While retail investors bid 3.41x and employees 2.83x, NIIs and QIBs showed lower enthusiasm with 0.78x and 0.08x subscription respectively.
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The ₹700-crore IPO of the Bengaluru-based Indiqube Spaces enters day 2 with modest subscription. The IPO is priced at a band of ₹225-237. The IPO concludes on July 25. The IPO lot size is 63 equity shares, with subsequent lots available in multiples of 63. Retail investors are wrestling more aggressively.
The company is raising Rs 650 crore through a fresh issue, and the promoters will offload shares worth Rs 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.
Retail oversubscribed 3.41 times
The IPO has reserved not less than 75 per cent of the shares in the public issue for qualified institutional buyers (QIBs), not more than 15 per cent for non-institutional Investors (NIIs), and not more than 10 per cent of the offer is reserved for retail investors. The employee portion has been reserved equity shares aggregating up to ₹1.5 crore. Retail investors’ portion received bids 3.41 times, while NIIs received bids 0.78 times; QIB portions saw just 0.08 times, while the employees’ window received 2.83 times.
IndiQube Spaces proposes to utilise the fresh capital of ₹462.6 crore towards funding capital expenditure for setting up new centres, ₹93 crore for repayment, and the remainder for general corporate purposes.
Managed workplace solutions company, IndiQube Spaces Limited, has raised over ₹314.32 crore from anchor investors at ₹237 per equity share.
Anchor investment
Some of the key anchor investors who were allocated equity shares are Aditya Birla Sun Life MF, Ashoka WhiteOak ICAV & WhiteOak Capital, Invesco India ELSS Tax Saver Fund, Bandhan Large & Mid Cap Fund, Motilal Oswal Large Cap Fund, Malabar India Fund & Malabar Midcap Fund.
In addition, Max New York Life Insurance, Edelweiss MF, Baroda BNP Paribas, TOCU Europe III S.A. R.L., Groww Mutual Fund, BNP Paribas Financial Markets, Citigroup Global Markets Mauritius Private Limited and Societe Generale were also allotted equity shares as anchor investors.
Company overview
Indiqube Spaces Limited, founded in 2015, offers tech-enabled, sustainable workplace solutions, including corporate hubs and branch offices, that enhance employee experience through modern interiors, amenities, and services.
The company manage a portfolio of 115 centres across 15 cities, consisting of 105 operational centres and 10 centres for which the company have executed letters of intent, covering 8.40 million square feet of area under management in a super built-up area.
Financial performance and funding history
The company reported a total income of Rs 1,103 crore in fiscal 2025, recording a CAGR of 35 per cent from fiscal 2023.
The company raised a total of Rs 324 crore in two funding rounds during 2018 and 2022. WestBridge Capital led the investment with Rs 190 crore, followed by Rs 131 crore from the promoters, and the rest came from angel investor Ashish Gupta.
ICICI Securities and JM Financial are book-running lead managers to the issue. The equity shares are expected to be listed on July 30 on the BSE and NSE.
Published on July 24, 2025
