IndiQube Spaces IPO Day 1: The Bengaluru-based managed office space provider Indiqube Spaces is opening its Rs 700 crore IPO today. The IPO, which will stay open until July 25.
So, what are brokerages saying about this mainboard IPO? And how is it faring in the grey market? Let’s dive into the key details.
Indiqube Spaces IPO: Grey market activity
In the unlisted space, Indiqube shares are trading at a premium of Rs 105, implying a grey market price of Rs 342 per share. This translates to nearly 10% above the upper end of the price band.
While grey market trends reflect early sentiment, they are unofficial and not regulated by SEBI.
Indiqube Spaces IPO: Brokerage views – Mixed reactions
Bajaj Broking: Valuation in Line with Peer
Bajaj Broking’s note mentions that Indiqube is valued at 4x, 5x, and 7x its FY25, FY24, and FY23 sales, respectively – levels similar to listed peer Awfis. The brokerage noted, “At the upper end of the IPO price band, the company is valued in line with its peer Awfis, which trades at 4x, 5x, and 8x sales for the same periods.”
Despite growth in cash profitability – Rs 3,461 million in FY25, Rs 505 million in FY24, and Rs 1,003 million in FY23, the company remains loss-making at the PAT level.
Deven Choksey Research: Neutral Rating
Deven Choksey Research has assigned a neutral rating to the IPO. While the brokerage acknowledges revenue and EBITDA growth, it has flagged valuation concerns, “On comparing the growth with peers, we believe the Indiqube’s initial offering is fully priced in, and we assign a ‘Neutral’ rating to the issue.”
It noted the company’s 35.2% CAGR in revenue and 61.4% CAGR in EBITDA over FY23–25. The company’s EV/EBITDA multiple stands at 8.4x (TTM), compared to the domestic peer average of 12.2x, suggesting a discount. However, on FY25 EV/Adjusted Cash EBITDA, it is priced at 47.4x, higher than the peer average of 42.4x.
Anand Rathi – Subscribe-Long Term
Anand Rathi has recommended a ‘Subscribe-Long Term’ view. According to its note, “At the upper price band, the company is valuing at P/S of 4.7x with EV/EBITDA of 14.6x and market cap of Rs 49,771 million post issue. We believe that the IPO is fully priced and recommend a ‘Subscribe-Long term’ rating.”
Indiqube Spaces IPO: Key dates to watch
The Indiqube Spaces IPO opens for subscription on July 23, and will remain open until July 25. Investors can expect the basis of allotment to be finalised on July 28. The company’s shares are likely to be listed on the BSE and NSE on July 30.
Indiqube Spaces IPO: Registrar and lead managers
The IPO is being managed by ICICI Securities and JM Financial, who are acting as the lead book-running managers. The registrar to the issue is MUFG Intime India Pvt Ltd (formerly Link Intime), responsible for handling IPO applications, allotment, and refunds.
Indiqube Spaces IPO: Lot size and market capitalisation
Retail investors can place bids in lots of 63 equity shares. Based on the upper end of the price band, the post-issue market capitalisation of Indiqube Spaces is estimated to be around Rs 4,977 crore.
About the company
Indiqube Spaces operates on an asset-light “lease-not-own” model, converting leased properties into managed office spaces for clients across cities. As of March 31, 2025, the company had 115 centres in 8 Tier I cities and 7 non-Tier I cities, managing a total area of 8.4 million sq ft, of which 6.3 million sq. ft. is rentable.