Indiqube Spaces IPO just closed on July 25, 2025, and now all eyes are on its GMP (Grey Market Premium) and expected listing price. While investor interest was strong, especially from retail investors, the GMP has dropped sharply in the last 24 hours. So, what does this mean for listing day? Should you stay invested or exit early? Let’s break it all down in simple words.
Key Highlights at a Glance
| Particulars | Details |
|---|---|
| IPO Price Band | ₹225–₹237 per share |
| Issue Size | ₹700 crore (Fresh: ₹650 Cr + OFS: ₹50 Cr) |
| Lot Size | 63 shares per lot |
| Minimum Investment | ₹14,931 (for 1 lot) |
| IPO Subscription | 12.31 times overall |
| Retail Category | 8x+ subscribed |
| GMP (Jul 25) | ₹5–₹14 per share |
| Expected Listing Price | ₹247–₹251 per share (estimated) |
| Allotment Date | July 28, 2025 |
| Listing Date | July 30, 2025 (on BSE & NSE) |
What Is Indiqube Spaces?
Indiqube Spaces is a flexible office space provider in India, offering managed workspaces to startups, SMEs, and enterprises. As the demand for shared and hybrid workspaces grows, Indiqube aims to capture a bigger market share in India’s rapidly growing commercial real estate segment.
IPO Subscription: Strong Demand from Retail Investors
The IPO received a huge response, especially from retail and HNI (High Net-Worth Individual) investors:
- Overall Subscription: 12.31 times
- Retail Category: Over 8x subscribed
- QIB (Qualified Institutional Buyers): 1.4x
- NII (Non-Institutional Investors): 10.5x+
This shows that retail investors had high confidence in the company, despite concerns about valuation.
GMP (Grey Market Premium) – What’s Going On?
As of the last day (July 25, 2025):
- The GMP is ₹5 to ₹14 per share, which means a premium of just 2% to 5.9% over the upper issue price (₹237).
- Earlier, the GMP was much higher (even above ₹20), but it has dropped steadily in the last 24 hours.
- This suggests that listing gains might be limited, and some investors may look to book early profits.
Estimated Listing Price Based on GMP
- Lower GMP Estimate (₹5): ₹237 + ₹5 = ₹242
- Higher GMP Estimate (₹14): ₹237 + ₹14 = ₹251
So, listing price may range between ₹242 to ₹251 per share.
What Are Experts and Analysts Saying?
Here’s what top brokerages are saying about Indiqube’s IPO:
- Anand Rathi: “Subscribe for long-term” – The valuation is slightly high, but the workspace industry has strong growth potential.
- KR Choksey & Deven Choksey: Neutral – Caution advised due to high valuation multiples like EV/EBITDA.
- SBI Securities: “Avoid” – They raised concerns over negative cash flows and expensive valuation compared to peers like Awfis.
⚠️ Note: GMP is unofficial and based on market sentiment. It can change any time before listing and should not be the only basis for your investment decision.
Should You Stay Invested or Exit on Listing?
Here’s a simple breakdown to help you decide:
Why You Might Hold:
- Strong interest from retail and HNI investors
- Growth potential in the flexible office space sector
- Company is expanding in Tier 1 & Tier 2 cities
Why You Might Exit:
- GMP has fallen sharply in the final hours
- Listing gains might be limited (2%–6%)
- Some brokerages have raised red flags about valuation and cash flow
What Happens Next?
- Allotment Date: You can check your IPO allotment on or after July 28, 2025 on official registrar websites (like Link Intime).
- Listing Date: The shares will list on July 30, 2025 on BSE and NSE.
- Monitor GMP Daily: GMP may rise or fall depending on market mood and global trends before the listing.
Final Thoughts: A Risky Bet for Quick Gains?
Indiqube Spaces IPO started strong but ended with lower GMP, raising doubts about big listing-day profits. However, it could still be a good long-term story if you believe in India’s future demand for managed workspaces.
If you’re already allotted shares, it might be wise to watch the listing day price movement closely. And if you’re still unsure, it’s always a good idea to consult a SEBI-registered advisor before making a final call.
