Indiqube Spaces IPO opens for subscription; GMP at 10%. Should you bid?
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IndiQube Spaces' Rs 700 crore IPO has opened on July 23, aiming to tap into India's fast-growing flexible workspace sector. The issue comprises a fresh issue of Rs 650 crore and an offer for sale of Rs 50 crore, with a price band of Rs 225–237 per share.At the upper end, the issue values the company at a market cap of Rs 4,977 crore. The offering will close on July 25, with listing scheduled on BSE and NSE on July 30. Ahead of the issue opening, the GMP is around 10% over the offer priceThe Bengaluru-headquartered company is among India's leading providers of managed, tech-enabled office spaces. With a portfolio of 115 centres across 15 cities -- spanning over 8.4 million square feet -- Indiqube caters to a clientele ranging from startups to large global capability centres.Its flagship verticals -- Indiqube Grow, Bespoke, One, and MiQube -- deliver end-to-end workspace solutions including co-working offices, facility management, tech services, and interior design.Despite being loss-making (Rs 1,396 crore PAT loss in FY25), Indiqube posted a 27.5% revenue growth in FY25 and a sharp jump in EBITDA margins to 58.2%.Brokerage Anand Rathi has rated the IPO as "Subscribe–Long Term", citing the company's strong footprint in both Tier I and non-Tier I cities, diversified client base, and its capital-light business model."While fully priced, the IPO offers investors a scalable play on India's shifting workspace culture and the formalisation of the flexible office market," the note said.With occupancy at steady-state centres at 86.5% and long-term contracts with clients, Indiqube offers visibility of recurring revenue—making it an attractive long-term bet despite near-term profitability risks.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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