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Indiqube Spaces hit the bourses with its Rs 700 crore IPO today (July 23, 2025). The company, which runs managed office spaces across 15 Indian cities, has been creating some pre-listing excitement. But on day one, the actual subscription numbers didn’t quite match the buzz.
The grey market, though, is betting on a solid debut. Premiums hovered between Rs 23 and Rs 32 over the upper price band of Rs 237, signalling an expected listing gain of nearly 10 per cent.
So, is the optimism justified?
Indiqube Spaces IPO subscription status Day 1
- Overall: 0.21x
- QIBs: 0
- NIIs: 0.17x
- Retail investors: 0.88x
What’s working in its favour
- Sector tailwinds: The hybrid work boom has revived demand for flexible, ready-to-use office spaces.
- Recurring revenues: Managed offices provide steady cash flow via long-term client contracts.
- Room for rerating: At 8.4x EV/EBITDA, Indiqube looks cheaper than peers like Awfis.
- Growth runway: Proceeds from the IPO will fund expansion and debt repayment.
What could worry investors
- Losses continue: Despite rising revenues, bottomline is still in the red.
- Debt levels: Debt-to-equity stands around 1.1x, which needs watching.
- Valuation vs delivery: If growth slows or costs rise, rerating hopes could fade.
About the company
Based in Bengaluru, Indiqube offers tech-enabled, flexible workspaces to startups, mid-sized businesses and big corporates. Think of it as a managed office space operator that handles everything—furniture, internet, housekeeping—so clients can plug and play.
It runs 115 centres across India with over 186,000 seats and around 6.3 million sq ft of rentable area. Its in-house tech platform, MiQube, helps manage everything from lease tracking to customer service.
Should you apply?
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Disclaimer: This is not a stock recommendation. This story was created with the assistance of artificial intelligence and has been reviewed by human experts for accuracy and is intended for informational purposes only. Please take it with a pinch of salt and do your own research or consult a financial advisor before making investment decisions.
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