Subscribe for Indiqube Spaces Ltd IPO; Anand Rathi

Anand Rathi, has come out with its report on Indiqube Spaces Ltd. The research firm has recommended to “ Subscribe” the ipo in its research report as on July 22, 2025.

Broker Research

July 22, 2025 / 14:00 IST

IPO

Anand Rathi, Indiqube Spaces Ltd

Indiqube Spaces Limited is a managed workplace solutions company offering comprehensive, sustainable, and technology-driven workplace solutions dedicated to transforming the traditional office experience. Led by an experienced management, with entrepreneurial track record since 1999, their diverse solutions range from providing large corporate offices (hubs, i.e., the main office of their clients wherein key functions, leadership teams, and primary operations are based, and is typically located in a central or strategic area) to small branch offices (spokes, i.e., smaller, decentralized office spaces of their clients spread across different cities or regions) for enterprises and transforming the workplace experience of their employees by combining interiors, amenities and a host of value added services which are incremental to the workspace leasing provided by us and comprise amenities, green initiatives, designed interiors, B2B and B2C solutions ranging from facility management, sale of goods, asset maintenance and plantation to catering, and transportation services for the employees of their clients and technology applications, through contracts with clients occupying the space within their centers or third-party clients (“VAS”).

Valuation and Outlook

At the upper price band company is valuing at P/S of 4.7x with EV/EBITDA of 14.6x and market cap of ₹ 49,771 million post issue of equity shares. We believe that the IPO is fully priced and recommend a “Subscribe-Long term” rating to the IPO.

For all IPO report, click here