The stock opened at Rs 218.7 on the BSE, marking a 7.7% discount to the issue price, while on the NSE, it debuted at Rs 216, down 8.9%.
Sourav Choudhary, Managing Director at Raghunath Capital, said the muted listing reflects investor concerns.
“The muted debut of Indiqube Spaces, listing nearly 8–9% below its issue price, clearly reflects market skepticism around valuation and the absence of near-term profitability. For short-term investors, the lack of listing gains and subdued grey market sentiment offer little incentive to enter at current levels.”
He added that the company may still hold promise over a longer horizon.
“That said, from a long-term investment lens, Indiqube’s business model remains relevant in a post-COVID world where flexible, managed workspaces are gaining traction. The company’s strong EBITDA margins and focused enterprise clientele offer scalability potential, especially if it can diversify beyond its heavy Bengaluru concentration.”“We are maintaining a ‘Neutral to Selective Long-Term Accumulate’ stance on Indiqube Spaces, with a close watch on its quarterly performance, cost structure, and expansion strategy beyond southern markets,” Choudhary said.
Indiqube Spaces IPO Details
The IPO, which ran from July 23 to July 25, comprised a fresh equity issue of Rs 650 crore and an offer for sale (OFS) of Rs 50 crore. The issue was priced at Rs 237 per share and raised Rs 314.32 crore from anchor investors ahead of the opening.
Indiqube Spaces Business Overview
Indiqube Spaces is a leading player in India’s managed office solutions segment. The company operates 105 centres across 15 cities, managing 8.4 million square feet of workspace.
Its three core verticals—Indiqube Grow, Bespoke, and One—cater to different enterprise needs, offering ready-to-move-in workspaces in urban centres. Indiqube follows a capital-efficient model by leasing and refurbishing older buildings in high-demand locations.
While the company has demonstrated strong revenue and operational growth, it remains loss-making, with a net loss of Rs 139.62 crore in FY25. However, the loss has narrowed compared to the previous fiscal year.
Its proprietary tech platform MiQube offers digital access and services to clients, positioning Indiqube as a tech-forward player in the evolving commercial real estate landscape.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
