NEW DELHI: IndiQube Spaces Ltd’s initial public offering (IPO) was subscribed 12.33 times by the close of bidding on Friday.
The IPO received bids for 21,14,96,292 shares, significantly surpassing the 1,71,48,335 shares available, as reported by NSE data.
The portion for Qualified Institutional Buyers (QIBs) saw a subscription rate of 14.35 times, while Retail Individual Investors (RIIs) subscribed 12.55 times. The Non-Institutional Investors category saw a subscription rate of 8.24 times.
On Tuesday, IndiQube Spaces announced that it raised over ₹314 crores from anchor investors.
The Bengaluru-based firm’s ₹700-crore IPO features a price band of ₹225-237 per share, putting its valuation at approximately ₹5,000 crores at the upper end of the range.
The IPO comprises a fresh issue of ₹650 crores and an Offer-for-Sale (OFS) of ₹50 crores.
IndiQube plans to allocate ₹462.6 crores of the fresh capital for capital expenditures related to new center establishments, ₹93 crores for debt repayment, and the remainder for general corporate purposes.
Founded in 2015, the company manages a portfolio totaling 8.40 million square feet across 115 properties in 15 cities, accommodating a total of 1,86,719 seats as of March 2025, rising from 74 centers and 4.94 million sq ft in March 2023.
IndiQube serves 769 clients, with 44% classified as Global Capability Centers. Their enterprise-first strategy allows them to secure 63% of occupied space from clients leasing over 300 seats.
Additionally, 44% of their revenue is derived from clients with multiple centers. Their diverse clientele includes notable companies such as Enphase, Myntra, Zerodha, NoBroker, upGrad, Siemens, Juspay, Perfios, Moglix, Ninjacart, Narayana Health, and Allegis, among others.
ICICI Securities and JM Financial are the book-running lead managers for this offer.
The equity shares are anticipated to be listed on July 30 on both the BSE and NSE.
