Indian workspace firm IndiQube slumps about 15% in trading debut

Indiqube Spaces

30/07/2025 07:08

July 30 (Reuters) - Shares of IndiQube Spaces IDIQ.NS fell nearly 15% in their trading debut on Wednesday, as broader markets were muted ahead of a looming U.S. tariff deadline, valuing the Indian workspace solutions provider at 44.13 billion rupees ($506 million).

IndiQube's debut is among a dozen Indian IPOs this month, but only the second to list at a discount.

The firm's $80.3 million IPO was subscribed 12.4 times last week, drawing strong demand from both retail and institutional investors.

Its shares opened at a 9% discount to the IPO price of 237 rupees in Mumbai. They were down 11.3% at 210.15 rupees at 11:30 a.m. IST.

India's equity benchmarks were flat on caution ahead of the U.S. Federal Reserve's policy decision and a key tariff deadline later this week. .BO

IndiQube is well-placed to ride India's growing demand for office space, but its dependence on the cities of Bengaluru, Pune, and Chennai - which generate 89% of its revenue - heightens its vulnerability to regional slowdowns, analysts at Deven Choksey Research said.

Rising competition from listed peers like Awfis AWFI.NS, Smartworks SMAW.NS, and the IPO-bound WeWork India WEWO.NS could also weigh on pricing power, they said.

Smartworks SMAW.NS listed at a 14% premium on July 17, as investors bet on surging demand for integrated office solutions in India. Its shares have fallen about 6% since then.

($1 = 87.21 Indian rupees)

 (Reporting by Manvi Pant; Editing by Mrigank Dhaniwala)

 ((Manvi.Pant@thomsonreuters.com; +918447554364;))