Indiqube Spaces IPO opens on July 23; GMP hints at 13% premium

Workspace solutions provider Indiqube Spaces is set to open its initial public offering (IPO) for subscription on Wednesday, July 23. Ahead of the launch, the company’s shares are trading at a grey market premium (GMP) of Rs 31–32, indicating a potential listing gain of around 13% over the upper price band of Rs 237.

While the GMP reflects investor interest, market watchers caution that it remains speculative and can fluctuate significantly before listing.

IPO Details

The IPO will open for subscription on July 23 and close on July 25. The price band is fixed at Rs 225–237 per share, with investors able to apply in lots of 63 shares.

The Rs 700 crore issue comprises a fresh issue of Rs 650 crore and an offer for sale (OFS) worth Rs 50 crore.

Indiqube Spaces has reserved 88,41,773 shares (29.94%) for Qualified Institutional Buyers (QIBs), 44,20,885 shares (14.97%) for Non-Institutional Investors (NIIs), and 29,47,257 shares (9.98%) for retail investors. An additional 63,291 shares have been allocated for employees.

ICICI Securities is the lead manager for the IPO, while MUFG Intime India (formerly Link Intime) is the issue registrar.

Use of Proceeds

The company plans to use Rs 462.65 crore from the IPO proceeds to set up new centres. About Rs 93 crore will go toward partial or full repayment of borrowings, while the remaining amount will be used for general corporate purposes.

About the Company

Founded in 2015, Indiqube Spaces (formerly Innovent Spaces Pvt. Ltd.) provides modern, sustainable workspace solutions. It began operations in Uttar Pradesh before relocating its base to Bengaluru in 2018.

For FY25, the company reported revenue of Rs 1,102.93 crore, up 27% from Rs 867.66 crore in FY24. Net loss narrowed sharply to Rs 139.62 crore in FY25, compared to Rs 341.51 crore in the previous fiscal year.

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