Indiqube Spaces IPO trades at a ₹14 GMP currently, indicating a potential ₹251 listing (~6% above ₹237 upper price band). Learn IPO structure, subscription data, GMP trend, expert views, and whether to apply.
📈 Indiqube Spaces IPO GMP Today: Snapshot
As of July 25, the grey market premium (GMP) for Indiqube Spaces IPO stands at approximately ₹14, translating to an estimated listing price of ₹251/share, if this persists. That’s about 5.9% gain over the ₹237 upper price band.The Economic Times+15mint+15mint+15
🧾 IPO Overview & Subscription Performance
- Price Band: ₹225–₹237/share
- Issue Size: ₹700 crore (₹650 crore fresh + ₹50 crore OFS)
- Retail Lot Size: 63 shares (₹14,931 at the top end)
- Anchor Funding: ₹314.3 crore infused at ₹237/share by marquee investorsBusiness Today+9mint+9The Economic Times+9The Financial Express+3mint+3The Economic Times+3mint+3Business Today+3The Financial Express+3
Subscription Update:
- Day 1: ~29% subscribed
- Day 2: 2.54× overall; retail oversubscribed ~6.9×, NII ~1.84×, QIB ~1.42×The Economic TimesMoneycontrol+4mint+4mint+4
- Day 3: Rose to ~2.98× subscription before closing on July 25mint+8The Financial Express+8mint+8
💸 Why GMP Is Only ₹14 Today (Downtrend)
- Correction from ₹31–₹32 GMP earlier upon IPO launch, now down to ₹14 amid cooling sentiment and subscription trendsThe Economic Times+10Business Today+10Moneycontrol+10
- Broker sentiment mixed: While peer valuations (Awfis, etc.) appear matched, concerns persist over Indiqube’s net losses and regional concentration (63% revenue from Bengaluru).The Economic Times+14The Financial Express+14Moneycontrol+14
📌 Estimated Listing & GMP Chart
| Parameter | Value |
|---|---|
| GMP (Today) | ₹14 |
| IPO Upper Band | ₹237 |
| Estimated Listing Price | ₹251 (₹237 + ₹14) |
| Estimated Listing Gain | ~5.9% |
| GMP Range (Observed) | ₹0 to ₹40 |
GMP is unofficial and volatile — a temporary sentiment indicator, not a guaranteed listing price.
🧠 What Experts Are Saying
- Bajaj Broking: Valuation in line with peer Awfis (~4–7× sales depending on fiscal year), advising “Subscribe – long term” for growth investors.The Economic Times+12Business Today+12mint+12The Financial Express+4mint+4mint+4The Economic Times+4The Financial Express+4The Financial Express+4
- Anand Rathi: Sees scale and platform value despite losses; recommends a long-term subscribe.
- Deven Choksey Research: Calls the issue “fully priced”, rating it Neutral given macro risk and high multiples.The Financial Express+1The Economic Times+1
⚠ Risks & Upside
- ✅ Pros: Strong anchor support, scalable model, tech-enabled workspace platform across 115 centres in 15 cities with enterprise clients, EBITDA margin ~58%.mint+3mint+3The Economic Times+3
- ⚠ Risks: Still loss-making (₹140–₹139 cr PAT loss in FY25), Bengaluru-heavy revenue, occupancy and sector cyclicality remain issues. Investments in capex-heavy space fail to guarantee profitability.Moneycontrol+2The Economic Times+2mint+2
🙋 FAQs
Q1: What is Indiqube’s current GMP?
As of July 25, it stands at ₹14, from a peak of ₹31–32 earlier.The Economic Times
Q2: What is the implied listing price?
At ₹237 upper band + ₹14 GMP = ₹251, about 6% listing gain.
Q3: Why is GMP falling?
Cooling grey market bids and weaker-than-expected subscription trends led to moderation.
Q4: Should I apply now?
If you believe in long-term workspace growth and can stomach short-term losses, the IPO remains worth considering. But avoid basing decisions solely on GMP — evaluate fundamentals and sector neutrality.
✅ Final Take: Is It Worth It?
Indiqube Spaces IPO shows well-supported demand and strategic narrative—but its GMP correction to ₹14 indicates tempered listing expectations. For short-term listing gains, the 5–6% edge may not suffice after IPO costs. For long-term investors, growth potential in India’s flexible workspace and tech-led model may pay off if profitability improves. Use caution, and do not rely on GMP alone.
⚠️ Disclaimer
This blog is for informational purposes only and not investment advice. Grey Market Premium (GMP) is speculative and may change quickly. Please consult a SEBI-registered financial advisor before making investment decisions.
