Indiqube Spaces Share Price Falls on Listing Day: Lists 9% Below IPO Price

Market Debut: Weak Start for Indiqube Spaces Share Price

Indiqube Spaces made a tepid debut on the stock market on July 30, with its shares listing at ₹216 on the NSE.

This listing price was approximately 9% lower than the company's Initial Public Offering (IPO) price band of ₹225–₹237 per share.

The performance disappointed investors who were expecting a stronger start, given the company’s business scale and market buzz.

IPO Details of Indiqube Spaces

Indiqube Spaces launched its IPO to raise a total of ₹700 crore, which included:

• ₹650 crore from a fresh issue of shares
• ₹50 crore via an Offer for Sale (OFS) by promoters
  • Promoters involved: Rishi Das and Meghna Agarwal

The IPO price band was set between ₹225 and ₹237 per share, and the offering aimed to support the company's business growth and operational expansion.

Company Overview: What is Indiqube Spaces?

Indiqube Spaces is engaged in providing flexible workspace solutions, operating on a "lease-not-own" model.

The company focuses on:

• Leasing properties in high-demand micro-markets
• Converting leased spaces into customized office environments
• Targeting businesses of all sizes, including startups and corporates

This asset-light strategy allows Indiqube Spaces to expand efficiently without the burden of property ownership.

Financial Snapshot

Although the company is yet to turn profitable at the PAT (Profit After Tax) level, it has reported improving cash flows over the past few fiscal years.

Here’s a summary of key financial data:

Revenue (Cash Profitability)

• FY25: ₹3,461 million
• FY24: ₹505 million
• FY23: ₹1,003 million

Note: Despite these figures, the company remains loss-making on the PAT level.

Summary

The Indiqube Spaces share price opened on a weak note, falling below its IPO issue price on the listing day (July 30).

• Listed at ₹216 on NSE
• ~9% discount to IPO price band of ₹225–₹237
• IPO raised ₹700 crore via fresh issue and OFS
• Company operates on a lease-driven flexible workspace model
• Cash profitability shown in FY25 and previous years despite PAT-level losses

As the company begins its journey on the stock market, its future performance will be closely watched by investors, especially in the evolving commercial real estate and workspace solutions space.