IndiQube IPO Sees Strong Retail Buzz With 56% Subscription On Day 1

The ₹700 crore IPO of IndiQube Spaces Ltd kicked off with robust investor interest on July 23, 2025, particularly from retail and non-institutional segments. The Bengaluru-based workspace solutions provider is tapping into India’s growing demand for flexible office infrastructure.

Subscription Snapshot And Investor Response

- Overall subscription stood at 56 percent by Day 1, with retail investors leading at 2.23 times their quota.
- Non-institutional investors subscribed 42 percent of their portion, while qualified institutional buyers lagged at just 6 percent.
- The IPO comprises a fresh issue of ₹650 crore and an offer for sale worth ₹50 crore, with a price band of ₹225–₹237 per share.

Grey Market Premium And Valuation

- The IPO’s grey market premium (GMP) hovered around ₹41, indicating a potential 17 percent listing gain.
- At the upper price band, the company is valued at ₹4,977 crore, with expected listing on July 30.

Company Profile And Growth Metrics

- IndiQube operates 115 centers across 15 cities, managing over 8.4 million sq ft of workspace.
- Despite a ₹139.6 crore loss in FY25, the firm posted 27.5 percent revenue growth and 58.2 percent EBITDA margin.
- Anchor investors have already committed ₹314 crore, signaling institutional confidence.

Outlook

With strong retail traction and a scalable business model, IndiQube’s IPO reflects investor appetite for tech-enabled workspace platforms amid India’s evolving office culture.

Sources: Moneycontrol, Economic Times, IPOWatch, Chittorgarh, IPO360.

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