Indiqube Spaces IPO Day 1: How Much Issue Has Been Subscribed So Far? Should You Subscribe? Check GMP

Indiqube Spaces IPO Day 1: The initial public offering (IPO) of the workplace solutions provider, Indiqube Space Limited, has been subscribed by more than 55% on its first day. The IPO opened for subscription on Wednedsay and will conclude on Friday, July 25.

The company aims to raise around Rs 700 crore with the issue, which includes a fresh issue of 27.4 million equity shares worth Rs 600 crore. The IPO also includes an offer for sale (OFS) with promoters Meghna Aggarwal and Rishi Das offloading their shareholding of up to Rs 50 crore. Here are all the details about Indiqube Spaces IPO on its first day and expert's insight for investors.

Indiqube Spaces IPO Day 1: How Much The Issue Has Been Subscribed?

The retail segment of Indiqube Spaces IPO has been fully taken up, which means that the issue will be fully subscribed in the next one or two days. The issue has been subscribed by 59% so far on day 1, according to the data available on Chittorgarh.com at 2 pm. The public issue has been subscribed by 2.38 times in the retail category, 0.06 times in the qualified institutional buyers (QIB) category and 0.45 times in the Non-Institutional Investors (NII) category.

Indiqube Spaces IPO GMP Live

Indiqube Spaces IPO's Grey Market Premium (GMP) stood at Rs 20, as per Chittorgarh.com data till 2 pm. The IPO's price band has been fixed at Rs 237 and the company's IPO is estimated to list at a price of Rs 257 on its listing date. The listing is likely to see a percentage gain/loss per share of 8.44%.

Indiqube Spaces IPO: Should You Subscribe?

Indiqube Spaces IPO is priced at 8.4x TTM EV/EBITDA, compared to the domestic peer average of 12.2xTTM EV/EBITDA. The issue is priced at 47.4x FY25 EV/Adjusted Cash EBITDA, compared to the domestic peer average of 42.4x FY25 EV/Adjusted Cash EBITDA, according to analysis by Deven Choksey Research.
"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," read the report on Indiqube Space IPO.

About Indiqube Spaces IPO

The Bengaluru-based company has planned to allocate around Rs 462.6 crore of the new capital to fund capital expenditures for setting up new centres. Out of the total capital raised Rs 93 crore will be used for debt payment and the remaining amount will be used for general corporate uses.

The company was founded in 2015 with an overseas portfolio of 8.4 million square feet across 115 properties in 15 cities. Its total seating capacity stood at 1,86,719 as of March, 2025 against 74 centres existing in March 2023.

The company provides tech-enabled managed office space solutions, and it operates through long-term leasing model, which acquires entire floors or buildings on long-term lease for non-institutional property owners. The company also manages the renovation and development of these properties into ready-to-use spaces for various businesses.

Disclaimer: The write-up is just for information purposes, and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on article mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.