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IndiQube Spaces Ltd's IPO subscribed 87% on day one, raising ₹314 crore from anchors. Retail investors subscribed 3.41 times, IPO ends July 25.
By PTI July 23, 2025, 6:50:12 PM IST (Published)
The initial public offer of workplace solutions company Indiqube Spaces Ltd got subscribed 87% on the first day of bidding on Wednesday (July 23).
The initial share sale received bids for 1,50,00,111 shares against 1,71,48,335 shares on offer, according to NSE data.
Retail Individual Investors (RIIs) part got subscribed 3.41 times while non-institutional investors portion received 78% subscription. The quota for Qualified Institutional Buyers (QIBs) received 6% subscription.
IndiQube Spaces on Tuesday said it has raised over ₹314 crore from anchor investors.
The ₹700-crore initial public offer (IPO) of the Bengaluru-based firm will conclude on July 25. The price band has been fixed at ₹225 to ₹237 per share.
At the upper end of the price band, the company’s valuation is nearly ₹5,000 crore.
The company is raising ₹650 crore through issuance of fresh issue, and promoters would offload shares worth ₹50 crore under the Offer for Sale (OFS). WestBridge Capital, a key investor in the firm since 2018, is not divesting any stake in the OFS.
IndiQube Spaces proposes to utilise the fresh capital to the tune of ₹462.6 crore towards funding capex for setting up new centres, ₹93 crore for repayment and the rest for general corporate purposes.
The company, which was incorporated in 2015, manages a portfolio of 8.40 million square feet across 115 properties in 15 cities with a total seating capacity of 1,86,719 as of March 2025. This was a growth from 74 centres and 4.94 million sq ft in March 2023.
IndiQube serves 769 clients, out of which 44% are Global Capability Centres. The company follows an enterprise-first strategy, owing to which 63% of its occupied area comes from clients who have leased over 300 seats. Further, 44% of its revenue is generated from multi-centre clients. Its diverse client mix includes Enphase, Myntra, Zerodha, NoBroker, upGrad, Siemens, Juspay, Perfios, Moglix, Ninjacart, Narayana Health and Allegis, to name a few.
ICICI Securities and JM Financial are the book-running lead managers to the issue.
The equity shares are expected to be listed on July 30 on the BSE and NSE.
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