Indiqube Spaces IPO to list on Wednesday; here’s what GMP signals ahead of listing

Wednesday, July 31, 2025, following the closure of its initial public offering (IPO) that was subscribed with solid investor interest. The company, operating in the high-growth co-working and managed office space segment, is eyeing strong listing-day performance amid robust fundamentals and favorable grey market indicators.

IPO Details at a Glance

The IPO of IndiQube Spaces, operated by Innovative Designbuild Pvt. Ltd., was open for subscription between July 24 and July 26, with a price band fixed at ₹133 to ₹141 per share. The issue size stood at ₹320 crore, consisting entirely of a fresh issue, aimed at funding expansion plans, repaying debt, and enhancing technology capabilities.

The IPO saw healthy oversubscription across investor categories, with the Qualified Institutional Buyers (QIB) portion booked 12.5 times, Non-Institutional Investors (NII) subscribed 23.6 times, and Retail Individual Investors (RII) subscribed 16.4 times. This widespread participation reflects the growing interest in new-age asset-light business models in the commercial real estate segment.

GMP Signals Modest Premium Ahead of Listing

As of Tuesday, the Grey Market Premium (GMP) for IndiQube Spaces hovered around ₹32–₹35, implying a likely listing price of ₹173–₹176 per share. This indicates a listing gain of around 24–26% over the issue price of ₹141, signaling positive investor sentiment in the unofficial market.

According to market observers, the sustained GMP trend points to strong demand, driven by IndiQube’s niche in managed office spaces and its asset-light, tech-enabled model.

“Given the healthy subscription and stable GMP in the ₹30+ range, a double-digit listing gain looks likely. The real test will be how the stock sustains post-listing,” said Ramesh Manglik, Head of Research at CapitalTree Securities.

Strong Fundamentals Support Positive Sentiment

Founded in 2015, IndiQube operates over 8 million sq. ft. of office space across 10 Indian cities, offering managed workspaces to enterprises, startups, and freelancers. Its clients include big names like Flipkart, Myntra, Unacademy, UpGrad, and ElasticRun.

The company's unique “Workspace-as-a-Service” model, offering end-to-end office infrastructure with customization and tech integration, has positioned it as a key player in India’s co-working evolution.

In FY24, IndiQube reported:

• Revenue of ₹630 crore, up 42% YoY

• EBITDA margin of 26%, reflecting operational efficiency

• Strong client retention and occupancy levels above 90%

“IndiQube’s growth aligns with India’s post-COVID work culture transformation, where flexible, plug-and-play office spaces are in demand,” noted Anjali Desai, real estate analyst at MotiveInvest Research. “Its capital-efficient model and scalability potential offer medium- to long-term upside.”

Market Context: Favourable Backdrop for Listings

The broader market sentiment has also been supportive of SME IPOs and mid-cap listings, with investors chasing growth-centric and asset-light businesses. Several recent listings on the NSE SME platform have debuted with stellar gains, riding on strong fundamentals and retail euphoria.

The Nifty Smallcap 250 index has surged 8.6% in July so far, and the investor appetite for real estate-adjacent services remains strong amid India’s urbanization-led growth story.

Moreover, IndiQube’s model offers a unique play on the post-pandemic hybrid work culture, which many analysts believe is not just a trend but a structural shift. This bodes well for long-term valuations.

Analyst Expectations on Listing Day

With the GMP in a stable upward trajectory and no signs of major external dampeners, analysts are optimistic about IndiQube’s listing prospects.

“A 20–25% listing pop is plausible, especially given the asset-light model and institutional interest,” said Deepak Shah, an IPO analyst at WealthLens Capital. “Investors should watch post-listing volumes and delivery data to assess sustained demand.”

Some caution that valuation comfort may narrow post-listing, and any sharp rise beyond ₹180 could invite profit booking. Hence, new investors are advised to wait for a price-stabilization phase before entering.

Investor Outlook: Listing Pop Likely, but Long-Term Story Stronger

For investors who secured allotment, the listing could offer an opportunity to book short-term gains. However, those with a long-term horizon might want to hold and watch earnings performance, especially as IndiQube expands its presence in Tier 2 cities and scales its tech stack.

The company’s low capex model, recurring revenue streams, and marquee client base make it a compelling growth story, provided execution risks are well-managed.

“Those who missed the IPO can consider entering post-listing corrections, if any,” said Priya Bansal, founder of ProStocks Edge. “The company’s differentiated approach in a crowded space sets it apart.”

As IndiQube Spaces gears up for its debut on Wednesday, the combination of strong fundamentals, steady GMP, and a favorable sector outlook sets the stage for a promising listing. While listing-day performance may offer quick returns, the true value for investors lies in IndiQube’s potential to redefine India’s commercial real estate ecosystem with technology-driven flexibility and scalability.