[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Tanmay 🇮🇳 [@Tanmay_31_](/creator/twitter/Tanmay_31_) on x 44.3K followers Created: 2025-07-23 09:40:55 UTC Indiqube Spaces Limited IPO Final Verdict Risk Takers Can Apply For Long-term Highlights of the Issue : Date : 23-25 July Price Band : 225-237 Size : XXX Crore Fresh - XXX Crore OFS - XX Crore M.cap : XXXXXXX Crore Objects Of The Issue : ▪︎ Capital Expenditure Towards establishment of New Centres - XXXXX Cr ▪︎ Repayment Of Debt - XX Cr ▪︎ GCP - XXXX Cr Key Pointers : ▪︎ Indiqube is a Leading Managed WorkSpace Solutions Provider with an AUM of XXX Million Sq.Ft. with a Total seating capacity of 1,86,719 Seats across XXX Centres (105 Operational) Across XX Cities ▪︎ The Company is a market leader In the Bangalore which is the largest market for the Commercial Offices and flexible workspace Segment ▪︎ The Company Intends to earmark XXX Cr over FY26-28 to add another X Million Sq.Ft AUM and Partly Deleverage its Balance sheet by Repaying XX Cr Debt Financials and Projections FY23 Revenue : XXX Crore Net Loss : (198 Crore) Cash EBIT : XXXX Crore FY24 Revenue : XXXXX Crore Net Loss : (341.5 Crore) Cash EBIT : XXXXX Crore FY25 Revenue : XXXXX Crore Net Loss : (139.6 Crore) Cash EBIT : XXXXX Crore FY26E Revenue : XXXXX Crore Net Loss : (115 Crore) Cash EBIT : XXX Crore Valuing Indiqube at 30× FY26E Cash EBIT, Fair Value Comes At 246, Implying An Upside Of X% It's Peers; Awfis Space and Smartworks are Trading At 23-24× FY26E Adjusted EBITDA/Cash EBIT Indiqube has seen a fall in its Steady state Occupancy from XXXX% to XXXX% over FY23-FY25 The IPO is Priced to Perfection leaving no upside on the Table Overall A Good Company From a good segment with good Promoters with expensive Valuations If there is a Valuation catchup in the whole sector, only then we can see some upside in Indiqube, otherwise it should be a 10-20% compounder Everything is great just the Valuations aren't reasonable Anchor Book was very good 👍 This is Just A Personal View, Only For Educational Purposes  XXXXXX engagements  **Related Topics** [debt](/topic/debt) [mcap](/topic/mcap) [longterm](/topic/longterm) [ipo](/topic/ipo) [Post Link](https://x.com/Tanmay_31_/status/1947955072337682568)
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Tanmay 🇮🇳 @Tanmay_31_ on x 44.3K followers
Created: 2025-07-23 09:40:55 UTC
Indiqube Spaces Limited IPO
Final Verdict
Risk Takers Can Apply For Long-term
Highlights of the Issue :
Date : 23-25 July Price Band : 225-237
Size : XXX Crore Fresh - XXX Crore OFS - XX Crore
M.cap : XXXXXXX Crore
Objects Of The Issue :
▪︎ Capital Expenditure Towards establishment of New Centres - XXXXX Cr
▪︎ Repayment Of Debt - XX Cr
▪︎ GCP - XXXX Cr
Key Pointers :
▪︎ Indiqube is a Leading Managed WorkSpace Solutions Provider with an AUM of XXX Million Sq.Ft. with a Total seating capacity of 1,86,719 Seats across XXX Centres (105 Operational) Across XX Cities
▪︎ The Company is a market leader In the Bangalore which is the largest market for the Commercial Offices and flexible workspace Segment
▪︎ The Company Intends to earmark XXX Cr over FY26-28 to add another X Million Sq.Ft AUM and Partly Deleverage its Balance sheet by Repaying XX Cr Debt
Financials and Projections
FY23 Revenue : XXX Crore Net Loss : (198 Crore) Cash EBIT : XXXX Crore
FY24 Revenue : XXXXX Crore Net Loss : (341.5 Crore) Cash EBIT : XXXXX Crore
FY25 Revenue : XXXXX Crore Net Loss : (139.6 Crore) Cash EBIT : XXXXX Crore
FY26E Revenue : XXXXX Crore Net Loss : (115 Crore) Cash EBIT : XXX Crore
Valuing Indiqube at 30× FY26E Cash EBIT, Fair Value Comes At 246, Implying An Upside Of X%
It's Peers; Awfis Space and Smartworks are Trading At 23-24× FY26E Adjusted EBITDA/Cash EBIT
Indiqube has seen a fall in its Steady state Occupancy from XXXX% to XXXX% over FY23-FY25
The IPO is Priced to Perfection leaving no upside on the Table
Overall A Good Company From a good segment with good Promoters with expensive Valuations
If there is a Valuation catchup in the whole sector, only then we can see some upside in Indiqube, otherwise it should be a 10-20% compounder
Everything is great just the Valuations aren't reasonable
Anchor Book was very good 👍
This is Just A Personal View, Only For Educational Purposes
XXXXXX engagements
