Shares of Nukleus Office Solutions, a provider of co-working and managed office spaces, made a weak debut on the BSE SME on March 4, 2025, listing at Rs 187.20 per share—20% below the issue price of Rs 234. This disappointing start saw the stock trading at Rs 46.80 lower than its IPO price, defying grey market predictions that had placed the listing at par.

Ahead of its listing, the unlisted shares of Nukleus Office Solutions were trading at Rs 234 per share in the grey market, reflecting neutral market sentiment. However, the actual listing failed to meet these expectations, resulting in a significant discount for investors.

The IPO, consisting of a fresh issue of 1.35 million equity shares, was open for public subscription from February 24 to February 27, 2025. Priced at Rs 234 per share with a lot size of 600 shares, the Rs 31.70 crore offering saw tepid investor interest, with a subscription rate of only 1.29 times. The basis of allotment was finalized on February 28, 2025, with shares distributed accordingly.

Proceeds from the IPO will be directed towards capital expenditure and security deposits for new workspace centres. Nukleus Office Solutions plans to invest in technological advancements, including an integrated platform for its centres, online client interaction systems, and mobile applications. The funds will also be allocated to brand advertising and general corporate expenses.

Founded in December 2019, Nukleus Office Solutions operates in the co-working and flexible office space sector, catering to startups, SMEs, large enterprises, professionals, and entrepreneurs. The company manages 11 workspaces with 2,796 seats across Delhi NCR, offering furnished, flexible office solutions such as dedicated desks and private cabins. 

As of December 31, 2024, the firm reported an occupancy rate of 88.48%. Bigshare Services managed the IPO registry, while Sundae Capital Advisors acted as the lead book-running manager for the offering.