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Time of India
a day ago
- Business
- Time of India
Indiqube Spaces shares fall 8% after weak market debut. What should investors do?
Indiqube Spaces shares experienced a decline after a weak stock market debut, trading below the IPO price due to investor concerns about valuation and profitability. Despite short-term skepticism, the company's business model in flexible workspaces and strong EBITDA margins offer long-term potential. Analysts suggest a neutral stance, closely monitoring performance and expansion strategies. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Indiqube Spaces IPO Details Indiqube Spaces Business Overview Shares of Indiqube Spaces declined nearly 8% to Rs 325.5 on the BSE after making a weak debut on the exchanges on stock opened at Rs 218.7 on the BSE, marking a 7.7% discount to its IPO price of Rs 237. On the NSE, it debuted at Rs 216, down 8.9% from the issue Choudhary, Managing Director at Raghunath Capital, said the muted listing reflects investor concerns.'The muted debut of Indiqube Spaces, listing nearly 8–9% below its issue price, clearly reflects market skepticism around valuation and the absence of near-term profitability. For short-term investors, the lack of listing gains and subdued grey market sentiment offer little incentive to enter at current levels.'He added that the company may still hold promise over a longer horizon.'That said, from a long-term investment lens, Indiqube's business model remains relevant in a post-COVID world where flexible, managed workspaces are gaining traction. The company's strong EBITDA margins and focused enterprise clientele offer scalability potential, especially if it can diversify beyond its heavy Bengaluru concentration.''We are maintaining a 'Neutral to Selective Long-Term Accumulate' stance on Indiqube Spaces, with a close watch on its quarterly performance, cost structure, and expansion strategy beyond southern markets,' Choudhary IPO, which ran from July 23 to July 25, comprised a fresh equity issue of Rs 650 crore and an offer for sale (OFS) of Rs 50 crore. The issue was priced at Rs 237 per share and raised Rs 314.32 crore from anchor investors ahead of the Spaces is a leading player in India's managed office solutions segment. The company operates 105 centres across 15 cities, managing 8.4 million square feet of three core verticals—Indiqube Grow, Bespoke, and One—cater to different enterprise needs, offering ready-to-move-in workspaces in urban centres. Indiqube follows a capital-efficient model by leasing and refurbishing older buildings in high-demand the company has demonstrated strong revenue and operational growth, it remains loss-making, with a net loss of Rs 139.62 crore in FY25. However, the loss has narrowed compared to the previous fiscal proprietary tech platform MiQube offers digital access and services to clients, positioning Indiqube as a tech-forward player in the evolving commercial real estate landscape.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Time of India
a day ago
- Business
- Time of India
Indiqube Spaces IPO to list today. Muted sentiment as GMP stays at zero
Indiqube Spaces is set to make its stock market debut on Wednesday after raising Rs 700 crore through its recently concluded IPO. However, ahead of its listing, the grey market has shown no premium for the stock, with GMP remaining flat at zero, signaling a cautious mood among speculative investors. The IPO, which ran from July 23 to July 25, saw a combination of fresh equity worth Rs 650 crore and an offer for sale of Rs 50 crore. Explore courses from Top Institutes in Please select course: Select a Course Category Priced at Rs 237 per share, the issue was anchored by Rs 314.32 crore raised from institutional investors before opening. Indiqube Spaces is a prominent player in India's managed office solutions sector, offering flexible workspace models tailored to enterprises. The company operates 105 centers across 15 cities and manages 8.4 million square feet of area under its portfolio. It follows a capital-efficient strategy by leasing and renovating old buildings in high-demand urban pockets, which are then offered as ready-to-move-in workspaces under three core verticals—Indiqube Grow, Bespoke, and One. Despite strong growth in revenue and operational metrics, Indiqube remains loss-making. The company posted a net loss of Rs 139.62 crore in FY25, though it managed to cut losses from the previous year. The company's technology backbone—MiQube—offers digitally enabled workspace access and services, a key differentiator in India's evolving commercial real estate landscape. Its clientele includes corporates looking for sustainable and scalable office solutions in Tier 1 and emerging cities. Whether long-term investors see potential beyond the near-term financial drag remains to be seen when the stock lists on the NSE and BSE. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
News18
6 days ago
- Business
- News18
IndiQube Spaces IPO GMP Remains Muted, Issue Subscribed 3.02x On Day 3 So Far: Should You Apply?
Last Updated: IndiQube Spaces IPO GMP Today: Its grey market premium has slipped from 5.91% to 4.22%, indicating weak listing for the IPO. IndiQube Spaces IPO GMP Today: The initial public offering of workplace solutions company IndiQube Spaces Ltd is going to be closed today, Friday, July 25. Till 10:19 am on the final day of bidding on Friday, the issue received a 3.02 times subscription, garnering bids for 4,92,05,268 shares as against the 1,62,79,682 shares on offer. The retail and NII participation stood at 8.42x and 2.45x, respectively. The QIB category has received a 1.49x subscription. Its grey market premium has further slipped from 5.91% to 4.22%, indicating weak listing for the IPO. The GMP had stood at 9.70% and 5.91% on Day 1 and Day 2 of the bidding. The IPO was opened for subscription on July 23, 2025. It will be closed today, July 25, 2025. The share allotment will likely be finalised on July 28 (Monday), and the company is expected to be listed on both BSE and NSE on July 30 (Wednesday). The price band of the mainboard IPO, which plans to raise Rs 700 crore, has been fixed in the range of Rs 225 to Rs 237 apiece. At the upper end of the price band, the company's valuation is nearly Rs 5,000 crore. For investors, the minimum lot size for the IPO is 63. It means investors will have to apply for a minimum of 63 shares or in multiple thereof. So, retail investors require a minimum capital of Rs 14,175 to apply for the IPO. IndiQube Spaces IPO GMP According to market observers, unlisted shares of IndiQube Spaces Ltd are currently trading at Rs 247 against the upper IPO price of Rs 237. It means a grey market premium or GMP of Rs 10, which is 4.22% over its issue price, indicating weak listing next week. The GMP is based on market sentiments and keeps changing. 'Grey market premium' indicates investors' readiness to pay more than the issue price. IndiQube Spaces IPO: Should You Apply? Brokerages are divided on the IndiQube IPO, with views ranging from cautious optimism to outright avoidance. The company operates 115 centres across 15 cities and manages 8.4 million sq. ft. of flexible office space as of March 31, 2025. KR Choksey Finserv has a 'Neutral' rating, noting that the IPO is 'fully priced in" compared to peers. It said, 'IndiQube's initial issue is priced at 8.4 times TTM EV/EBITDA versus domestic peer average of 12.2 times, and 47.4 times FY25 EV/Adjusted cash EBITDA." SBI Securities recommends 'Avoid', citing negative free cash flows and valuation concerns. 'The issue is valued at FY25 EV/Adj. EBITDA of 40.7 times, which is at a premium to listed peers like Awfis, which trades at 28.1 times," it said, advising investors to wait and track performance post-listing. Anand Rathi gave a 'Subscribe for long term' rating, highlighting IndiQube's tech-driven 'hub-and-spoke" model and integrated platform MiQube. It said, 'Valued at a P/S of 4.7 times and EV/EBITDA of 14.6 times, we believe the IPO is fully priced but recommend subscribing for long-term growth." Arihant Capital also sees potential in the company's scalable, asset-light model. It said, 'With strong tenant retention and presence in cities like Bengaluru and Pune, the company is well-positioned to benefit from rising demand for flexible workspaces. We recommend a 'Subscribe for listing gain'." Kunvarji Finstock pointed out that the company has been posting losses (weighted average EPS of -Rs 15.07) and thus cannot be valued on P/E basis. Still, it maintained a positive stance: 'Losses are due to Ind AS accounting; we recommend subscribing with a long-term view due to strong market presence and topline growth." SMIFS also recommended a 'Subscribe', supported by industry tailwinds and new offerings like 'Sustainability-as-a-Service'. It said, 'While cash flow risks exist in the short term, IndiQube's service-led strategy and premium locations support a positive long-term outlook." 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 25, 2025, 10:27 IST News business » ipo IndiQube Spaces IPO GMP Remains Muted, Issue Subscribed 3.02x On Day 3 So Far: Should You Apply? 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.
Mint
6 days ago
- Business
- Mint
Indiqube Spaces IPO Day 3 Live: Issue booked 2.54x so far. Check GMP, review, subscription details. Apply or not?
The ₹ 700-crore initial public offering (IPO) of the firm based in Bengaluru will close today, (Friday, July 25). Indiqube Spaces IPO price band has been established at ₹ 225-237 per share. At the upper end of this range, the company's worth approaches ₹ 5,000 crore. IndiQube Spaces IPO announced on Tuesday, July 22, that it has secured over ₹ 314 crore from anchor investors, just one day before its public share-sale begins. Indiqube Spaces IPO, which opened on Wednesday, July 23, intends to raise ₹ 650 crore through a fresh issue of shares, while promoters plan to sell shares valued at ₹ 50 crore in the Offer-for-Sale (OFS). WestBridge Capital, a significant investor in the company since 2018, will not be selling any of its stake in the OFS. IndiQube Spaces aims to use the new capital, amounting to ₹ 462.6 crore, for capital expenditure on new centers, allocate ₹ 93 crore for debt repayment, and use the remaining amount for general corporate purposes. Founded in 2015, the company manages a portfolio encompassing 8.40 million square feet distributed across 115 properties in 15 cities, with a total capacity for 186,719 seats as of March 2025. This marks an increase from 74 centers and 4.94 million sq ft in March 2023. IndiQube caters to 769 clients, with 44 percent being Global Capability Centres. The company adopts an enterprise-first approach, resulting in 63 percent of its occupied space being leased by clients requiring over 300 seats. IndiQube Spaces IPO subscription status is 2.54 times on day 2, so far. The retail portion was subscribed 6.90 times, and NII portion has been booked 1.84 times, Qualified Institutional Buyers (QIBs) portion received 1.42 times bids. Employee Reserved portion has been booked 4.47 times. The company has received bids for 4,35,18,510 shares against 1,71,48,335 shares on offer, at 17:00 IST, according to data on BSE. As per brokerage SMIFS, within this sector, the Food & Beverage segment alone experienced a compound annual growth rate (CAGR) of 36.7%, with client penetration rising from 238 to 373. Additionally, related areas such as facility management, tech-driven MiQube solutions, and design-build services have enhanced revenue generation per client. The company's transition to packaged offerings and forthcoming ESG-focused "Sustainability-as-a-Service" initiatives are anticipated to further increase returns per square foot, positioning IndiQube's revenue growth to exceed industry norms through a blend of scale, prime locations, and service-oriented differentiation. 'We advise subscribing to the issue as a long-term investment, underpinned by strong industry growth patterns and fair valuations, while recognizing potential cash flow challenges in the short to medium term,' said the brokerage. IndiQube Spaces IPO grey market premium is +10. This indicates IndiQube Spaces share price was trading at a premium of ₹ 10 in the grey market, according to Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of IndiQube Spaces share price was indicated at ₹ 247 apiece, which is 4.22% higher than the IPO price of ₹ 237. Analyzing the grey market trends from the past nine sessions, the current GMP stands at ₹ 10 and indicates a downtrend. The minimum GMP recorded is ₹ 0.00, while the maximum GMP observed is ₹ 40, as stated by experts from 'Grey market premium' indicates investors' readiness to pay more than the issue price. Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
News18
24-07-2025
- Business
- News18
IndiQube Spaces IPO GMP Falls, Issue Subscribed 1.1x On Day 2 So Far: Should You Apply?
Last Updated: IndiQube Spaces IPO GMP Today: The grey market premium has slipped from 9.70% to 5.91%, indicating weak listing for the IPO. IndiQube Spaces IPO GMP Today: The initial public offering of workplace solutions company IndiQube Spaces Ltd is witnessing a second day of bidding today, Thursday, July 24. It will be closed on July 25. Till 10:34 am on the second day of bidding on Thursday, the issue received a 1.15 times subscription, garnering bids for 1,87,51,572 shares as against the 1,62,79,682 shares on offer. The retail and NII participation stood at 4.52x and 1.05x, respectively. The QIB category has received a 0.06x subscription. Its grey market premium has slipped from 9.70% to 5.91%, indicating weak listing for the IPO. IndiQube Spaces IPO Key Dates The IPO will remain open for subscription between July 23, 2025, and July 25, 2025. The share allotment will likely be finalised on July 28 (Monday), and the company is expected to be listed on both BSE and NSE on July 30 (Wednesday). IndiQube Spaces IPO Price & Lot Size The price band of the mainboard IPO, which plans to raise Rs 700 crore, has been fixed in the range of Rs 225 to Rs 237 apiece. At the upper end of the price band, the company's valuation is nearly Rs 5,000 crore. For investors, the minimum lot size for the IPO is 63. It means investors will have to apply for a minimum of 63 shares or in multiple thereof. So, retail investors require a minimum capital of Rs 14,175 to apply for the IPO. According to market observers, unlisted shares of IndiQube Spaces Ltd are currently trading at Rs 251 against the upper IPO price of Rs 237. It means a grey market premium or GMP of Rs 14, which is 5.91% over its issue price, indicating weak listing next week. The GMP is based on market sentiments and keeps changing. 'Grey market premium' indicates investors' readiness to pay more than the issue price. IndiQube Spaces IPO: Should You Apply? Brokerages are divided on the IndiQube IPO, with views ranging from cautious optimism to outright avoidance. The company operates 115 centres across 15 cities and manages 8.4 million sq. ft. of flexible office space as of March 31, 2025. KR Choksey Finserv has a 'Neutral' rating, noting that the IPO is 'fully priced in" compared to peers. It said, 'IndiQube's initial issue is priced at 8.4 times TTM EV/EBITDA versus domestic peer average of 12.2 times, and 47.4 times FY25 EV/Adjusted cash EBITDA." SBI Securities recommends 'Avoid', citing negative free cash flows and valuation concerns. 'The issue is valued at FY25 EV/Adj. EBITDA of 40.7 times, which is at a premium to listed peers like Awfis, which trades at 28.1 times," it said, advising investors to wait and track performance post-listing. Anand Rathi gave a 'Subscribe for long term' rating, highlighting IndiQube's tech-driven 'hub-and-spoke" model and integrated platform MiQube. It said, 'Valued at a P/S of 4.7 times and EV/EBITDA of 14.6 times, we believe the IPO is fully priced but recommend subscribing for long-term growth." Arihant Capital also sees potential in the company's scalable, asset-light model. It said, 'With strong tenant retention and presence in cities like Bengaluru and Pune, the company is well-positioned to benefit from rising demand for flexible workspaces. We recommend a 'Subscribe for listing gain'." Kunvarji Finstock pointed out that the company has been posting losses (weighted average EPS of -Rs 15.07) and thus cannot be valued on P/E basis. Still, it maintained a positive stance: 'Losses are due to Ind AS accounting; we recommend subscribing with a long-term view due to strong market presence and topline growth." SMIFS also recommended a 'Subscribe', supported by industry tailwinds and new offerings like 'Sustainability-as-a-Service'. It said, 'While cash flow risks exist in the short term, IndiQube's service-led strategy and premium locations support a positive long-term outlook." IndiQube Spaces IPO: More Info 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 24, 2025, 10:47 IST News business » ipo IndiQube Spaces IPO GMP Falls, Issue Subscribed 1.1x On Day 2 So Far: Should You Apply? 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.
