The Indiqube Spaces IPO is opening for subscription from July 23 to July 25, 2025, with a price band set at ₹225 to ₹237 per share and a total issue size of approximately ₹700 crore. Established in 2015, Indiqube Spaces is recognized for its managed, sustainable, and technology-driven workplace solutions, catering to both large corporate offices and smaller branch setups. The company has rapidly grown its presence, managing 115 centers across 15 cities and covering 8.4 million square feet with nearly 186,700 seats as of March 2025. The Indiqube Spaces IPO offers investors exposure to India’s expanding managed office sector and a company with a robust operational track record.
₹00
₹237
₹216.00
Expert Opinions
The Indiqube Spaces IPO has garnered a cautiously optimistic response from the market, with institutional and retail investors showing interest driven by the company’s revenue growth and sector potential. IndiQube’s core strengths lie in its expansive national footprint, operating 115 centers across 15 cities, along with robust revenue growth of 27% in FY 2025 and exceptional EBITDA margins of 58.2%. The company’s technology-driven platform and long-term contracts ensure recurring revenue streams, while its ability to customize workspace solutions appeals to a diverse client base.
However, persistent net losses (PAT: -₹139.6 crore in FY 2025), negative Return on Equity (-2.19%), and a negative NAV (-₹0.24) signal ongoing financial strain. Concentration risk in select markets, intense sector competition, and high valuations also add to investor caution. Despite these challenges, the high ROCE of 34.21% points to efficient capital use. For long-term investors, the Indiqube Spaces IPO offers compelling exposure to India’s evolving flexible workspace market, provided they can tolerate near-term volatility and profitability pressures.
Investor Considerations
Investors considering the Indiqube Spaces IPO should focus on its robust revenue growth, with FY 2025 operations delivering ₹1,102.93 crore and a 27% year-on-year increase, alongside a sharp swing to profitability from previous losses. The managed workspace sector in India remains on a strong growth trajectory, driven by demand for flexible offices, expanding enterprise client bases, and the rising trend of hybrid work models.
For FY 2025, the Indiqube Spaces IPO boasts an exceptional EBITDA margin of 58.20%, though the PAT margin remains negative at (-12.66)%, reflecting significant non-cash expenses, finance costs, and accounting for right-of-use assets. The company’s growth prospects are supported by continued capex expansion and increasing value-added services, but key risks are its heavy capital requirements, tenant churn, and a fragmented competitive landscape. Given these fundamentals, the IPO is better suited for long-term investors anticipating eventual improvement in profitability metrics, rather than those seeking quick gains from short-term market movements.
| Date | GMP | Trend |
|---|---|---|
| 29 Jul 2025 11.28 | ₹00 | Down |
| 28 Jul 2025 11.19 | ₹5 | Down |
| 25 Jul 2025 10.48 | ₹10 | Down |
| 24 Jul 2025 10.35 | ₹15 | --- |
| 23 Jul 2025 19.37 | ₹15 | Down |
| 22 Jul 2025 15.58 | ₹25 | Down |
| 21 Jul 2025 10.33 | ₹40 | --- |
| 20 Jul 2025 13.03 | ₹40 | --- |
| 19 Jul 2025 12.11 | ₹40 | --- |
| 18 Jul 2025 15.52 | ₹40 | --- |
FAQs
The Grey Market Premium showed poor accuracy in predicting Indiqube Spaces IPO’s listing performance. With a final GMP of ₹0, it suggested a flat listing around the issue price of ₹237. However, the stock listed lower at ₹216, delivering a negative return of -8.86%. This resulted in a prediction error of 8.86%, where the GMP failed to anticipate the negative listing direction and magnitude, reflecting weak reliability in this case.
Indiqube Spaces IPO Current GMP is ₹00.
Indiqube Spaces IPO Expected Returns is 0.00%.
Indiqube Spaces IPO estimated listing price is ₹237.