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IndiQube's IPO opens to raise ₹700 crore—Should you subscribe?

Business

IndiQube Spaces, known for its tech-enabled workspaces, just kicked off its IPO to raise ₹700 crore.
Shares are priced between ₹225-237 each, putting the company's valuation close to ₹5,000 crore.
The offer includes a fresh issue of ₹650 crore and a ₹50 crore sale.

The 'lease-but-own' model

Headquartered in Bengaluru, IndiQube runs flexible office spaces using a "lease-not-own" model—think co-working hubs and managed offices across 15 cities.
They've got 115 centers, plus services like facility management and interior design under brands like Grow and Bespoke.

What else should you know?

Revenue jumped 27.5% last year, though the company posted a net loss of ₹1,396 crore.
Most of the IPO money will go toward expanding their spaces, paying off debt, and general expenses.
The IPO is open from July 23-25; shares are set to list on July 30.
There's already buzz in the gray market with prices about 10% above the offer—brokerages say it's worth considering if you believe in India's growing demand for flexible workspaces.