Shares of a leading workspace solutions provider fell nearly 15% on its trading debut, as broader markets remained muted ahead of an upcoming U.S. tariff deadline. The listing valued the firm at approximately ?44.13 billion.

This debut is among several public offerings launched this month, but only the second to list at a discount. The company’s ?80.3 million public issue was subscribed 12.4 times, attracting strong interest from both retail and institutional investors.

The stock opened at a 9% discount to its issue price of ?237 on the Mumbai exchange and was trading 11.3% lower at ?210.15 by 11:30 a.m. IST.

Indian equity benchmarks were flat due to investor caution ahead of a major U.S. Federal Reserve policy decision and an important tariff deadline later in the week.

Analysts noted that while the company is well-positioned to benefit from rising demand for office space in India, its heavy dependence on a few major cities—responsible for nearly 89% of its revenue—makes it more vulnerable to region-specific slowdowns.

Increasing competition from other players in the flexible workspace and office solutions sector may also impact pricing power, they added.

Earlier in July, another workspace operator had listed at a 14% premium, supported by strong demand for integrated office solutions. However, its shares have since slipped about 6%.

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