IndiQube Spaces IPO GMP, Allotment Status: Issue Subscribed 13X

The IndiQube Spaces’ ₹700 crore worth IPO is closed for subscriptions and the application has been subscribed 13 times. After a steady, somewhat cautious start, the subscription status has seen a healthy bump, while premium expectations have quietly retreated. As of July 28, 2025, 12 PM, the GMP is at ₹5 per share, a 2.11% premium.

In this blog, we will analyze IndiQube's business model, its financial health, key operational strengths, risks, and its standing against listed peers to provide a comprehensive view for an informed investment decision.

IPO Overview

• IPO Date: July 23 to July 25, 2025
• Total Issue Size: ₹700 crore
• Price Band: ₹225 – ₹237 per share
• Lot Size: 63 shares per lot
• Tentative Allotment Date: July 28, 2025, check allotment status here.
• Listing Date: July 30, 2025 (Tentative)
• Subscription Status: Closed at 13 times.
• GMP: The GMP for Indiqube Spaces IPO is ₹5 per share as of 12 PM, July 28, 2025, according to Chittorgarh.com. Based on this, the expected listing price could be around ₹242, which means a premium of 2.11% over the issue price.
  Disclaimer: GMP is an unofficial indicator and is subject to market volatility.

Note: This blog is regularly updated with the latest subscription and GMP data to help you make timely, informed decisions.

What Does IndiQube Spaces Do?

IndiQube Spaces operates within India's flexible workspace segment and provides managed workplace solutions. The company follows an asset-light model by leasing properties and transforming those properties into ready to use offices complete with interiors, amenities, and value-added services (VAS). In FY25, workspace leasing formed 87.46% of its revenue, with the remaining 12.74% coming from VAS.

The company serves a diversified base of 769 mid to large enterprise clients, including Global Capability Centers (GCCs) and Indian corporates. As of March 31, 2025, IndiQube managed 115 centers across 15 cities, totaling 8.40 million square feet.

Key Strengths

Leading Market Player: IndiQube is a leading flexible workspace provider in India with a particularly strong foothold in Bengaluru. It has a presence in 7 non-Tier I cities.

Strong Operational Metrics: The company demonstrates a good operational efficiency, with an 86.50% occupancy rate in its mature centers (means that out of every 100 hotel rooms, around 87 are occupied on average) and a high operational EBITDA margin of 58.20% (for every ₹100 the company earns from operations, it keeps about ₹58 as operating profit) in FY25.

Capital-Efficient Model: Its asset-light approach, involving long-term leases instead of buying the properties. This help the company to scale up without emptying its pockets.

Diversified Client Base: IndiQube has low client concentration risk. Its largest client contributes only 3.47% of revenue, and the top 10 clients together account for just 18.22%.

Key Risks & Headwinds

History of Financial Losses: The company reported a net loss of ₹139.62 crore in FY25 and has a history of losses.

Geographic Concentration: The business is heavily reliant on a few key markets, with 88.84% of its FY25 revenue coming from just Bengaluru, Pune, and Chennai.

High Debt: As of March 31, 2025, the company carried a significant net debt of ₹337.93 crore, which could strain its financial flexibility.

For a more detailed data breakdown, you can always visit our IndiQube Spaces IPO Page.

Peer Comparison

Take Awfis Space Solutions, a listed rival:

• Profits: IndiQube’s down ₹1,396 million; Awfis is up ₹678 million.
• Net Worth: IndiQube’s at (₹0.24) per share; Awfis is at ₹64.71.
• Debt: IndiQube’s got ₹3,379 million hanging over them; Awfis has ₹583 million in the bank.
• Efficiency: IndiQube wins here—58.20% EBITDA margin beats Awfis’s 33.32%.

The company’s industry peers also include Smartworks Corworking, which recently debuted on the public market with a subscription of 13.92 times; however, the listing remained only decent at 7%. Smartworks Corworking's share is currently trading below its listing price.

Industry Outlook

The flexible workspace industry in India is expanding, with the total addressable market expected to grow to 280 to 300 million square feet by 2027. This growth is driven by three key factors:

• Rising Demand from GCCs: Global Capability Centers are expanding rapidly in India, fueling demand for managed office spaces.
• Growth of Startups: India's thriving startup ecosystem requires flexible and scalable office solutions.
• Shift to Hybrid Models: Companies are increasingly adopting hybrid work models and prefer amenity rich, managed workspaces.

However, the industry is highly competitive, with around 500 operators, and faces challenges from high fit-out costs and unpredictable market demand.

Analyst View

IndiQube is one of those IPOs that make you pause and think. On the surface, it looks solid: strong operational efficiency, a diverse client base, and a big presence in India’s fast growing flexible workspace market. In fact, its operational EBITDA margins are better than many listed peers.

But dig a little deeper, and the red flags start showing. The company has never made a net profit, its net worth is negative, and the debt on its books is not small.

And the market seems to have picked up on this. The subscription has reached a decent 13 times while the GMP is ₹5, barely above the issue price, not exactly a stampede of enthusiasm.

Verdict: If you’re a high-risk investor who believes in turnarounds and likes backing operationally strong but financially shaky companies, this could be your kind of bet. But if you're someone who prefers stability or clear profitability, there are better options out there, Awfis, for instance, is a safer, profitable play in the same space. In short: tread carefully.

Other Upcoming IPOs to Watch

Curious about what’s next in the IPO pipeline? Here are some much-awaited companies that could launch their IPOs soon.

Note: These companies are either in the DRHP stage or expected to file soon.

How to Apply for an IPO on INDmoney?

1. Download the INDmoney app and complete your KYC to open an account.
2. Go to the INDstocks section and tap on IPO, or search for ‘IPO’.
3. Select your preferred IPO from the list of live IPOs.
4. View key details like price band, lot size, and dates, then tap ‘Apply Now’.
5. Choose the number of lots and place your order via UPI. Your funds will be blocked until the share allotment is finalized.

For a seamless application process, visit the INDmoney IPO page.

Disclaimer

Source: IndiQube Spaces' RHP. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. Please be informed that merely opening a trading and demat account will not guarantee investment in securities in the IPO. Investors are requested to do their own independent research and due diligence before investing in an IPO. Please read the SEBI-prescribed Combined Risk Disclosure Document prior to investing. This post is for general information and awareness purposes only and is nowhere to be considered as advice, recommendation, or solicitation of an offer to buy or sell, or subscribe for securities. INDstocks is acting as a distributor for non-broking products/services such as IPO, Mutual Fund, and Mutual Fund SIP. These are not exchange-traded products. All disputes with respect to the distribution activity would not have access to the Exchange investor redressal forum or the Arbitration mechanism. INDstocks Private Limited (formerly known as INDmoney Private Limited) does not provide any portfolio management services, nor is it an investment adviser. Logos above are the property of respective trademark owners, and by displaying them, INDstocks has no right, title, or interest in them. SEBI Stock Broking Registration No: INZ000305337, Trading and Clearing Member of NSE (90267, M70042) and BSE, BSE StarMF (6779), SEBI Depository Participant Reg. No. IN-DP-690-2022, Depository Participant ID: CDSL 12095500, Research Analyst Registration No. INH000018948 BSE RA Enlistment No. 6428.