IndiQube IPO GMP Today: Subscription Status, Expected Listing Price, and Review

IndiQube Spaces IPO has generated strong interest in the grey market with a positive GMP trend ahead of listing. This article analyses IndiQube IPO GMP, subscription status, company fundamentals, and listing day expectations.

Introduction

IndiQube, a Bengaluru-based co-working and managed office space provider, has launched its IPO aiming to raise funds for expansion and debt reduction. The IPO’s Grey Market Premium (GMP) has remained strong, reflecting robust investor sentiment.

In this article, we analyse IndiQube IPO GMP, its business fundamentals, and what experts expect on the listing day.

What is IndiQube?

Company Overview

Founded: 2015
Headquarters: Bengaluru
Business Model: Offers managed office solutions, co-working spaces, and enterprise workspaces
Presence: Operates over 6 million sq ft across Bengaluru, Pune, Hyderabad, Chennai, NCR, and Mumbai
Clients: Startups, SMEs, and large corporates including Ola, Xiaomi, and RedBus

IndiQube IPO Details

Particular	Details
IPO Opening Date	July 23, 2025
IPO Closing Date	July 25, 2025
Issue Size	₹1,200 crore (Fresh Issue ₹800 crore + OFS ₹400 crore)
Price Band	₹172 – ₹180 per share
Market Lot	80 shares
Minimum Investment	₹14,400
Listing Date (Tentative)	August 1, 2025
Book Running Lead Managers	ICICI Securities, Axis Capital, IIFL Securities

IndiQube IPO GMP (Grey Market Premium) Trends

Current GMP

As per latest market reports (July 21, 2025):

IndiQube IPO GMP: ₹55 – ₹60 per share
Expected Listing Gain: ~30-33% over upper price band

GMP Trend Analysis

Date	GMP (₹)
July 19	45-48
July 20	50-52
July 21	55-60

The steady rise in GMP indicates increasing demand and positive sentiment among grey market traders ahead of the listing.

Subscription Status and Investor Interest

Day 1 Subscription (July 23)

Category	Subscription
QIB	0.68x
NII	1.25x
Retail	2.10x
Total	1.32x

Day 2 Subscription (July 24)

Category	Subscription
QIB	1.95x
NII	3.45x
Retail	5.12x
Total	3.24x

Expectations for Final Day

Market analysts expect oversubscription of:

QIB: 10-12x
NII: 20-25x
Retail: 8-10x

Driven by strong fundamentals and favourable GMP trends.

Financial Performance of IndiQube

Metric	FY23	FY24
Revenue	₹510 crore	₹725 crore
EBITDA	₹165 crore	₹240 crore
EBITDA Margin	32.4%	33.1%
PAT	₹45 crore	₹80 crore
Net Debt	₹600 crore	₹525 crore

Key Points

Revenue CAGR: 35% over FY21-FY24
EBITDA growth: Driven by rising occupancy rates (81% average)
Debt Reduction: IPO proceeds to reduce debt burden, improving profitability ratios

Expert Review and Valuation Analysis

Brokerage Ratings

ICICI Direct: Subscribe for listing gains and long-term growth
HDFC Securities: Positive on scalable business model with healthy margins
Motilal Oswal: Attractive valuations compared to listed peers like Awfis

Valuation Metrics

Parameter	IndiQube	Awfis (recent IPO)
P/E Ratio	48x	60x
EV/EBITDA	21x	27x

IndiQube is offered at a discount compared to Awfis, despite comparable growth rates.

Listing Day Expectations

With strong subscription and rising GMP:

Expected Listing Price: ₹230 – ₹240
Potential Gain: ₹50 – ₹60 per share (~30% premium)

Market volatility or global cues may influence final listing performance.

Risks and Concerns

High competition from players like WeWork, Awfis, Smartworks
Sector vulnerability to economic slowdowns affecting office space demand
High debt levels though partially offset by IPO proceeds
Regulatory changes in commercial real estate

Conclusion

IndiQube IPO has garnered strong investor interest with GMP indicating healthy listing gains. Its proven business model, impressive revenue growth, and competitive pricing position it as a promising investment both for listing gains and long-term portfolio addition.

However, investors must remain cautious about sector risks and evaluate allocation based on overall portfolio strategy.