Company Snapshot: Indiqube Spaces Ltd.
- Founded: 2015 in Bengaluru by Rishi Das, Meghna Agarwal & Anshuman Das
- Business Model: Operates as a managed office solutions provider, offering plug‑and‑play workspaces, corporate hubs, green building upgrades, and value-added services through its MiQube digital app.
- Key Markets/Clients: Operating across India with clients such as Zerodha, Siemens, upGrad, Redbus. It focuses on converting existing leased buildings into sustainable modern offices.
Indiqube IPO Details (July 2025)
IPO Size: ₹700 Cr (fresh issuance ₹650 Cr + Offer‑for‑Sale ₹50 Cr)
Price Band: ₹225–₹237 per share; minimum lot size of 63 shares (≈ ₹14,175 retail minimum)
Key Dates:
- Opened: July 23, 2025
- Closed: July 25, 2025
- Listing: July 30, 2025 on NSE & BSE
Subscriptions: IPO subscribed ~12.41× overall
- Retail: 12.9×, QIB: 14.35×, NII: ~8×, Employee: 6.83×
GMP: Nearly ₹2/share (~0.8% premium) before listing
Listing Debut & Immediate Market Reaction
Listing Outcome: Weaker-than-expected debut;
- BSE: Opened at ₹218.70 (≈7.7% below upper IPO price)
- NSE: Opened at ₹216 (≈8.9% discount)
As investor sentiment cooled and GMP remained muted, the listing reflected subdued demand.
Financial Performance & Valuation
Consolidated FY25 Numbers (ended Mar 2025):
- Revenue: ₹1,059.29 Cr (up from ₹830.57 Cr in FY24)
- Net Loss (PAT): ₹139.62 Cr; EPS: –₹7.65; NAV/share: –₹0.24 (negative)
- EBITDA Margin: 58.2% (vs 33.3% for peer Awfis)
- NAV was negative (approx. –₹0.24), indicating cumulative losses
Peer Comparison:
- Awfis Space Solutions posted stronger PAT (₹67.87 Cr), positive EPS of ₹9.75, P/E ~66×, RoNW ~14.8%
- Indiqube’s P/E is negative (~–31×) due to losses, making valuation comparisons tricky
Strengths, Risks & Outlook
Strengths
- Strong revenue growth (~27% YoY)
- High EBITDA margins (~58%)
- Urban, tech-driven workspace model with green/sustainability emphasis
Weaknesses
- Continued net losses despite revenue growth
- Negative NAV/negative earnings (EPS –₹7.65)
- High debt (~₹343 Cr) with negative equity—leverage risk
Opportunities
- Rising demand for flexible office solutions post-pandemic
- Sustainability-focused workspace offering
- Digital features via MiQube app providing unique value-add
Threats
- Challenging macro environment for real estate and leasing
- Poor profitability history; turnaround uncertain
- Sector competition from publicly listed peers like Awfis and global co-working chains
Should You Invest in Indiqube?
Short Term
- Unlikely to enjoy listing gains—already listed at ~8–9% discount
- Stock may remain weak if sentiment stays negative
Long Term
- Growth story hinges on achieving profitability and steady occupancy
- Investors must be prepared for high risk and long gestation
- Institutional interest appears high via QIB portion, but sustainability depends on financial discipline
How to Buy Indiqube Shares
A step-by-step beginner guide to investing in Indiqube:
1. Apply via IPO (when open):
- Use UPI/ASBA through your broker or bank net-banking
- Submit quantity (minimum 63 shares) & approve UPI mandate
2. Post allottment:
- Shares credited to your Demat account on listing date
- Begin trades via BSE/NSE using Demat ID and share ticker INDIQUBE
3. Alternatives (post-listing):
- Buy directly via trading platform using ticker INDIQUBE
- Invest indirectly via small-cap mutual funds or ETFs holding Indiqube
Minimum capital example: At IPO price ₹237, 63 shares = ₹14,931. Post-listing open price ₹216, you may buy fewer shares (e.g. 10 shares for ₹2,160).
Investor Summary Table
| Parameter | Detail |
|---|---|
| IPO Price Band | ₹225–₹237 |
| Listing Price | ₹216–₹218 |
| Net Profit FY25 | –₹139.62 Cr |
| EPS FY25 | –₹7.65 |
| NAV/share FY25 | –₹0.24 |
| EBITDA Margin | ~58% |
| Peer (Awfis) EPS | ₹9.75; RoNW 14.8%; P/E ~66× |
| Risk Level | High (pre-profit startup sector) |
| Listing Gain? | –7% to –9% |
| Long-Term Outlook | Dependent on profitability path |
Final Thoughts
Indiqube Spaces entered the public market with strong revenue growth and promising margins, but profitability remains a challenge. Listing at a discount and posting net losses may worry conservative investors. If you believe in the flexible workspace trend and are comfortable with higher risk and long wait times before profitability, you may view Indiqube as a speculative long-term bet. For cautious investors, peers with positive earnings may be better starting points.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their research and consult with a qualified financial advisor before making investment decisions. The author does not hold any positions in the securities mentioned.
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