Nukleus Office Solutions Limited, a leading co-working and managed office space provider in Delhi NCR, has launched its IPO for subscription from February 24, 2025, to February 27, 2025. The IPO is a fixed price issue set at ₹ 234 per equity share, and the company plans to raise ₹ 31.70 crores entirely through a fresh issue of 13.55 lakh shares.

Company Overview and Business Model

Nukleus Office Solutions specializes in providing fully furnished, flexible workspaces, including dedicated desks, private cabins, meeting rooms, startup zones, virtual offices, and enterprise workspaces. The company caters to startups, SMEs, large enterprises, and professionals while offering fully serviced and managed office solutions for teams of 50 to 500 seats.

As of December 31, 2024, Nukleus operates 7 flexible workspace centers and manages 4 Managed Offices, with a total seating capacity of 2,796.

The company is led by Nipun Gupta (Chairman & Managing Director), who has 26+ years of experience in real estate, finance, infrastructure, and technology, and Puja Gupta (Director), who has 20+ years of experience managing backend operations.

IPO Subscription and Listing Details

The subscription window for the Nukleus Office Solutions IPO is open from February 24, 2025, to February 27, 2025. The allotment of shares is expected to be finalized on February 28, 2025, and the listing on the BSE SME exchange is set for March 4, 2025.

IPO Lot Size and Investment Requirement:

• Lot Size: 600 shares
• Retail Investors Minimum Investment: ₹ 1,40,400
• High-Net-Worth Individuals (HNI) Minimum Investment: 2 lots (1,200 shares) at ₹ 2,80,800

The market capitalization of Nukleus Office Solutions at the IPO price of ₹ 234 per share will be ₹ 94.35 crores.

Financial Performance and Growth Analysis

The company has demonstrated steady revenue and profit growth in the past financial years:

• Revenue from Operations:

  • FY22: ₹ 342.42 lakh
  • FY23: ₹ 1,089.76 lakh
  • FY24: ₹ 1,716.41 lakh
  • Dec 31, 2024 (YTD): ₹ 2,135.66 lakh

• EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization):

  • FY22: ₹ 19.00 lakh
  • FY23: ₹ 140.23 lakh
  • FY24: ₹ 327.53 lakh
  • Dec 31, 2024 (YTD): ₹ 529.99 lakh

• Profit After Tax (PAT):

  • FY22: ₹ 10.64 lakh
  • FY23: ₹ 67.27 lakh
  • FY24: ₹ 119.72 lakh
  • Dec 31, 2024 (YTD): ₹ 151.13 lakh

The company has a pre-issue EPS of ₹ 19.71 and a post-issue EPS of ₹ 2.97 for FY24. The pre-issue P/E ratio is 11.87x, while the post-issue P/E ratio is 78.81x, making the IPO fully priced.

Objectives of the IPO

The net proceeds from the IPO will be used for:

1. ₹ 2,296.24 Lakhs – Capital expenditure and security deposit for new centers.
2. ₹ 34.22 Lakhs – Developing a technology platform, online client integration, and mobile app.
3. ₹ 49.56 Lakhs – Advertising and brand visibility enhancement.
4. ₹ 588.02 Lakhs – General corporate purposes.

Grey Market Premium (GMP) and IPO Review

As of February 25, 2025, the Grey Market Premium (GMP) for the IPO is ₹ 0, suggesting no listing gains. The GMP is an informal indicator of demand and supply before the official listing.

How to Check IPO Allotment Status Online

Investors who have applied for the Nukleus Office Solutions IPO can check their IPO allotment status online on February 28, 2025, by following these steps:

1. Visit the IPO allotment status page on the registrar's website.
2. Select Nukleus Office Solutions IPO from the dropdown list.
3. Enter Application Number, PAN, or DP Client ID.
4. Submit the details to view the allotment status.

Should You Invest?

The IPO is fully priced, with a post-issue P/E ratio of 78.81x, indicating that it may not offer strong listing gains. While the company has shown financial growth, the high valuation and zero GMP suggest limited short-term upside.

Long-term investors may consider the growth potential of the co-working and managed office space sector, but they should evaluate the company's ability to expand profitably in a competitive market.

Conclusion

The Nukleus Office Solutions IPO offers an opportunity to invest in Delhi NCR's flexible workspace industry. The subscription period is from February 24 to February 27, 2025, and the shares will be listed on BSE SME on March 4, 2025. Given the high valuation and lack of GMP, investors should approach this IPO with caution and evaluate long-term potential before making an investment decision.

The Upcoming IPOs in this week and coming weeks are Balaji Phosphates.

The Current active IPO are Shreenath Paper, Nukleus Office, Beezaasan Explotech.

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