite healthy revenue growth and strong operating margins, Indiqube is still loss-making, with:

• Three years of negative PAT

• Negative EPS and P/E ratios

• Flat GMP at ₹0, suggesting low investor demand

Also, at a post-issue P/E of -26.75x, the valuation appears rich and unjustified, especially when compared to peers that are profitable and trade at lower valuations.

📉 Verdict:
We recommend investors to AVOID Indiqube Spaces IPO, both for listing gains and long-term investments, due to sustained losses and lack of upside trigger in the near term.

Disclaimer:
This analysis is for educational and informational purposes only. It does not constitute investment advice or a solicitation to buy or sell any securities. Investors should perform their own due diligence or consult a SEBI-registered financial advisor before making any investment decisions. All data is based on information available as of the publication date and may be subject to change.

The Upcoming IPOs in this week and coming weeks are Sellowrap Industries, Repono, Shanti Gold International, Indiqube Spaces, GNG Electronics, Brigade Hotel Ventures, Patel Chem Specialities, TSC India, NSDL.

The Current active IPO are Monarch Surveyors & Engineering Consultants, Swastika Castal, Savy Infra.

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