Indiqube Spaces Limited is launching its much-anticipated initial public offering (IPO) between 23rd July and 25th July 2025. This ₹700 crore issue is fully a fresh equity issue comprising 2.95 crore shares, and aims to capitalize on the growing demand for managed and flexible workspaces in India. The IPO is generating considerable buzz, thanks to strong revenue momentum, improved profitability trends, and a favorable market outlook. But should you invest?
Let’s break it all down.
IPO Overview
- IPO Open Date: 23rd July 2025
- IPO Close Date: 25th July 2025
- Allotment Date: 28th July 2025
- Refund Initiation: 29th July 2025
- Tentative Listing Date: 30th July 2025
- Exchange Listing: BSE & NSE
- Issue Size: ₹700 Crores (2,95,35,864 shares)
- Face Value: ₹1 per share
- Price Band: ₹225–₹237 per share
- Lot Size: 63 shares
- IPO Type: Book-Building Issue
Share Reservation Structure
| Investor Category | Shares Offered | % Allocation |
|---|---|---|
| QIB | 2,21,04,431 | 74.84% |
| NII (HNI) | 44,20,885 | 14.97% |
| Retail | 29,47,257 | 9.98% |
| Employee | 63,291 | 0.21% |
| Total | 2,95,35,864 | 100% |
Grey Market Premium (GMP) Trends
GMP is a key indicator of investor sentiment ahead of listing. As of 22nd July 2025, the GMP for Indiqube Spaces IPO is ₹32, implying an expected listing price of ₹269 against the upper band of ₹237—a projected gain of 13.5%.
| Date | IPO Price | GMP | Listing Estimate | Est. Gain |
| 22-07-2025 | ₹237 | ₹32 | ₹269 | 13.5% |
| 20-07-2025 | ₹237 | ₹40 | ₹277 | 16.88% |
Note: GMP can change rapidly due to market sentiment.
Financial Snapshot
| Year Ended | Revenue (Cr) | PAT (Cr) | Assets (Cr) | Net Worth (Cr) | EBITDA (Cr) |
| 31-Mar-2025 | ₹1,102.93 | ₹-139.62 | ₹4,685.12 | ₹-3.11 | ₹660.19 |
| 31-Mar-2024 | ₹867.66 | ₹-341.51 | ₹3,667.91 | ₹130.63 | ₹263.42 |
| 31-Mar-2023 | ₹601.28 | ₹-198.11 | ₹2,969.32 | ₹-308.10 | ₹258.23 |
- Revenue Growth (YoY): +27%
- PAT Growth (YoY): +59%
- EBITDA Margin: 58.2%
- ROE: 34.21%
Interpretation: Strong revenue and EBITDA growth indicate improving operational efficiency. Losses are narrowing consistently, signaling a likely turnaround.
Valuation Metrics
- EPS (Pre-IPO): -7.65
- P/E Ratio (Post-IPO): Not yet available (due to losses)
- Price-to-Book Value: High (due to negative book value)
- Market Cap (Post-IPO Est.): ₹4,977.12 Cr
Despite the negative EPS, robust operating cash flows and strategic asset additions improve the investment case.
Company Profile
Incorporated: 2015
Business Model: Asset-light, managed workspace provider
Centers: 115 (105 operational + 10 in pipeline) across 15 cities
Specialty: Servicing IT & startup clients with end-to-end managed solutions
Revenue Streams:
- Long-term leasing contracts
- Customized space management services
- Sustainability-led infrastructure (green buildings)
Website: IndiQube
Investment Rationale
🔼 Strengths
- Strong Market Position: Among the top flexible workspace providers in India
- Recurring Revenues: Client retention with multi-year contracts
- Scalability: Added 41 properties in two years
- High EBITDA Margins: Sign of effective cost control
- Backed by VCs: Strong institutional backing improves credibility
🔽 Risks
- Negative Earnings: PAT remains in the red
- High Debt: Borrowings of ₹344 Cr may limit short-term flexibility
- Regulatory Risk: Real estate subject to high compliance standards
IPO Purpose
Funds raised from the IPO will be used for:
- Expansion of new business centers
- Partial repayment/pre-payment of existing borrowings
- General corporate purposes
Expert View: Should You Invest?
“ISL is engaged in managed and tech-savvy workplace solutions that are having high demand in the southern region. The company enjoys a good market share as well as preference amongst IT giants. While its top line marked steady growth, it posted losses for the reported years on account of the Ind AS accounting standards. Based on its losses for the last three fiscals, the issue is priced negatively. Well-informed/cash-surplus investors may park moderate funds for medium to long term.”
~Dilip Davda, Chief Editor at Chittorgarh
Bidding Guide for Retail Investors
| Application Type | Lots | Shares | Amount (₹) |
| Retail Min | 1 | 63 | ₹14,931 |
| Retail Max | 13 | 819 | ₹1,94,103 |
| S-HNI Min | 14 | 882 | ₹2,09,034 |
| B-HNI Min | 67 | 4,221 | ₹10,00,377 |
Promoter Holdings
| Phase | Holding (%) |
| Pre-Issue | 70.37% |
| Post-Issue | TBD |
Note: Post-issue dilution will impact control and earnings distribution.
How to Apply for Indiqube Spaces IPO
- Research GMP, fundamentals, and subscription data
- Open/Use existing demat account
- Place a bid for at least 1 lot (63 shares)
- Accept UPI mandate for fund blocking
Tip: You can apply from multiple demat accounts to improve allotment chances.
Allotment Check Process
On BSE:
- Visit BSE site → IPO allotment page
- Select Equity > Indiqube Spaces IPO
- Enter PAN/application number
- View allotment result
On Registrar (Indiqube Spices Limited):
- Visit registrar portal
- Select Indiqube Spaces IPO
- Fill in relevant details
- Submit and check status
Final Verdict
The Indiqube Spaces IPO offers an entry into India’s fast-expanding flexible workspace segment. Despite reporting losses, the company’s improving top-line, narrowing PAT, and strong EBITDA margins suggest a business on the brink of profitability.
If you are a long-term investor with a moderate risk appetite, the IPO provides an opportunity to ride the digital-first real estate wave. However, short-term gains will depend on market sentiment and GMP trends.
Bottom Line:
- For listing gains? Moderately positive.
- For long-term holding? Worth considering.
- For conservative investors? Wait and watch.
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