NEW DELHI: The workplace solutions provider, IndiQube Spaces Ltd, saw an 87% subscription rate on its initial public offer (IPO) during the first day of bidding on Wednesday.
According to NSE data, the IPO attracted bids for 1,50,00,111 shares against the 1,71,48,335 shares available.
The portion for Retail Individual Investors (RIIs) was subscribed 3.41 times, while the subscription for non-institutional investors reached 78%. The quota allocated to Qualified Institutional Buyers (QIBs) saw a 6% subscription.
On Tuesday, IndiQube announced that it had raised over Rs 314 crore from anchor investors.
The Rs 700-crore IPO will conclude on July 25, with shares priced between Rs 225 and Rs 237 each. With the higher price point, the company’s valuation approaches Rs 5,000 crore.
IndiQube plans to generate Rs 650 crore through fresh issuances, while promoters will sell shares worth Rs 50 crore as part of the Offer for Sale (OFS). Notably, WestBridge Capital, a major investor since 2018, is not participating in the OFS.
IndiQube aims to allocate Rs 462.6 crore of the fresh capital to fund new center developments, along with Rs 93 crore earmarked for debt repayment, and the remaining amount for general corporate expenses.
Founded in 2015, the company manages a total of 8.40 million square feet across 115 properties in 15 cities, accommodating 1,86,719 seats as of March 2025. This marks an increase from 74 centers and 4.94 million sq ft in March 2023.
IndiQube currently serves 769 clients, with 44% categorized as Global Capability Centres. Following an enterprise-first strategy, 63% of its occupied space is sourced from clients leasing more than 300 seats. Additionally, 44% of revenue is derived from multi-center clients, including notable names like Enphase, Myntra, Zerodha, NoBroker, upGrad, Siemens, Juspay, Perfios, Moglix, Ninjacart, Narayana Health, and Allegis.
ICICI Securities and JM Financial are the book-running lead managers for the issue.
The equity shares are anticipated to be listed on both BSE and NSE on July 30.
