Indiqube Spaces lists at discount; market cap hovers at Rs 4,400 Cr

Flexible workspace provider Indiqube Spaces made a muffled debut on the stock exchange on Wednesday, listing at Rs 216 on the NSE (National Stock Exchange), a 9% discount to its issue price of Rs 237.

While the listing saw a strong response to its Rs 700 crore public offer, which included Rs 650 crore of new shares and Rs 50 crore sold by existing investors, the issue was oversubscribed more than 12 times. Most of the demand came from large institutional investors.

At the same time, retail investors bid nearly 13 times the number of shares available to them, while the non-institutional (high-net-worth) category was subscribed to over 8 times.

Founded in 2015, Indiqube provides managed workspace solutions to startups, enterprises, and SMEs, with a presence across major Indian cities. The company plans to use the IPO proceeds primarily to repay debt, fund capex, and for general corporate purposes.

The tepid listing puts pressure on the company to deliver on its growth plans amid increasing competition in the flexible office segment. While the IPO attracted marquee anchor investors, with investments of Rs 374 crore from HDFC MF, ICICI Pru, Nippon Life, and White Oak, public market investors appear to be treading cautiously.

Financially, IndiQube reported a 27.5% YoY revenue growth, clocking Rs 1,059 crore in FY25, compared to Rs 830 crore in FY24. The company also cut its losses by 59% to Rs 139.5 crore, from Rs 341.5 crore a fiscal earlier.

Indiqube was trading at Rs 210.85 (as of 11.15 AM) on NSE with a total market capitalization of Rs 4,428 crore (approximately $521 million).

It competes with Awfis, which debuted on the stock exchanges in May last year with a strong listing, opening at a 13% premium to its issue price. Smartworks, which went public earlier this month, also saw a positive start, listing at a 7% premium.