Indiqube Spaces IPO: GMP Today and What It Means

Overview of the Indiqube Spaces IPO

Indiqube Spaces Limited, a prominent provider of managed workspace solutions in India, opened its ₹700 crore IPO on July 23, 2025, and it will close on July 25, 2025. The offer comprises:

• A fresh issue of ₹650 crore and an Offer For Sale (OFS) of ₹50 crore

• Price band set at ₹225–₹237 per share

• Retail lot size: 63 shares, amounting to about ₹14,931 per lot 

In the grey market, the Grey Market Premium (GMP) indicates how much above the IPO price investors are willing to pay unofficially before listing. For Indiqube Spaces, GMP is providing insight into market sentiment.

Grey Market Premium (GMP) as of Today

• As of 9:28 AM on July 22, GMP stood at ₹32, implying a potential listing price around ₹269 (13.5% premium over ₹237).

• On July 23, GMP moved to ₹23, indicating ~9.7% premium and expected listing near ₹260.

• Most recently, on July 25, reports suggest the GMP declined to 5% (~₹12), pointing toward a smaller listing gain and estimated listing price around ₹249 if based on ₹237.

These shifts reflect investor sentiment transitioning from strong optimism to moderate caution as the issue closes and subscription data emerges.

Subscription Status & Investor Sentiment

• Day 1 (July 23): Received only 29% subscription overall by 11:45 AM, though the retail portion was subscribed at 1.32×.

• Day 2 (July 24): Total subscription climbed to 2.54×, showing acceleration in demand.

• Day 3 (July 25, final day): IPO was subscribed 2.8×, with bids covering 4.80 crore shares against 1.71 crore shares on offer.

Brokerage houses generally recommend this IPO for long-term investment, particularly noting strong operational metrics though the company remains loss-making on net profit.

Highlights & Investment Considerations

1. Strong Revenue Growth

   • FY25 revenue reached ₹1,102.93 crore, up ~27% YoY from ₹867.66 crore in FY24.

2. Improved Profitability Metrics

   • EBITDA surged nearly 150% to ₹660.19 crore in FY25; PAT loss narrowed to ₹139.62 crore from ₹341.51 crore in FY24.

3. Market Position & Client Base

   • Operates 115 centres across 15 cities, managing 8.4 million sq ft and seating about 186,719 clients, mainly enterprise customers.

4. Anchor Investor Support

   • Raised over ₹314 crore from anchor investors at ₹237 per share before the main issue.

5. Risks – Loss track & Geographic Concentration

   • The company continues to post net losses and ~63% of revenue derives from Bengaluru, exposing it to local risks .

6. Analyst Ratings

   • Most brokerage reports suggest “subscribe for long-term”, citing strong business potential but warning of high valuations and need for steadier profitability.

Investment Outlook Summary

As of July 25, 2025, the Indiqube Spaces IPO appears to be priced for modest listing gains, with the latest GMP at ~5%. Based on the upper price band (₹237):

• Estimated listing price: ~₹249

• Estimated listing gain: ~5–6%

GMP evolution:

• Peaked at ~₹32 (13.5%) on July 22

• Drifted downward to ₹23 (~9.7%) on July 23

• Converged toward ~₹12 or 5% by July 25

This trajectory suggests cooling grey‑market enthusiasm, possibly due to higher subscription and reduced speculative demand.

Final Thoughts

While Indiqube Spaces shows compelling growth and operational scale, it remains a loss-making company that depends heavily on Bengaluru. The declining GMP from ~13.5% down to ~5% reflects a shift in short-term listing expectations.

If you're considering subscribing, view it as a long-term opportunity—one that could deliver value over time if profitability stabilises and expansion continues successfully. If you’re targeting quick gains, the current GMP suggests potential listing upside of ~5–10%, lower than initial estimates.