IndiQube Spaces IPO Opens: GMP Signals 44% Upside Should You Invest? Expert Views & Key Details
The ₹700 crore IndiQube Spaces IPO has opened for subscription from July 23 to July 25, and it’s already making noise in the grey market. With a Grey Market Premium (GMP) of ₹105, the issue is drawing strong investor attention. But does this promising start mean you should jump in? Let’s break it down in simple words.
What is IndiQube Spaces?
IndiQubeSpaces, based in Bengaluru, provides managed office spaces across India, especially in Tier I and Tier II cities. Instead of buying properties, the company leases spaces and customizes them for its clients a “lease-not-own” model. It currently manages 115 centres across 15 cities, with 8.4 million sq. ft. under management.
IPO Details at a Glance
| Particular | Details |
|---|---|
| IPO Size | ₹700 crore |
| Price Band | ₹225 to ₹237 per share |
| Lot Size | 63 equity shares |
| Open Date | July 23, 2025 |
| Close Date | July 25, 2025 |
| Allotment Date | July 28, 2025 |
| Listing Date (Tentative) | July 30, 2025 |
| Market Cap (Post-Issue) | ₹4,977 crore |
| Lead Managers | ICICI Securities, JM Financial |
| Registrar | MUFG Intime India Pvt Ltd |
GMP Update: What Does the Grey Market Say?
On Day
1, shares of IndiQubeSpaces are trading at a GMP
of ₹105, bringing the expected listing price to ₹342 per share a 44% premium over the
upper band of ₹237.
Important: Grey Market trends are unofficial and not regulated by SEBI. So while they indicate market sentiment, they shouldn’t be your only reason to invest.
Should You Subscribe? Pros and Cons
Pros:
·
Strong GMP indicating robust investor demand.
·
Rapid revenue & EBITDA growth.
·
Pan-India presence with an asset-light model.
·
Long-term opportunity in India's flexible
workspace market.
Cons:
·
Still not profitable at net level.
·
Premium valuation on adjusted EBITDA.
· Competitive sector with peers like Awfis and WeWork India.
Revenue and Profit Snapshot
| Year | Revenue (₹ Mn) | EBITDA (₹ Mn) | Net Profit (₹ Mn) |
|---|---|---|---|
| FY23 | 2,763 | 416 | - |
| FY24 | 4,197 | 787 | - |
| FY25 | 5,040 | 1,341 | - |
Note: Net profit continues to be negative despite rising EBITDA.
Business Model Advantage
·
No heavy
real estate investment – avoids ownership risk.
·
Offers customizable
workspaces to startups, MNC, and SME.
· Operates on long-term leases, enhancing visibility and cost control.
Important IPO Dates to Note
| 📅 Event | 🗓️ Date |
|---|---|
| IPO Opens | July 23 |
| IPO Closes | July 25 |
| Allotment Finalisation | July 28 |
| Listing Date | July 30 |
Final Verdict: Should You Invest?
If you’re a long-term investor, this IPO could offer value due to
strong growth metrics and an expanding market. However, short term investors should be cautious
given the valuation risks and lack of
PAT-level profit.
Verdict: “Subscribe for Long Term” if you can tolerate short-term listing volatility.
FAQ Indiqube Spaces IPO
Q1. What
is the GMP of IndiQube Spaces IPO today?
A: The IPO is showing a GMP of ₹105, indicating an expected listing price
around ₹342.
Q2. What
is the price band of the IPO?
A: ₹225 to ₹237 per equity share.
Q3. Is
IndiQube Spaces profitable?
A: No, it is still making losses at the net profit level, though EBITDA is growing
rapidly.
Q4. Who
are the lead managers?
A: ICICI Securities and JM Financial.
Q5. What
is the lot size for retail investors?
A: 63 shares per lot.
