Is Indiqube Spaces' IPO a risky bet amidst growing losses?
Remove Ads
ET Intelligence Group: Indiqube Spaces, a workplace solutions firm, plans to raise ₹650 crore through a fresh issue to fund capex plans and partially repay debt. It also has an offer for sale of ₹50 crore. The promoter stake will fall to 60.6% after the IPO from 70.9%. The company operates in a sector with strong potential for growth. It has 115 centres across 15 cities. About 63% of its revenue comes from Bengaluru, reflecting geographic concentration. Though revenue and operating profit before depreciation and amortisation (Ebitda) has increased in the past two years, the company continues to report net loss . Given these, investors may wait to see clarity in financials.Incorporated in 2015, Bengaluru headquartered Indiqube Spaces provides managed, sustainable, and technology-driven workplace solutions. The company's backward integration focuses on asset renovation, upgradation and customised build-to-suit models. It also provides value-added-services (VAS) to clients and their employees. It manages a portfolio of 115 centers across 15 cities, consisting of 105 operational centres and 10 centres for which Indiqube has executed letters of intent, covering 8.4 million square feet of area under management with a total seating capacity of 186,719 as of March 2025.Revenue from operations and Ebitda grew 35.2% and 61.4% annually to ₹616.5 crore and ₹236.7 crore, respectively between FY23 and FY25. Net loss declined to ₹139.6 crore in FY25 from ₹198.1 crore in FY23, while Ebitda margin grew to 58.2% from 40.83%, better than its listed peer Awfis Space Solutions which is around 33.3%. Net Debt was at ₹337.9 crore, out of which ₹93 crore will be paid from IPO proceeds. Awfis, on the other hand, runs cash positive operations (no debt).Price-to-earnings multiple will not help since the company is yet to record profits. The price-to-sales (P/S) multiple works out to 4.7 compared with 3.7 for Awfis. The enterprise value of Indiqube works out to be 8.6 times of Ebitda while it is 11.2 times for Awfis.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
10 hours ago
- Time of India
IndiQube Spaces IPO subscribed 12.33 times on closing day of bidding
NEW DELHI: The initial public offer of IndiQube Spaces Ltd got subscribed 12.33 times on the closing day of bidding on Friday. The company's IPO received bids for 21,14,96,292 shares against 1,71,48,335 shares on offer, according to NSE data. The Qualified Institutional Buyers (QIBs) part fetched 14.35 times subscription while the portion for Retail Individual Investors (RIIs) got subscribed 12.55 times. Non Institutional Investors category attracted 8.24 times subscription. IndiQube Spaces on Tuesday said it has raised over Rs 314 crore from anchor investors. The Rs 700-crore initial public offer (IPO) of the Bengaluru-based firm has a price band of Rs 225-237 per share. At the upper end of the price band, the company's valuation is nearly Rs 5,000 crore. The IPO has a fresh issue of Rs 650 crore and an Offer-for-Sale (OFS) of Rs 50 crore. IndiQube Spaces proposes to utilise the fresh capital to the tune of Rs 462.6 crore towards funding capex for setting up new centres, Rs 93 crore for repayment and the rest for general corporate purposes. The company, which was incorporated in 2015, manages a portfolio of 8.40 million square feet across 115 properties in 15 cities with a total seating capacity of 1,86,719 as of March 2025. This was a growth from 74 centres and 4.94 million sq ft in March 2023. IndiQube serves 769 clients, out of which 44 per cent are Global Capability Centres. The company follows an enterprise-first strategy, owing to which 63 per cent of its occupied area comes from clients who have leased over 300 seats. Further, 44 per cent of its revenue is generated from multi-centre clients. Its diverse client mix includes Enphase, Myntra, Zerodha, NoBroker, upGrad, Siemens, Juspay, Perfios, Moglix, Ninjacart, Narayana Health and Allegis, to name a few. ICICI Securities and JM Financial are the book-running lead managers to the offer. The equity shares are expected to be listed on July 30 on the BSE and NSE.
Mint
14 hours ago
- Mint
Stock market this week: Top gainers and losers driving market volatility
In a major boost to India's global trade standing, India and the United Kingdom signed a long-awaited Free Trade Agreement (FTA) on July 23, 2025. The agreement eliminates or reduces tariffs on over 90% of traded goods and liberalizes services and investment norms between the two nations. Sectors expected to benefit include textiles, electric vehicles, IT services, and education. The deal is projected to increase bilateral trade to $34–36 billion annually over the next few years and is India's first comprehensive FTA with a G7 country, reinforcing its reputation as a global trade player and boosting investor sentiment. 2. GNG Electronics IPO subscribed 150.21x, Indiqube Spaces 13.00x, PropShare Titania 1.61x Investor enthusiasm remained strong in the primary markets this week. On July 25, 2025, the IPO of GNG Electronics Ltd. was oversubscribed by 150.21×, driven by robust demand across QIBs, NIIs, and retail segments. Indiqube Spaces Ltd., a workspace solutions provider, also saw a solid response, with subscriptions reaching 13.00×. Meanwhile, PropShare Titania, India's second SM REIT offering, attracted moderate interest and closed with 1.61× overall subscription. The strong IPO response reflects continued liquidity and investor appetite for new listings, especially in tech, real estate, and specialty finance sectors. 3. NFOs launched by Aditya Birla, Zerodha, and Motilal Oswal AMCs The mutual fund space saw new product launches focused on thematic and passive strategies. Aditya Birla Sun Life AMC launched two index-based offerings: the BSE 500 Quality 50 Index and Momentum 50 Index. Zerodha AMC introduced a Multi Asset Passive Fund of Funds, while Motilal Oswal AMC rolled out a Special Opportunities Growth Direct Plan. These NFOs aim to capitalize on growing investor interest in diversified, low-cost, and factor-driven investment vehicles. Index Returns Best Performers Worst Performers Bought and Sold Most Watchlisted Kuvera is a free direct mutual fund investing platform. Unless otherwise stated data sourced from BSE, NSE and kuvera.
News18
16 hours ago
- News18
IndiQube Spaces IPO GMP Today: How To Check Allotment Status Online? A Step-By-Step Guide
Last Updated: IndiQube Spaces IPO GMP: The grey market premium remains muted at 2.11%, indicating weak listing gains for investors. IndiQube Spaces IPO Allotment Date: The initial public offering of workplace solutions company IndiQube Spaces Ltd has received a 13.00 times subscription on the final day of bidding on Friday. Now, the IPO investors are awaiting the allotment, which will be finalised on Monday, July 28. However, they can check their IPO allotment status on the websites of the BSE and the NSE, as well as registrar Link Intime. The IPO's grey market premium on Saturday remained muted at 2.11%, indicating weak listing gains for investors. 1. Visit Link Intime's website at 2. Select the company's name 'IndiQube Spaces Ltd' from the drop-down list. 3. Choose DP/Client ID, PAN, Application Number, or Account Number, and enter details. 4. Hit 'Submit' button. Your allotment status will be displayed now. Alternatively, the investors can also check the IndiQube Spaces IPO allotment on the websites of the BSE and NSE. Visit the BSE IPO Page: Go to Select Issue Type: Choose 'Equity' as the issue type. Select IPO: From the dropdown menu, select 'IndiQube Spaces Limited'. Enter Details: Provide your Application Number or PAN. Complete CAPTCHA: Tick the 'I'm not a robot" CAPTCHA and click 'Search" to view your allotment status. Via NSE's Website The allotment status can also be checked on the NSE's website at IndiQube Spaces IPO Allotment & Listing Dates The share allotment of the IndiQube Spaces IPO is expected to be finalised on July 28 (Monday), and the company is expected to be listed on both BSE and NSE on July 30 (Wednesday). The IPO was opened for subscription between July 23, 2025, and July 25, 2025. IndiQube Spaces IPO GMP Today According to market observers, unlisted shares of IndiQube Spaces Ltd are currently trading at Rs 242 against the upper IPO price of Rs 237. It means a grey market premium or GMP of Rs 5, which is 2.11% over its issue price, indicating weak listing. The GMP is based on market sentiments and keeps changing. 'Grey market premium' indicates investors' readiness to pay more than the issue price. On the final day of bidding on Friday, the issue received a 13.00 times subscription, garnering bids for 21,16,84,032 shares as against the 1,62,79,682 shares on offer. The retail and NII participation stood at 13.28x and 8.68x, respectively. The QIB category has received a 15.12x subscription. The company is raising Rs 650 crore through issuance of fresh issue and promoters would offload shares worth Rs 50 crore under the Offer for Sale (OFS). WestBridge Capital, a key investor in the firm since 2018, is not divesting any stake in the OFS. IndiQube Spaces raised over Rs 314 crore from anchor investors, a day before its initial share-sale opens for public subscription. The company proposed to utilise the fresh capital to the tune of Rs 462.6 crore towards funding capex for setting up new centres, Rs 93 crore for repayment and rest for general corporate purposes. The company, which was incorporated in 2015, manages a portfolio of 8.40 million sq ft across 115 properties in 15 cities with a total seating capacity of 1,86,719 as of March 2025. This was a growth from 74 centres and 4.94 million Sq ft in March 2023. IndiQube serves 769 clients, out of which 44 per cent clients are Global Capability Centres. The company follows an enterprise-first strategy owing to which 63 per cent of its occupied area comes from clients who have leased over 300 seats. Further, 44 per cent of its revenue is generated from multi centre clients. Its diverse client mix includes Enphase, Myntra, Zerodha, NoBroker, upGrad, Siemens, Juspay, Perfios, Moglix, Ninjacart, Narayana Health and Allegis to name a few. On the financial front, the company reported a total income of Rs 1,103 crore in fiscal 2025, recording a CAGR of 35 per cent from fiscal 2023. The company raised a total of Rs 324 crore in two funding rounds during 2018 and 2022. WestBridge Capital led the investment with Rs 190 crore, followed by Rs 131 crore from the promoters, and the rest came from angel investor Ashish Gupta. ICICI Securities and JM Financial are book-running lead managers to the issue. The equity shares are expected to be listed on July 30 on the BSE and the NSE. About the Author Mohammad Haris Haris is Deputy News Editor (Business) at He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris More Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! tags : initial public offering (IPO) IPO view comments Location : New Delhi, India, India First Published: July 26, 2025, 10:43 IST News business » ipo IndiQube Spaces IPO GMP Today: How To Check Allotment Status Online? A Step-By-Step Guide Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
