Indian workspace firm IndiQube slumps about 15% in trading debut
IndiQube's debut is among a dozen Indian IPOs this month, but only the second to list at a discount.
The firm's $80.3 million IPO was subscribed 12.4 times last week, drawing strong demand from both retail and institutional investors.
Its shares opened at a 9% discount to the IPO price of 237 rupees in Mumbai. They were down 11.3% at 210.15 rupees at 11:30 a.m. IST.
India's equity benchmarks were flat on caution ahead of the U.S. Federal Reserve's policy decision and a key tariff deadline later this week.
IndiQube is well-placed to ride India's growing demand for office space, but its dependence on the cities of Bengaluru, Pune, and Chennai - which generate 89% of its revenue - heightens its vulnerability to regional slowdowns, analysts at Deven Choksey Research said.
Rising competition from listed peers like Awfis (AWFI.NS), opens new tab, Smartworks (SMAW.NS), opens new tab, and the IPO-bound WeWork India (WEWO.NS), opens new tab could also weigh on pricing power, they said.
Smartworks (SMAW.NS), opens new tab listed at a 14% premium on July 17, as investors bet on surging demand for integrated office solutions in India. Its shares have fallen about 6% since then.
($1 = 87.21 Indian rupees)
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