Shares of IndiQube Spaces 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. 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, Smartworks, and the IPO-bound WeWork India could also weigh on pricing power, they said. Smartworks 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.
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