Indiqube Spaces is a prominent managed workplace solutions provider offering tech-driven, sustainable office spaces. Their portfolio ranges from large corporate hubs to smaller branch offices, supported by a highly experienced team. Since its inception in 1999, Indiqube has delivered integrated services including office interiors, green initiatives, and employee-centric amenities. Their value-added offerings extend to facility management, catering, transport, and advanced tech solutions, serving both in-house operations and third-party clients.

In 2025, Indiqube Spaces launched a Book Built Issue IPO totaling ₹700 crores, comprising a fresh issue of 274.26 lakh shares worth ₹650 crores and an Offer for Sale (OFS) of 21.09 lakh shares totaling ₹50 crores. The IPO subscription opened on July 23, 2025, and will close on July 25, 2025. Allotment of shares is expected by July 28, 2025, and the shares are planned to be listed on the BSE and NSE on or about July 30, 2025.

The IPO’s price band is set between ₹225 and ₹237 per equity share, with the company’s market capitalization at the upper price band estimated at ₹4,977.11 crores. The lot size is 63 shares, requiring retail investors to invest a minimum of ₹14,931 (63 shares). High Net Worth Individuals (HNIs) must invest a minimum of 14 lots (882 shares), amounting to ₹2,09,034 at the upper price band.

The Book Running Lead Managers for the IPO are ICICI Securities Limited and JM Financial Limited, with MUFG Intime India Private Limited acting as the registrar.

IPO Subscription and Market Sentiment

As of 11:00 AM on July 23, 2025, the IPO subscription stood at 0.06 times on the first day, reflecting limited investor interest initially. The Grey Market Premium (GMP) is ₹0, suggesting no premium or discount in the unofficial market and indicating neutral market sentiment. Grey Market Premium depends heavily on demand and supply in an unorganized manner and does not guarantee listing price.

Financial Overview

Promoted by experienced leaders including Rishi Das (CEO), Meghna Agarwal (COO), and Anshuman Das, Indiqube Spaces benefits from strong entrepreneurial and operational expertise.

• Rishi Das, IIT Roorkee alumnus, has over 25 years of entrepreneurial experience.

• Meghna Agarwal, IMT Ghaziabad alumna, has 20 years in operations and business management.

Financial performance shows steady revenue growth:

• Revenue from operations grew from ₹6,012.75 million in FY23 to ₹11,029.31 million in FY25.

• EBITDA increased from ₹2,582.27 million in FY23 to ₹6,601.87 million in FY25, demonstrating operational improvements.

• However, the company reported net losses after tax of ₹-1,981.09 million in FY23, ₹-3,415.08 million in FY24, and ₹-1,396.17 million in FY25 indicating ongoing losses but improving trend.

Valuation Metrics

The company’s pre-issue Earnings Per Share (EPS) for FY24 is -₹7.65, with a post-issue EPS of -₹8.86 due to dilution from fresh issuance. The pre-issue P/E ratio is -30.98x, moving to -26.75x post-issue, compared with an industry P/E average of 66x. The negative earnings reflect the company’s current unprofitability, which is common in high-growth sectors but points to valuation risks.

The Return on Capital Employed (ROCE) for FY24 is a strong 34.21%, indicating efficient use of capital despite losses.

Use of IPO Proceeds

Indiqube plans to use the IPO proceeds as follows:

• ₹4626.59 million for capital expenditure towards setting up new centers to expand their footprint.

• ₹930.35 million for repayment/prepayment of certain borrowings to reduce financial leverage.

• Remaining proceeds allocated to general corporate purposes.

IPO Allotment and Listing

Investors can check the allotment status on or after July 28, 2025, via the registrar’s online portal by entering their application number, PAN, or DP Client ID. The shares will be listed on both BSE and NSE by around July 30, 2025.

Final Assessment and Recommendations

Despite Indiqube Spaces' strong revenue growth and expansion plans, the first day IPO subscription has been very low, and the grey market premium remains flat at zero, signaling weak investor enthusiasm. The company is currently operating at a loss, and while its ROCE is impressive, the negative earnings and high valuation metrics relative to the industry may raise caution among investors.

Given these factors, it is advisable for investors to approach this IPO with caution. It may not be suitable for those seeking short-term listing gains or looking for immediately profitable companies. Investors with a higher risk appetite and a long-term growth perspective may consider evaluating the company further.

Disclaimer: This content is for educational and informational purposes only and does not constitute financial advice or an investment recommendation. All investors should seek professional advice before investing. Market investments carry risks, and past performance is not indicative of future results.

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