July 29, 2025
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Indiqube Spaces IPO GMP grey market premium, review, Subscription, allotment, listing estimate
Indiqube Spaces IPO is a Rs.700 crore book-built issue, comprising a fresh equity issue of Rs.650 crore and an offer for sale (OFS) of Rs.50 crore by existing shareholders. The IPO will open for public subscription from July 23 to July 25, 2025, with the allotment expected on Monday, July 28, and tentative listing on Wednesday, July 30, 2025, on both BSE and NSE. The price band for the IPO is Rs. 225 to 237 and the employees have been offered discount of Rs. 22 per shares. ICICI Securities is acting as the book-running lead manager, and MUFG Intime India Pvt Ltd (Link Intime) is the registrar to the issue. For comprehensive details, investors are advised to refer to the RHP of Indiqube Spaces IPO.
Table of Contents
- GMP
- Reviews
- Subscription
- Allotment
Listing Review:
Many a times, the companies with strong business model, donot get good support at the IPO market and same pattern has been repeated for this IPO. The shares are listed at Rs. 216, discount of 8.86% compared to its issue price.
Final Subscription Count
| QIB | B HNI X | S HNI X | NII X | RII X | Total X |
| 15.12 | 8.85 | 9.34 | 8.68 | 13.28 | 13.00 |
| Applications: 150353 | |||||
| Subscription Review: Strong support from retail investors received even on the last day |
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Indiqube Space Promoters
Rishi Das, Meghna Agarwal and Anshuman Das are the promoters of the company. In the pre-IPO capital , the promoters hold 70.37% holding.
What are the Objects of Indiqube Spaces IPO?
The Company proposes to utilize the Net Proceeds towards funding the following objects:
- Funding capital expenditure towards establishment of new centers
- Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company.
- General corporate purposes
What is the business of Indiqube Spaces?
IndiQube Spaces Limited: Transforming the Modern Workplace
Incorporated in 2015, IndiQube Spaces Limited is a leading provider of managed, sustainable, and technology-driven workplace solutions, focused on redefining the traditional office experience for businesses across India.
Comprehensive Workplace Solutions
IndiQube offers a wide range of workspace formats — from enterprise hubs to flexible branch offices — enriched with thoughtfully designed interiors, premium amenities, and seamless services. Their plug-and-play workspaces are tailored for both startups and large enterprises.
The company blends asset renovation, customized leasing models, and both B2B and B2C value-added services to deliver an integrated workspace experience.
Expanding Presence Across India
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Total centers: 103
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Cities served: 13 (including Bengaluru, Mumbai, Pune, Chennai, Noida, Gurugram, Hyderabad, Coimbatore, Kochi, Madurai, Jaipur, Calicut & Vijayawada)
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Managed area: 7.76 million sq. ft.
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Total seats: 1,72,451
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New properties added (Mar 2022 – Jun 2024): 41
Their strategy focuses on acquiring entire buildings in prime locations, often converting aging properties into modern, sustainable workspaces through landlord partnerships.
As of June 30, 2024, 31.67% of the portfolio includes renovated properties, aligned with their “enterprise-first” approach, catering primarily to large clients with long-term, scalable needs.
Key Offerings
IndiQube Grow
Flexible and scalable workspaces with shared amenities, meeting rooms, virtual office solutions, and on-demand bookings via digital platforms.
IndiQube Bespoke
Fully customizable office designs in standard, premium, and luxury formats. Offers in-house design, project execution, and eco-friendly, sustainable options with flexible financial models.
IndiQube One
Integrated facility and property management services covering maintenance, IT, employee engagement, and green building initiatives — all aligned with ISO standards for safety and sustainability.
MiQube™ Technology Stack
An innovative digital platform enhancing user experience. The MiQube™ Community App allows users to book desks, schedule transport and meals, submit helpdesk requests, and join community events — all from their mobile device.
Team Strength
As of June 30, 2024, IndiQube employs a dedicated team of 625 full-time professionals, enabling smooth operations and client satisfaction across all centers.
Indiqube Spaces IPO GMP grey market premium, review, Subscription, allotment, listing estimate
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Indiqube Spaces IPO Details |
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| IPO opens on | 23 July 2025 |
| IPO closes on | 25 July 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 29539200 Shares / Rs 700 Crore |
| * Fresh Issue | – Shares / Rs 650 Crore |
| * Offer for Sale | ? shares/ Rs.50 Crore |
| Face Value per share: | Rs. 1 |
| Price Band | Rs.225-237 |
| Retail Discount | Rs 0 per share |
| Employee discount | Rs. 22 per share |
| Retail Lot Size | 63 Shares |
| Listing will at | BSE, NSE |
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Shares offered |
Shares | Rs. in Crore |
| QIB (75 %) | 22104450 | 523.88 |
| NII (15 %) | 4420890 | 104.77 |
| RII (10 %) | 2947260 | 69.85 |
| Employees | 66600 | 1.50 |
| Total Shares | – | 700.00 |
| Retail portion will be oversubscribed by | ? Forms. | |
| How to apply in this IPO? | Amount Rs. |
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| Min Retail Application | 63 Shares | 14931 |
| Max Retail Application | 819 Shares | 194103 |
| Small HNI (Min) application | 882 Shares | 209034 |
| Small HNI (Max) application | 4158 Shares | 985446 |
| Big HNI Application | 4221 Shares | 1000377 |
Indiqube Spaces IPO Timetable
| IPO opens on | 23 July 2025 |
| IPO Closes on | 25 July 2025 |
| IPO Allotment on | 28 April 2025 |
| Unblocking of ASBA | 29 April 2025 |
| Credit of Shares | 29 April 2025 |
| Listing on | I30April 2025 |
| Registered Office of the company | |
| Indiqube Spaces Ltd. Plot # 53, Careernet Campus, Kariyammanna Agrahara Road, Devarabisanahalli, Outer Ring Road, Bengaluru, Karnataka, 560103 |
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| Who are the Lead Managers of the IPO? ICICI Securities ltd JM Financial |
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| Registrar to IPO | |
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Mufg Intime India Pvt ltd |
Indiqube Spaces IPO Financials
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 4,685.12 | 3,667.91 | 2,969.32 |
| Revenue | 1,102.93 | 867.66 | 601.28 |
| Profit After Tax | -141.05 | -341.74 | -197.9 |
| EBITDA | 660.19 | 263.42 | 258.23 |
| Net Worth | -3.11 | 130.63 | -308.1 |
| Reserves and Surplus | -23.3 | 129.44 | -308.28 |
| Total Borrowing | 343.96 | 164.02 | 623.16 |
| Amount in Rs. Crore | |||
Indiqube Spaces IPO
Key Performance Indicators
| KPI | Values |
| ROCE | 34.21% |
| Debt/Equity | -110.58 |
| PAT Margin | -12.66% |
| EPS | -7.65 |
| PE Ratio | N.A. |
How Indiqube Spaces IPO compares with the Peers?
| Company Name | P/E (x) | RoNW (%) |
| Indiqube Spaces Limited | ||
| Awfis Space Solutions Limited | 66.66 | 14.78 |
# This is only coverage of News related to Grey Market. We do not deal in grey market premium, nor we recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
Indiqube Spaces IPO Review
IndiQube provides a diverse portfolio of workspace solutions ranging from enterprise-grade hubs to agile branch offices, all equipped with modern interiors, premium amenities, and end-to-end service support. Their plug-and-play model is designed to meet the needs of both startups and large corporates.
The company combines asset transformation, flexible leasing options, and a mix of B2B and B2C value-added services to offer a comprehensive and scalable workspace ecosystem.
Pan-India Expansion Highlights
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Total Centers: 103
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Cities Present: 13 (including Bengaluru, Mumbai, Pune, Chennai, Gurugram, Noida, Hyderabad, Coimbatore, Kochi, Madurai, Jaipur, Calicut, and Vijayawada)
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Managed Area: 7.76 million sq. ft.
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Total Seats: 1,72,451
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New Centers Added (Mar 2022 – Jun 2024): 41
While the company has reported losses in the past three financial years, making valuation metrics like PE Ratio or RoNW less meaningful, the consistent rise in total assets and revenues reflects solid business momentum. Given its expanding footprint and growing demand for managed workspaces, IndiQube shows significant long-term growth potential.
Chanakya’s Take: Apply for long-term gains
Quicklinks
Indiqube Spaces IPO
Indiqube Spaces IPO GMP
Indiqube Spaces IPO review
IndiQube Spaces Limited provides managed, sustainable, and tech-driven workplace solutions across India, offering coworking spaces, customized office designs, and property management services.
Rishi Das, Meghna Agarwal and Anshuman Das are the promoters of the company.
As of June 30, 2024, IndiQube operates 103 centers across 13 cities in India, managing over 7.76 million sq. ft. of workspace and 1,72,451 seats.
The company is coming out with Rs. 850 Crore IPO, comprising of Fresh issue of capital Rs. 750 crore and Rs. 100 crore being offer for sale of shares. The face value of the share is Rs. 1.
Investors should study the company’s financials, business model, and IPO pricing before making any investment decision. Our detailed IPO review and guidance can help you make an informed choice.The review of the IPO is being posted on chanakyanipothi.com
You can visit ChanakyaNiPothi.com for real-time updates on IndiQube IPO GMP trends, Kostak, subject to rates and subscription status.
