Retail investors showed the highest interest, with their portion subscribed 7.74 times. The Non-Institutional Investor (NII) segment was subscribed 2.26 times, while Qualified Institutional Buyers (QIBs) subscribed to their allocated quota by 1.42 times.
In the grey market, Indiqube Spaces shares were trading at a premium of Rs 12–Rs 13, indicating a potential listing gain of around 5.06% over the upper end of the IPO price band, down from 7% on Thursday.
Indiqube IPO details
The IPO price band is set between Rs 225 and Rs 237 per share, with a lot size of 63 shares, requiring a minimum investment of Rs 14,931 at the upper end.
The total issue size stands at Rs 700 crore, comprising a fresh issue of Rs 650 crore, the proceeds of which will go to the company, and an offer for sale (OFS) of Rs 50 crore by existing shareholders.
ICICI Securities is acting as the lead manager for the issue, and MUFG Intime India is the registrar.
Utilization of proceeds by Indiqube
Indiqube plans to deploy Rs 462.65 crore from the fresh issue proceeds to set up new workspaces. An additional Rs 93 crore will be used to repay or prepay borrowings, with the balance allocated for general corporate purposes.
Should you subscribe to Indiqube Spaces IPO?
Here is what the brokerage firms say about the issue:
- Anand Rathi: At the upper price band company is valuing at P/S of 4.7x with EV/EBITDA of 14.6x and a market cap of Rs 49,771 million post issue of equity shares. The brokerage firm believes that the IPO is fully priced and recommends a “Subscribe-Long term” rating to the IPO.
- Bajaj Broking: At the upper end of the IPO price band, the company is valued at 4x, 5x, and 7x its FY25, FY24, and FY23 sales, respectively—largely in line with its listed peer, Awfis Space, which trades at 4x, 5x, and 8x sales for the same periods. With this, they have a ‘Subscribe for long term’ rating on the IPO.
- Lemonn Markets Desk: While IndiQube is loss-making, it is operating in a high-growth, underpenetrated sector with strong operational metrics and scalable tech-driven business. Its dominant presence in India’s most active office markets, efficient capital model, and VAS ecosystem position it well to capitalize on the office space revival and GCC expansion. However, due to rich valuations and continued losses, the IPO is better suited for investors with a long-term horizon and moderate risk appetite.
The brokerage firm has a ‘Subscribe for long term’ rating for the issue.
About Indiqube Spaces
Established in 2015 as Innovent Spaces Pvt. Ltd., Indiqube Spaces provides modern and sustainable office solutions. Originally based in Uttar Pradesh, the company shifted its headquarters to Bengaluru in 2018.
For FY25, the company posted a revenue of Rs 1,102.93 crore, marking a 27% increase from Rs 867.66 crore in FY24. The net loss narrowed significantly to Rs 139.62 crore in FY25, compared to Rs 341.51 crore in the previous year.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)