The Indian IPO market has witnessed a surge of new listings in 2025, and Indiqube Spaces IPO is one of the most talked-about offerings in the flexible workspace segment. But does it deserve a place in your portfolio? This detailed market review will help you make an informed decision.
About Indiqube Spaces
Founded in 2015, Indiqube Spaces provides tech-enabled managed office spaces to a wide range of clients, including startups, large corporates, and global capability centres (GCCs). With 115 operational centres spread across 15 cities and over 186,000 seats, Indiqube is a key player in India’s co-working and flexible workspace market.
The company’s focus on premium spaces and tailored services has allowed it to stand out in a highly competitive sector.
Indiqube Spaces IPO Highlights
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Price Band: ₹225–₹237 per share
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Issue Size: ₹700 crore (₹650 crore fresh issue + ₹50 crore offer-for-sale)
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Lot Size: 63 shares (~₹14,931 at upper band)
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IPO Dates: Opens on July 23, 2025, closes on July 25, 2025
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Listing Date: Expected on July 30, 2025
Company Strengths
Strong Growth in a Rising Sector
India’s co-working industry is expanding rapidly, and Indiqube is well-positioned to benefit from this trend.
Diversified Client Base
Serving a mix of startups, SMEs, and MNCs reduces dependency on any single category.
Recurring Revenue Model
Long-term contracts ensure steady cash flows, supporting sustainable growth.
Key Concerns for Investors
Loss-Making Entity
Despite significant revenue growth, Indiqube is yet to achieve profitability.
High Competition
Global players like WeWork and domestic rivals such as Awfis are strong contenders in the space.
Geographic Dependence
Around 63% of its revenue comes from Bengaluru, increasing regional concentration risk.
Financial Snapshot
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Revenue (FY23): ₹344 crore
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Revenue (FY25 projected): ₹830 crore
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EBITDA Margin: 41% (FY23) → 58% (FY25)
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Net Loss: ₹188 crore (FY23) → ₹139 crore (FY25)
At the upper price band, the valuation works out to a P/S ratio of ~4.7x and an EV/EBITDA of ~14.6x.
Grey Market Premium (GMP) Trends
As of now, the Indiqube Spaces IPO GMP is hovering between ₹30–₹33, suggesting an expected listing gain of around 12–14%. While GMP indicates market sentiment, it’s not a foolproof predictor of listing day performance.
Should You Invest?
If you are a long-term investor, the IPO provides an opportunity to participate in India’s growing managed workspace sector. However, you must be comfortable with the risks of a loss-making company operating in a highly competitive market.
For short-term investors, the GMP trend suggests moderate listing gains, but market conditions and subscription demand will be crucial factors.
Final Verdict
The Indiqube Spaces IPO can be considered by investors with a higher risk appetite and a long-term vision. Its strong market position and industry growth prospects make it promising, but its current financials demand caution. For those looking purely for listing gains, monitor subscription data and GMP closely before applying.
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