Indiqube Spaces IPO opens July 23–25 with ₹225–237 price band. With a ₹23 GMP, subscribers may see ~10% listing gain. Learn issue dates, financials, anchors, risks, and long‑term outlook.
🏢 Indiqube Spaces IPO GMP Today: What’s the Buzz?
Indiqube Spaces Ltd, a Bengaluru-based provider of tech-enabled and sustainable workspace solutions, launched its ₹700 crore IPO on July 23, 2025 (₹650 crore fresh issue + ₹50 crore OFS). The grey market premium (GMP) is currently hovering around ₹23, implying an estimated listing price of ₹260/share — about 10% above the upper band. The Economic Times+14Republic World+14mint+14
🧾 IPO Snapshot & Key Dates
| Detail | Information |
|---|---|
| Price Band | ₹225 – ₹237 The Economic TimesBusiness Standard |
| Issue Size | ₹700 crore (₹650 cr fresh + ₹50 cr OFS) The Economic TimesBusiness Standard |
| Lot Size | 63 shares (₹14,931 at ₹237) Business Standard |
| Anchor Funding | ₹314.3 crore at ₹237 The Times of IndiaThe Economic Times |
| GMP | ₹23 (~10%) mintRepublic WorldThe Economic TimesThe Economic Times |
| Subscription Window | July 23–25, 2025 The Economic TimesBusiness Standard |
| Allotment Date | Likely July 28, 2025 mintRepublic World |
| Tentative Listing | July 30, 2025 on BSE/NSE Business StandardRepublic WorldThe Economic Times |
💵 What Drives the ₹23 GMP?
- Anchor Investor Confidence
Raised ₹314.3 crore from anchor investors at ₹237 — full upper band — reflecting institutional optimism. YouTube+15The Economic Times+15The Economic Times+15The Economic Times+7Business Standard+7The Times of India+7 - Sector Momentum & Growth Story
With 115 centres across 15 cities and 27% YoY revenue growth, Indiqube is riding India’s flexible workspace boom. EBITDA margins expanded to ~58%, while net loss reduced to ₹140 cr. The Times of India+10The Economic Times+10The Economic Times+10 - Brokerage Sentiment & Peer Valuation
Although loss-making, brokerages like Anand Rathi recommend ‘Subscribe – long term’, highlighting asset-light expansion and recurring revenue visibility. The Financial Express+2mint+2The Economic Times+2
🧐 Why GMP Isn’t the Full Picture
- GMP ≠ Guaranteed Listing Price
It’s an informal indicator, not regulated — can swing sharply if subscription is weak. The Economic Times+10Business Standard+10The Economic Times+10 - Profitability Still Pending
While revenue and EBITDA grew, net losses persist (₹140 cr FY25), and Bengaluru contributes ~63% of revenue — posing concentration risk. The Economic Times+10The Economic Times+10The Economic Times+10 - Sector Competition
Peers like Awfis operate on higher EBITDA multiples (~11x vs Indiqube’s 8.6x EV/EBITDA), impacting relative valuation. Business Standard+3The Economic Times+3The Financial Express+3
📝 Should You Bid?
Short-term View:
Subscribers could enjoy ~10% listing gain if GMP sustains. But allotment odds are uncertain — act early!
Mid to Long-term View:
Indiqube’s scalable, tech-led model is promising in the flexible workspace wave. Still, sustained growth, cost control, and path to profitability must be tracked post-listing.
🙋 FAQs
Q1: What does ₹23 GMP imply?
With ₹237 upper band + ₹23 GMP, the estimated listing price is ₹260 — about 10% gain. The Times of India+6Republic World+6mint+6
Q2: What is the IPO timeline?
Open: July 23–25 | Allotment: ~July 28 | Listing: ~July 30 on NSE/BSE. mint+4Business Standard+4Republic World+4
Q3: Is it profitable?
Not yet. FY25 EBITDA grew to ₹236.7 cr, but net loss remains ~₹140 cr. The Economic TimesThe Economic Times
Q4: Should I rely on GMP?
No. GMP is speculative and can fade. Always evaluate based on fundamentals and sector outlook.
✅ Bottom Line
With a ₹23 GMP (~10%) and strong anchor support, Indiqube’s IPO shows early promise. Still, long-term investors should weigh the business’s concentration and profitability journey. This IPO suits growth-focused investors with appetite for short-term listing gains.
⚠️ Disclaimer
This blog is for informational purposes only and not financial advice. GMP is speculative. Consult a SEBI‑registered advisor before investing.
