Indiqube Spaces IPO
Live Updates, GMP, Subscription Data, and Financial Details
IPO Overview
Listed
Dates
Jul 23 to Jul 25 2025
Price Band
₹237
Current GMP
₹216.0(-8.86%)
Subscription
13.00 times
IPO Details
| IPO Date | July 23, 2025 to July 25, 2025 |
| Listing Date | July 30, 2025 |
| Face Value | ₹1 per share |
| Issue Price | ₹237 per share |
| Lot Size | 63 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 2,95,35,864 shares (aggregating up to ₹700.00 Cr) |
| Fresh Issue | 2,74,26,160 shares (aggregating up to ₹650.00 Cr) |
| Offer for Sale | 21,09,704 shares of ₹1 (aggregating up to ₹50.00 Cr) |
| Employee Discount | ₹22.00 |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 18,25,78,871 shares |
| Share Holding Post Issue | 21,00,05,031 shares |
IPO Date
July 23, 2025 to July 25, 2025
Listing Date
July 30, 2025
Face Value
₹1 per share
Issue Price
₹237 per share
Lot Size
63 Shares
Sale Type
Fresh Capital-cum-Offer for Sale
Total Issue Size
2,95,35,864 shares (aggregating up to ₹700.00 Cr)
Fresh Issue
2,74,26,160 shares (aggregating up to ₹650.00 Cr)
Offer for Sale
21,09,704 shares of ₹1 (aggregating up to ₹50.00 Cr)
Employee Discount
₹22.00
Issue Type
Bookbuilding IPO
Listing At
BSE, NSE
Share Holding Pre Issue
18,25,78,871 shares
Share Holding Post Issue
21,00,05,031 shares
IPO Subscription Details
| Anchor Investors | 1 |
| Qualified Institutions | 15.12 |
| Non-Institutional Buyers | 8.68 |
| bNII (bids above ₹10L) | 8.35 |
| sNII (bids below ₹10L) | 9.34 |
| Retail Investors | 13.28 |
| Employees | 6.95 |
| Total ** | 13.00 |
Anchor Investors
1
Qualified Institutions
15.12
Non-Institutional Buyers
8.68
bNII (bids above ₹10L)
8.35
sNII (bids below ₹10L)
9.34
Retail Investors
13.28
Employees
6.95
Total **
13.00
Day Wise Sub
| Day | QIB | NII | NII (> ₹10L) | NII (< ₹10L) | Retail | EMP | Total |
|---|---|---|---|---|---|---|---|
| Day 1 Jul 23, 2025 | 0.06 | 0.83 | 0.68 | 1.11 | 3.63 | 3.00 | 0.93 |
| Day 2 Jul 24, 2025 | 1.49 | 1.94 | 1.60 | 2.62 | 7.32 | 4.74 | 2.68 |
| Day 3 Jul 25, 2025 | 15.12 | 8.68 | 8.35 | 9.34 | 13.28 | 6.95 | 13.00 |
DayDay 1
Jul 23, 2025
QIB0.06
NII0.83
NII (> ₹10L)0.68
NII (< ₹10L)1.11
Retail3.63
EMP3.00
Total0.93
DayDay 2
Jul 24, 2025
QIB1.49
NII1.94
NII (> ₹10L)1.60
NII (< ₹10L)2.62
Retail7.32
EMP4.74
Total2.68
DayDay 3
Jul 25, 2025
QIB15.12
NII8.68
NII (> ₹10L)8.35
NII (< ₹10L)9.34
Retail13.28
EMP6.95
Total13.00
Day Wise GMP
| Date | Price | GMP | Estimate List Price |
|---|---|---|---|
| 30-07-2025 | 237.00 | 0(0.00%) | 237 |
| 29-07-2025 | 237.00 | 1(0.42%) | 238 |
| 28-07-2025 | 237.00 | 5(2.11%) | 242 |
| 27-07-2025 | 237.00 | 5(2.11%) | 242 |
| 26-07-2025 | 237.00 | 5(2.11%) | 242 |
| 25-07-2025 | 237.00 | 5(2.11%) | 242 |
| 24-07-2025 | 237.00 | 10(4.22%) | 247 |
| 23-07-2025 | 237.00 | 14(5.91%) | 251 |
| 22-07-2025 | 237.00 | 23(9.70%) | 260 |
| 21-07-2025 | 237.00 | 32(13.50%) | 269 |
| 20-07-2025 | 237.00 | 40(16.88%) | 277 |
| 19-07-2025 | 237.00 | 40(16.88%) | 277 |
| 18-07-2025 | 237.00 | 40(16.88%) | 277 |
| 17-07-2025 | 0(%) | (%) |
Date30-07-2025
Price237.00
GMP0(0.00%)
Estimate List Price237
Date29-07-2025
Price237.00
GMP1(0.42%)
Estimate List Price238
Date28-07-2025
Price237.00
GMP5(2.11%)
Estimate List Price242
Date27-07-2025
Price237.00
GMP5(2.11%)
Estimate List Price242
Date26-07-2025
Price237.00
GMP5(2.11%)
Estimate List Price242
Date25-07-2025
Price237.00
GMP5(2.11%)
Estimate List Price242
Date24-07-2025
Price237.00
GMP10(4.22%)
Estimate List Price247
Date23-07-2025
Price237.00
GMP14(5.91%)
Estimate List Price251
Date22-07-2025
Price237.00
GMP23(9.70%)
Estimate List Price260
Date21-07-2025
Price237.00
GMP32(13.50%)
Estimate List Price269
Date20-07-2025
Price237.00
GMP40(16.88%)
Estimate List Price277
Date19-07-2025
Price237.00
GMP40(16.88%)
Estimate List Price277
Date18-07-2025
Price237.00
GMP40(16.88%)
Estimate List Price277
Date17-07-2025
Price
GMP0(%)
Estimate List Price(%)
IPO Important Dates
| IPO Open Date | Wed, Jul 23, 2025 |
| IPO Close Date | Fri, Jul 25, 2025 |
| Tentative Allotment | Mon, Jul 28, 2025 |
| Initiation of Refunds | Tue, Jul 29, 2025 |
| Credit of Shares to Demat | Tue, Jul 29, 2025 |
| Tentative Listing Date | Wed, Jul 30, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 25, 2025 |
IPO Open Date
Wed, Jul 23, 2025
IPO Close Date
Fri, Jul 25, 2025
Tentative Allotment
Mon, Jul 28, 2025
Initiation of Refunds
Tue, Jul 29, 2025
Credit of Shares to Demat
Tue, Jul 29, 2025
Tentative Listing Date
Wed, Jul 30, 2025
Cut-off time for UPI mandate confirmation
5 PM on July 25, 2025
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 63 | ₹14,931 |
| Retail (Max) | 13 | 819 | ₹1,94,103 |
| S-HNI (Min) | 14 | 882 | ₹2,09,034 |
| S-HNI (Max) | 66 | 4,158 | ₹9,85,446 |
| B-HNI (Min) | 67 | 4,221 | ₹10,00,377 |
ApplicationRetail (Min)
Lots1
Shares63
Amount₹14,931
ApplicationRetail (Max)
Lots13
Shares819
Amount₹1,94,103
ApplicationS-HNI (Min)
Lots14
Shares882
Amount₹2,09,034
ApplicationS-HNI (Max)
Lots66
Shares4,158
Amount₹9,85,446
ApplicationB-HNI (Min)
Lots67
Shares4,221
Amount₹10,00,377
Financial Information
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 4,685.12 | 3,667.91 | 2,969.32 |
| Revenue | 1,102.93 | 867.66 | 601.28 |
| Profit After Tax | -139.62 | -341.51 | -198.11 |
| EBITDA | 660.19 | 263.42 | 258.23 |
| Net Worth | -3.11 | 130.63 | -308.10 |
| Reserves and Surplus | -23.30 | 129.44 | -308.28 |
| Total Borrowing | 343.96 | 164.02 | 623.16 |
Period EndedPeriod Ended
31 Mar 202531 Mar 2025
31 Mar 202431 Mar 2024
31 Mar 202331 Mar 2023
Period EndedAssets
31 Mar 20254,685.12
31 Mar 20243,667.91
31 Mar 20232,969.32
Period EndedRevenue
31 Mar 20251,102.93
31 Mar 2024867.66
31 Mar 2023601.28
Period EndedProfit After Tax
31 Mar 2025-139.62
31 Mar 2024-341.51
31 Mar 2023-198.11
Period EndedEBITDA
31 Mar 2025660.19
31 Mar 2024263.42
31 Mar 2023258.23
Period EndedNet Worth
31 Mar 2025-3.11
31 Mar 2024130.63
31 Mar 2023-308.10
Period EndedReserves and Surplus
31 Mar 2025-23.30
31 Mar 2024129.44
31 Mar 2023-308.28
Period EndedTotal Borrowing
31 Mar 2025343.96
31 Mar 2024164.02
31 Mar 2023623.16
Peers Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio |
|---|---|---|---|---|---|---|
| Indiqube Spaces Limited | -7.65 | -7.65 | -0.24 | |||
| Awfis Space Solutions Limited | 9.75 | 9.67 | 64.71 | 66.66 | 14.78 | 10.06 |
Company NameIndiqube Spaces Limited
EPS (Basic)-7.65
EPS (Diluted)-7.65
NAV (per share) (Rs)-0.24
P/E (x)
RoNW (%)
P/BV Ratio
Company NameAwfis Space Solutions Limited
EPS (Basic)9.75
EPS (Diluted)9.67
NAV (per share) (Rs)64.71
P/E (x)66.66
RoNW (%)14.78
P/BV Ratio10.06
IPO Reservation
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| QIB Shares Offered | 2,21,04,430 (74.82%) | NA |
| − Anchor Investor Shares Offered | 1,32,62,658 (44.89%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 88,41,772 (29.93%) | NA |
| NII (HNI) Shares Offered | 44,20,886 (14.96%) | NA |
| − bNII > ₹10L | 29,47,257 (9.98%) | 3,341 |
| − sNII < ₹10L | 14,73,629 (4.99%) | 1,670 |
| Retail Shares Offered | 29,47,257 (9.98%) | 46,781 |
| Employee Shares Offered | 69,767 (0.24%) | NA |
| Total Shares Offered | 2,95,42,340 (100.00%) |
Investor CategoryQIB Shares Offered
Shares Offered2,21,04,430 (74.82%)
Maximum AllotteesNA
Investor Category− Anchor Investor Shares Offered
Shares Offered1,32,62,658 (44.89%)
Maximum AllotteesNA
Investor Category− QIB (Ex. Anchor) Shares Offered
Shares Offered88,41,772 (29.93%)
Maximum AllotteesNA
Investor CategoryNII (HNI) Shares Offered
Shares Offered44,20,886 (14.96%)
Maximum AllotteesNA
Investor Category− bNII > ₹10L
Shares Offered29,47,257 (9.98%)
Maximum Allottees3,341
Investor Category− sNII < ₹10L
Shares Offered14,73,629 (4.99%)
Maximum Allottees1,670
Investor CategoryRetail Shares Offered
Shares Offered29,47,257 (9.98%)
Maximum Allottees46,781
Investor CategoryEmployee Shares Offered
Shares Offered69,767 (0.24%)
Maximum AllotteesNA
Investor CategoryTotal Shares Offered
Shares Offered2,95,42,340 (100.00%)
Maximum Allottees
Information about company
Incorporated in 2015, Indiqube Spaces Limited provides managed, sustainable, and tech-driven workplace solutions, aiming to transform the traditional office experience for modern businesses.
The company offers diverse workplace solutions, including corporate hubs and branch offices, enhancing employee experience with interiors, amenities, and services.
The company integrates asset renovation, customized models, and B2B/B2C value-added services, offering comprehensive workspace solutions with plug-and-play offices for clients and employees.
The company manage a portfolio of 115 centres across 15 cities, consisting of 105 operational centres and 10 centres for which the company have executed letters of intent, covering 8.40 million square feet of area under management (“AUM”) in a super built-up area (“SBA”) with a total seating capacity of 186,719 as of March 31, 2025.
Between March 31, 2023, and March 31, 2025, they added 41 properties and expanded to five new cities.
The company focuses on acquiring full buildings in high-demand areas with strong infrastructure and low vacancy rates. They partner with landlords to lease and transform aging properties into modern, sustainable workspaces.
The company upgrades properties with interiors, amenities, and sustainability. As of March 31, 2025, 25.22%% of their portfolio is renovated. Their "enterprise-first" strategy serves large clients with long-term, scalable workspaces.
As of March 31, 2025, the company operates in 15 Indian cities, including seven Tier I cities (Bengaluru, Pune, Chennai, Mumbai, Noida, Gurugram, Hyderabad) and 11 non-Tier I cities (Coimbatore, Kochi, Madurai, Jaipur, Calicut, Vijayawada).
Offerings:
IndiQube Grow:The company offers customized enterprise workspaces and co-working solutions with shared amenities. They provide meeting rooms, day passes, and virtual office services, with flexible bookings and tailored options for clients through digital channels.
IndiQube Bespoke: IndiQube Bespoke offers fully customizable office designs with standard, premium, and luxury options. The company provides sustainable, eco-friendly solutions, with an in-house team for design, project management, and maintenance, offering flexible financial arrangements.
IndiQube One: The company offers technology-enabled property and facility management services, including maintenance, asset management, employee services, IT solutions, and green initiatives, all aligned with ISO certifications to ensure quality, safety, and sustainability.
MiQube™ Workplace Technology Stack: The company’s technology stack enhances workspace efficiency and engagement. The MiQube™ Community App offers employees easy access to services like booking meeting rooms, transportation, meals, desk reservations, helpdesk requests, and community events.
As of March 31, 2025, the company has a diverse team of 625 permanent employees.
Competitive Strengths:
One of the leading players in the Large and Growing Flexible Workspace Market in India.
Acquisition Strategy with a Focus on Value Creation and Demand-Driven Locations.
Prudent Business Management Practices with Strong Operational Metrics
Capital Efficient Model with Resilience and Comprehensive Risk Mitigation
Experienced Leadership and Prominent Investor Base
Focussed on Fostering an Ecosystem of Green Buildings
Objectives of IPO
The Company Indiqube Spaces IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
S.No.
Objects of the Issue
Expected Amount (₹ in crores)
1
Funding capital expenditure towards establishment of new centers
462.65
2
Repayment/pre-payment, in full or in part, of certain borrowings availed by the Company
93.04
3
General corporate purposes
Disclaimer
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