Indiqube Spaces, a prominent managed workplace solutions provider, is set to raise ₹700 crore through its upcoming Book Built IPO, which opens for subscription from July 23 to July 25, 2025. The IPO consists of a Fresh Issue of ₹650 crore (274.26 lakh equity shares) and an Offer for Sale of ₹50 crore (21.09 lakh equity shares).

The IPO is priced between ₹225 and ₹237 per equity share, with a lot size of 63 shares, translating to a minimum investment of ₹14,931 for retail investors. For High-Net-Worth Individuals (HNIs), the minimum bid is 14 lots (882 shares) requiring an investment of ₹2,09,034.

Post-issue, the market capitalisation of the company at the upper end of the price band is estimated to be ₹4,977.11 crore. The IPO will be listed on both NSE and BSE, with a tentative listing date set as July 30, 2025.

Lead Managers and Registrar

The Book Running Lead Managers (BRLMs) for this IPO are ICICI Securities Limited and JM Financial Limited, while the Registrar is MUFG Intime India Private Limited (formerly Link Intime).

About Indiqube Spaces

Indiqube Spaces provides tech-enabled, sustainable managed workspaces for businesses ranging from large enterprises to smaller branches. Since its inception in 1999, the company has been delivering comprehensive workplace solutions, including:

• Interiors & workspace planning

• Green & sustainability initiatives

• Employee-focused amenities

• Facility management

• Catering and transport services

• IT & technology solutions

Their hybrid model serves both in-house and third-party clients. Their model is positioned for the growing demand in flexible office infrastructure in India.

Strong Leadership with Industry Experience

The company is promoted by Rishi Das, Meghna Agarwal, and Anshuman Das, with Rishi Das serving as the CEO. He is an IIT Roorkee alumnus and co-founder of CareerNet, a major HR solutions firm in India. Meghna Agarwal, the COO, is an IMT Ghaziabad alumna with 20+ years of experience in operations and management.

Financial Performance

Despite facing net losses, the company has shown consistent revenue growth over the last three years:

Though net losses persist, the growth in revenue and EBITDA indicates operational scalability. However, the negative Earnings Per Share (EPS) and Price to Earnings (P/E) ratio remain a concern for valuation:

• Pre-issue EPS: ₹ -7.65

• Post-issue EPS: ₹ -8.86

• Pre-issue P/E: -30.98x

• Post-issue P/E: -26.75x

• Industry P/E: 66x

• ROCE (FY24): 34.21%

IPO Objectives

The net proceeds from the IPO will be utilised for:

1. ₹462.65 crore towards establishing new centres

2. ₹93.03 crore for repayment or prepayment of borrowings

3. The rest towards general corporate purposes

This clearly reflects the company’s intention to expand and reduce its debt burden.

Anchor Investment Details

Before the IPO opened for subscription, Indiqube Spaces raised ₹314.32 crore from anchor investors by issuing 1,32,62,658 shares at ₹237 each. These were subscribed in consultation with BRLMs. Notable anchor investors include institutional funds and domestic mutual funds, showcasing institutional trust despite the financial risks.

IPO Subscription Status

As of 11:00 AM on July 23, 2025, the IPO has been subscribed 0.06 times. This suggests a slow start on the first day, but subscription levels are likely to increase closer to the closing date.

Investors can track live subscription updates through the BSE website under the IPO Live Status section.

Grey Market Premium (GMP) Update

The Grey Market Premium (GMP) for Indiqube Spaces stands at ₹0, suggesting that the market currently does not expect listing gains. It's important to note that GMP is unofficial, unregulated, and may not reflect actual listing performance.

IPO Allotment and Listing Dates

• IPO Allotment Date: July 28, 2025

• Expected Listing Date: July 30, 2025

How to check Indiqube IPO Allotment:

1. Visit the registrar website (MUFG Intime India)

2. Select Indiqube Spaces IPO from the dropdown

3. Enter Application Number / PAN / DP Client ID

4. Click Submit

The allotment status will be displayed instantly once declared.

Should You Subscribe?

Despite strong operational growth, consistent losses, a negative EPS, and zero GMP make this IPO unattractive for short-term listing gains. Long-term investors might look at the expansion strategy and tech-driven model, but valuation concerns persist.

Recommendation: Avoid for listing gains, wait for post-listing performance to evaluate long-term potential.

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.

The Upcoming IPOs in this week and coming weeks are Takyon Networks, Mehul Colours, Aditya Infotech, Sri Lotus Developers & Realty, Lakshmi India Finance, Jyoti Global Plast, B.D. Industries (Pune), Kaytex Fabrics, Umiya Mobile, Shree Refrigerations, Sellowrap Industries, Repono, Shanti Gold International, Patel Chem Specialities, NSDL.

The Current active IPO are Brigade Hotel Ventures, Indiqube Spaces, GNG Electronics, TSC India, Monarch Surveyors & Engineering Consultants.

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