Indiqube shares list at a discount compared to IPO price of ₹237

Shares of Indiqube, the managed workplace solutions company, listed at a discount compared to its issue price of ₹237 per share.The stock began trading at ₹216 per share, which is a 9% discount in comparison to its IPO price.

Indiqube is currently present in 14 cities, with Bengaluru contributing 63% of the overall sales.

The company’s ₹700 crore IPO saw overall subscription of 12.41 times, with the portion reserved for institutional investors being subscribed 15.1 times the shares on offer.
The portion reserved for non-institutional investors was subscribed 8.68 times, while that for retail investors was subscribed 13.28 times.Out of the funds raised, ₹462.6 crore will be raised towards establishment of new centers, while ₹93 crore will be used to repay debt availed by the company.

Awfis Space Solutions is the direct competitor for Indiqube and both are trading at a valuation of 4 times financial year 2025 sales.

As of the previous financial year, Indiqube had 769 clients, with 8.4 million square feet managed, registering growth of 32% from last year, and had occupancy levels of 85.12%.

Indiqube reported revenue of ₹1,059.2 crore, with Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter stood at ₹660 crore, while margins expanded to 58.2% from 27.25% in the previous financial year.

However, the company is loss-making, with losses having narrowed to ₹139.6 crore from a loss of ₹341.5 crore during financial year 2024.