As the week draws to a close, so does the window to apply for the Indiqube Spaces IPO. Now in its final day of bidding, the mainboard issue launched on July 23 is set to wrap up soon. The price band of the issue is set at Rs 237 per share. With hours left on the clock – here is everything you need to know – from subscription numbers to GMP trends, allotment timelines, and what brokerages are saying about this office-space play.
Indiqube spaces IPO: Subscription update
The Indiqube Spaces IPO has attracted moderate interest as it enters its final day of bidding.
By the latest update, the overall subscription stood at 2.98 times so far. Among investor categories, retail investors showed relatively higher participation. The retail portion as of now is subscribed 8.29 times. The response from non-institutional investors (NII) came in at 2.40 times, while the qualified institutional buyers (QIB) segment saw a more muted interest, subscribing just 1.49 times.
Indiqube spaces IPO: GMP watch
In the grey market, Indiqube Spaces shares are commanding a premium of Rs 10 per share. With the IPO price set at Rs 237, this implies a potential listing price of Rs 247, translating into an estimated 4.22% listing gain.
However, it is important to note that GMP is not the actual listing price and may fluctuate based on the market sentiment.
Indiqube spaces IPO: Allotment and listing dates to note
Following the three-day bidding window, the share allotment for Indiqube Spaces IPO is expected to be finalised on July 28. Investors who applied for the issue will be able to check their allotment status through the registrar’s website once it is announced.
Post allotment, the company’s shares are scheduled to be listed on both the NSE and BSE, with the listing date set for July 30.
Indiqube spaces IPO: Brokerage views
Analysts seem divided on the valuation and long-term potential of Indiqube Spaces. Here’s a snapshot of key opinions:
Bajaj Broking: “Valuation in line with peer”
“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.”
Deven Choksey Research: ‘Neutral’ rating
“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.”
The firm noted Indiqube’s 35.2% CAGR in revenue and 61.4% EBITDA CAGR from FY23 to FY25, but flagged high EV/Adjusted EBITDA multiples as a concern.
Anand Rathi: Subscribe for long term
“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: Structure and issue details
The Rs 700 crore IPO of Indiqube Spaces is structured as a mix of fresh issuance and an offer for sale. Of the total size, Rs 650 crore comes from a fresh issue of 2.74 crore equity shares. The remaining Rs 50 crore is from an offer for sale by existing shareholders, giving them a partial exit. The price band for the issue has been fixed at Rs 237 per share.
Retail investors looking to participate had to invest a minimum of Rs 14,175, based on a lot size of 63 shares. For non-institutional investors, the bar is significantly higher with small NIIs needing to invest Rs 2.09 lakh and large NIIs about Rs 10 lakh. The IPO also included a reservation of 69,767 shares for employees, offered at a Rs 22 discount per share. Ahead of the opening, the company raised Rs 314.32 crore from anchor investors on July 22.
Indiqube spaces IPO: Key book leading managers
ICICI Securities is the lead manager for the IPO, while MUFG Intime India (Link Intime) is the registrar.
Indiqube spaces IPO: Business snapshot
Indiqube Spaces is a tech-enabled flexible workspace provider catering to startups, scale-ups, and enterprises. It operates 115 centers across 15 Indian cities, covering 8.4 million sq. ft. of managed space. The company positions itself as a plug-and-play solution for modern enterprises.