IndiQube Spaces IPO: Brokerages view
SBI Securities: AvoidThe brokerage has recommended investors to ‘Avoid’ the issue and monitor the company’s performance post-listing, particularly focusing on its capital efficiency.
It believes that companies like Awfis Space Solutions offer a better investment opportunity within the coworking space, being currently profitable and trading at an FY25 EV/Adjusted EBITDA of 28.1x.
In comparison, at the upper price band of ₹237, IndiQube Spaces is valued at an FY25 EV/Adjusted EBITDA of 40.7x, which represents a premium to listed peers.
Anand Rathi: Subscribe for long term
Anand Rathi believes the IPO is fully priced and has assigned a ‘Subscribe – Long Term’ rating.
SMIFS Ltd: Subscribe for long term
The brokerage has recommended subscribing to the issue as a long-term investment, supported by strong industry growth trends and reasonable valuations, while also noting potential short- to medium-term cash flow risks.
It said that the company’s transition to bundled offerings and upcoming ESG-aligned ‘Sustainability-as-a-Service’ initiatives are expected to improve yield per sq. ft. This, combined with scale, premium locations, and service-led differentiation, is likely to help IndiQube’s revenue growth outpace industry averages.
IndiQube Spaces IPO: Price band
The company will sell its shares n a fixed price band between ₹225 and ₹237. Investors can bid for a minimum of 63 shares in one lot and in multiples thereof.
IndiQube Spaces IPO: GMP today
Ahead of the issue launch, shares of the company are trading at a grey market premium (GMP) of ₹23, indicating a potential listing gain of around 10% over the upper price band.Indiqube Spaces IPO: Anchor book
Ahead of the issue launch, Indiqube Spaces has raised ₹314.3 crore from 29 institutional investors via anchor book on July 22.
Marquee institutional investors like Tocu Europe, BNP Paribas Financial Markets, Societe Generale, Aditya Birla Sun Life AMC, Ashoka Whiteoak, Invesco, Bandhan Mutual Fund, Motilal Oswal AMC, Malabar India Fund, Axis Max Life Insurance, Edelweiss, Baroda BNP Paribas MF, and Grow Mutual Fund participated in the anchor book.
IndiQube Spaces IPO: Other details
The IPO is a combination of fresh issue of equity shares aggregating upto ₹650 crore and and offer for sale component of ₹50 crore.
Under the OFS, promoters Rishi Das and Meghna Agarwal will offload shares worth ₹25 crore each, the company’s Red Herring Prospectus (RHP) showed.
The company plans to use ₹426.6 crore from the fresh issue to fund capital expenditure, ₹100 crore for debt repayment, and the remaining amount for general corporate purposes.
Company overview
IndiQube Spaces is a managed workspace solutions provider with diverse capabilities ranging from providing large corporate offices to small branch offices.
As of March 2025, the company has a managed portfolio of 115 centres (105 operational, 10 under letters of intent and agreements to lease) across 15 cities with a total Super Built-Up Area (SBA) of 8.4 mn sq ft and
operational SBA of 6.9 mn sq ft.
The company’s total and operational seat capacity stood at 1,86,719 seats and 1,53,830 seats, respectively, as of March 2025 spread across Bengaluru, Pune, Mumbai, Chennai, Noida, etc.
IndiQube Spaces Ltd.’s revenue rose by 27% and profit after tax (PAT) surged by 59% between the financial year ending with March 31, 2025 and March 31, 2024.
ICICI Securities and JM Financial are the book-running lead managers of the IndiQube Spaces IPO, while MUFG Intime India (Link Intime) is the registrar.
The allotment for the IndiQube Spaces IPO is expected to be finalised on July 28, while the equity shares will be listed on BSE, NSE with a tentative listing date fixed as July 30, 2025.
Also Watch | Rishi dasChairman, ED & CEO of IndiQube Spaces, on the IPO and growth outlook in an interview with CNBC-TV18.
