IndiQube Shares Make Muted D-Street Debut, List At 9% Discount

SUMMARY

Shares of IndiQube made a weak debut on the bourses today, listing at INR 218.7 apiece on the BSE, down 7.7% from the issue price

On the NSE, it listed at INR 216, a discount of 8.8% over its IPO price of INR 237

The IPO of the coworking space company closed with an oversubscription of 12.4X

Shares of workspace solutions provider IndiQube Spaces Ltd made a weak debut on the bourses today, listing at INR 218.7 apiece on the BSE, down 7.7% from the issue price.

On the NSE, it listed at INR 216, a discount of 8.8% over its IPO price of INR 237.

Notably, the IPO of the coworking space company closed with an oversubscription of 12.4X, with investors bidding for 21.2 Cr shares as against 1.71 Cr shares on offer.

The qualified institutional buyers’ (QIBs) made a last-minute dash for the IPO, emerging as the most subscribed category at 14.3X. The portion received bids for 13.3 Cr shares against the 93.1 Lakh shares on offer.

IndiQube’s INR 700 Cr IPO comprises a fresh issue of INR 650 Cr and an INR 50 Cr offer for sale (OFS) by cofounders and promoters Rishi Das and Meghna Agarwal, who are the lone selling stakeholders in the public listing.

The stock was down 11.5% at INR 209.75 per share on the BSE, as of 10:45 AM.

Market capitalisation of IndiQube stood at INR 4,404.99 Cr ($504.9 Mn).

Founded in 2015, IndiQube is a managed office space provider that operates in an ‘office in a box’ model, covering workspace design, interior build-outs and tech-driven B2B and B2C services, including employee-focused value additions.

The company counts Myntra, Zerodha, upGrad, Siemens and Moglix among its clients.

The Bengaluru-based company has also planning for a nationwide expansion and aims to take its total area under management (AUM) to 11.47 Mn sq ft by FY28.

Of the IPO proceeds, the company planned to deploy INR 462.6 Cr from the fresh issue proceeds towards scaling up its flexible workspace portfolio across India.

Further, IndiQube raised INR 314.3 Cr from anchor investors, a day before its initial public offering opened for bidding.

On the financial front, IndiQube’s operating revenue surged 28% YoY to INR 1,059.3 Cr in FY25 from INR 830.6 Cr in the previous fiscal year. However, its net loss for the year narrowed by about 60% to INR 139.6 Cr from INR 341.5 Cr in FY24.

IndiQube ended the day at INR 218 per share, almost 1% higher than the opening price on the NSE, while it closed marginally low by 0.37% at INR 217.9 apiece on the BSE today.