Indiqube Spaces IPO: Should you invest? Check GMP and review by experts

Indiqube Spaces has launched a ₹700 crore IPO, comprising a ₹650 crore fresh issue and a ₹50 crore offer-for-sale, with a price band of ₹225–237 per share of Day 1, the IPO is ~29% subscribed overall, with retail interest at 1.32×.

Grey Market Premium Looks Promising

The Grey Market Premium (GMP) is hovering betw,een ₹23–31, signaling an expected 10–13% listing gain, estimating a listing price around ₹260–268 .

Business Model & Expansion

Indiqube offers flexible workspace solutions—co-working, tech services, facility management, and custom bespoke offices—under brands like IndiQube Grow, Bespoke, One, and MiQube. The company manages 115 centres across 15 cities, with over 8.4 million sq ft and ~187,000 seats . They plan to allocate fresh capital toward capex, new centres, and debt repayment .

Also Read: Mumbai Luxury Real Estate Sales Surge to ₹14,750 Crore

Financials & Valuation

Revenue grew by 27–28% in FY25, with EBITDA margins touching 58%, but the company remains loss-making at the net profit level  Post-IPO, it’s valued at ~4.7× price-to-sales and 14.6× EV/EBITDA, comparable to peer Awfis . Analysts debate the valuation—some see it as fair, others call it fully priced.

Expert Opinions: Mixed but Cautious

• Anand Rathi recommends “Subscribe–Long Term” citing growth drivers like tech-led services and scalable workspace model .

• Macquarie and ET Intelligence call for caution, flagging net losses, geographic concentration (≈63% revenue from Bengaluru), and dependence on the evolving commercial real estate cycle .

• Brokers like DR Choksey label valuations “neutral” and flag moderate short-term listing gains .

Should You Invest?

• For long-term investors: Attractive if you’re bullish on India’s flexible workspace trend and can withstand initial losses.

• For short-term or risk-averse investors: Consider waiting for profit visibility or sharper subscription metrics, due to loss-making status and valuation concerns.

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