Indiqube Spaces IPO — Should You Subscribe Or Not? Read Anand Rathi's Report

Indiqube Spaces Ltd.'s Rs 700-crore IPO comprises of a fresh issue of shares worth Rs 650 crore and an offer-for-sale portion of Rs 50 crore. The office workspace solution provider has fixed the price band in the range of Rs 225 to Rs 237 per share.

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Anand Rathi Report

Indiqube Spaces Ltd. will open its initial public offering on July 23 and closes on July 25. The office workspace solution provider has fixed the price band in the range of Rs 225 to Rs 237 per share.

The Rs 700-crore IPO comprises of a fresh issue of shares worth Rs 650 crore and an offer-for-sale portion of Rs 50 crore.

Investors can place bids starting from a minimum of 63 shares and in multiples thereafter.

ICICI Securities Ltd. and JM Financial Ltd. are the book-running lead managers for the public issue.

Objects of the Issue

• Funding capex towards establishment of new clients.

• Repayment in full or part of certain borrowings availed by company.

• General Corporate purposes.

Valuation

IndiQube provides managed workplace solutions including plug‑and‑play coworking spaces, interiors, tech, and facility management. They operate a “hub‑and‑spoke” model for workspace delivery across clients ranging from startups to global corporate capability centers.

s of March 31, 2025, the company oversees 115 centres across 15 Indian cities, managing 8.40 million sq ft with a total seating capacity of 186,719.

The company plans to expand its commercial real estate portfolio further, both in scale and geographical reach across the country. Their workplace solutions ecosystem is designed to cater to the diverse requirements of their wide-ranging clientele, encompassing various demographics, seating capacities, and industry sectors.

They aim to expand IndiQube Bespoke across India, offering tailored office interior solutions beyond their core ecosystem, allowing businesses to create workspaces aligned with their brand, culture, and operational needs.

The company’s integrated tech platform, MiQube, connects clients, employees, and service partners to streamline office operations, enhance efficiency, and improve overall workspace experience.

At the upper price band company is valuing at P/S of 4.7x with EV/Ebitda of 14.6 times and market cap of Rs 49,771 million post issue of equity shares. We believe that the IPO is fully priced and recommend a “Subscribe-Long term” rating to the IPO.

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