The buzz around Initial Public Offerings (IPOs) is always exciting, and the Indiqube Spaces IPO is no exception. As a leading provider of managed workplace solutions in India, Indiqube Spaces has caught the attention of investors with its recent IPO launch. If you’re curious about the Grey Market Premium (GMP) and what it means for this IPO, you’re in the right place. Let’s dive into the details of the Indiqube Spaces IPO, its GMP, and what investors should keep in mind, all in a simple and conversational tone.
Table of Contents
What Is Indiqube Spaces IPO?
Indiqube Spaces Limited, founded in 2015, is a Bengaluru-based company that offers tech-driven, sustainable workplace solutions like coworking spaces, corporate hubs, and branch offices. The company manages an impressive portfolio of 115 centers across 15 cities, covering 8.4 million square feet with a seating capacity of 1,86,719 as of March 31, 2025. Their clients include big names like Myntra, Siemens, and upGrad, showcasing their strong presence in the market.
The Indiqube Spaces IPO opened for subscription on July 23, 2025, and closed on July 25, 2025. It aims to raise ₹700 crore, with ₹650 crore coming from a fresh issue of 2.74 crore shares and ₹50 crore from an Offer for Sale (OFS) by promoters Rishi Das and Meghna Agarwal. The price band is set at ₹225 to ₹237 per share, with a lot size of 63 shares, making the minimum investment for retail investors around ₹14,175. The shares are set to list on the BSE and NSE on July 30, 2025.
Understanding Grey Market Premium (GMP)
The Grey Market Premium, or GMP, is a hot topic among IPO investors. It’s the premium at which IPO shares trade in the unofficial grey market before they officially list on the stock exchange. The GMP gives a rough idea of how much investors are willing to pay above the IPO price, reflecting market sentiment and demand.
For Indiqube Spaces, the GMP has been fluctuating. On July 23, 2025, it was reported at ₹23–₹24 per share, suggesting an estimated listing price of around ₹260, which is about a 9.7% gain over the upper price band of ₹237. Earlier, on July 22, the GMP reached a high of ₹41, but it dipped to ₹24 on July 23, showing some volatility. This indicates that while there’s optimism, investors should be cautious as GMP can change rapidly based on market conditions.
Financial Performance and Market Position
Indiqube Spaces has shown solid growth in its financials, which is a key factor for investors. The company’s revenue grew at a Compound Annual Growth Rate (CAGR) of 35.17% from ₹579.74 crore in FY23 to ₹1,059.29 crore in FY25. However, it’s worth noting that the company is still loss-making, reporting a net loss of ₹139.62 crore in FY25, though this is a significant improvement from ₹341.51 crore in FY24. Their EBITDA margin stands at a healthy 58%, reflecting operational efficiency.
Compared to its listed peer, Awfis Space Solutions, Indiqube is a strong player in the managed workspace sector, particularly in Bengaluru, where it has 65 centers. The company’s focus on tech-driven solutions and value-added services like facility management and customized office designs sets it apart in a growing but competitive market.
Subscription Status and Investor Interest
On its first day of subscription, the Indiqube Spaces IPO was subscribed 56% to 87%, with retail investors leading the charge. The retail portion was subscribed 2.34 to 3.41 times, while the Non-Institutional Investors (NII) portion saw 45% to 78% subscription. Qualified Institutional Buyers (QIBs) showed lower interest at 6%, but the employee reserved portion was subscribed 1.97 to 2.83 times. This strong retail demand signals confidence in the company’s potential, though the varying subscription rates across categories suggest mixed investor sentiment.
Anchor investors also showed faith, committing ₹314.32 crore on July 22, 2025, which is a positive sign for the IPO’s credibility. However, the GMP’s recent dip from ₹41 to ₹24 indicates that market enthusiasm may be tempering as the subscription period progresses.
Should You Invest in Indiqube Spaces IPO?
Deciding whether to invest in the Indiqube Spaces IPO depends on your risk appetite and investment goals. Experts have mixed views. Some, like Anand Rathi, recommend subscribing for long-term gains, citing the company’s strong market presence and growth potential in a high-demand sector. Others, like SBI Securities, suggest avoiding it due to high valuations and ongoing losses. The IPO is priced at 8.4x TTM EV/EBITDA, compared to the peer average of 12.2x, which some analysts see as reasonable, but others view as fully priced.
The commercial real estate sector, where Indiqube operates, has risks like lease cost volatility and hybrid work trends that could affect occupancy. For long-term investors with moderate risk tolerance, the IPO could be appealing due to Indiqube’s expansion plans and tech-driven approach. However, short-term investors chasing listing gains should be cautious, as the GMP suggests modest returns of around 9.7% to 14%, and grey market trends are not always reliable.
In conclusion, the Indiqube Spaces IPO is generating buzz for good reason, but it’s not without risks. Do your homework, check the company’s financials, and consult a financial advisor before jumping in. The GMP offers a glimpse of market sentiment, but it’s just one piece of the puzzle. Happy investing