IndiQube Spaces IPO booked nearly 2x on day 2 so far; check the latest GMP

The initial public offering (IPO) of IndiQube Spaces continued to see a decent response during the second day of the bidding process from all the categories of the investors. The issue, which kicked off on Wednesday, July 23, managed to sail through during the first day itself.

IndiQube Spaces is selling its shares in the price band of Rs 225-237 apiece. Investors can apply for a minimum of 63 shares and its multiples thereafter. It is looking to raise Rs 700 crore via IPO, which is a fresh share sale of Rs 650 crore and an offer-for-sale (OFS) of up to 21.09 lakh shares worth Rs 50 crore.

According to the data, the investors made bids for 3,12,00,183 equity shares, or 1.82 times, compared to the 1,71,48,335 equity shares offered for the subscription by 3.35 pm on Thursday, July 24, 2025. The three day bidding for the issue shall conclude on Friday, July 25.

The allocation for retail investors was subscribed 6.28 times, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 1.52 times. Portion for employees was booked 4.16 times. However, the quota set aside for qualified institutional bidders (QIBs) saw bids for 45 per cent as of the same time.

Incorporated in 2015, Bangalore-based Indiqube Spaces provides managed, sustainable, and tech-driven workplace solutions, aiming to transform the traditional office experience for modern businesses. It offers diverse workplace solutions, including corporate hubs and branch offices, enhancing employee experience with interiors, amenities, and services.

The grey market premium (GMP) of IndiQube Spaces has seen a sharp correction amid the rising volatility and muted bidding for the issue. Last heard, the company was commanding a premium of Rs 12-15 per share in the unofficial market, suggesting 5-6 per cent listing gains for the investors. The GMP stood around Rs 25, when the price band was announced.

Analysts mostly have a mixed view on this IPO. They suggest to subscribe to this citing strong and experienced promoters, growth potential in the sector, diversified business model. However, loss making nature, pressure on margins and depreciation concerns dent the prospects.

IndiQube aims to grow its managed area by balancing widespread market presence with focused penetration into micro-markets, increase revenue per square foot through its integrated workspace solutions ecosystem, and establish itself as the preferred outsourcing partner for enterprise clients, said Choice Broking.

"It is also scaling its bespoke office-interiors arm, expanding its 'sustainability as a service' offerings, and leveraging its MiQube technology stack to deepen client engagement and broaden its customer base—initiatives that should drive margin growth, enhance operational resilience, and create long-term value," it added with a 'subscribe for long-term' rating.

Indiqube Spaces reported a net loss of Rs 139.62 crore with a revenue of Rs 1,102.93 crore for the financial year ended on March 31, 2025. Its net profit stood at Rs 341.51 crore with a revenue of Rs 867.66 crore for the year 2023-24. At the IPO prices, the company commands a market capitalization close to Rs 4,977 crore.

To capture growth opportunities while mitigating risks, Indiqube Spaces expand Area Under Management by balancing market presence and micro market penetration and enhancing average revenue per square feet. Investors looking for long-term opportunities may consider investing in the IPO, said Master Capital Services.

IndiQube has reserved 75 per cent of the offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will have 15 per cent of the net issue. Retail investors will have the remaining 10 per cent of shares reserved for them. It was commanding a grey market premium of Rs 23-25 apiece, suggesting a listing pop of around 10 per cent for investors.

Indiqube Spaces has raised Rs 314.3 crore from 29 anchor investors as it finalised allocation of 1.3 crore shares at Rs 237 apiece. The issue is managed by ICICI Securities and JM Financial, while MUFG Intime India serves as the registrar for the IPO of Indiqube Spaces. Shares of the company shall be listed on both BSE and NSE with Wednesday, July 30 as the tentative date of listing.