Shares of IndiQube Spaces dropped nearly 15% on their trading debut on Wednesday, as broader markets remained subdued ahead of an impending U.S. tariff deadline. This scenario values the Indian workspace solutions provider at ₹44.13 billion ($506 million).
IndiQube’s debut is notable among a dozen Indian IPOs this month, being only the second to list at a discount.
The firm raised $80.3 million through an IPO that was 12.4 times oversubscribed last week, showing strong demand from both retail and institutional investors.
Its shares opened at a 9% discount to the IPO price of ₹237 in Mumbai and were down 11.3% at ₹210.15 at 11:30 a.m. IST.
India’s equity benchmarks showed flat performance due to cautious sentiment ahead of the U.S. Federal Reserve’s policy decision and a significant tariff deadline later this week.
According to analysts at Deven Choksey Research, while IndiQube stands to benefit from increasing demand for office space in India, its heavy reliance on Bengaluru, Pune, and Chennai, which account for 89% of its revenue, makes it susceptible to regional economic downturns.
They also noted that rising competition from established players like Awfis and Smartworks, as well as the upcoming IPO of WeWork India, could potentially impact its pricing strategy.
Smartworks, on the other hand, debuted at a 14% premium on July 17 as investors anticipated strong demand for integrated office solutions in India; however, its shares have since declined by around 6%.
