The IPO received bids for 2.38 crore shares against 1.71 crore shares on offer. The retail investor portion showed the highest interest, subscribing 5.08 times their allotted quota. The Non-Institutional Investors (NIIs) portion was subscribed 1.17 times, while Qualified Institutional Buyers (QIBs) subscribed 26%.
In the grey market, Indiqube Spaces shares were quoting a premium of Rs 17–18, suggesting a potential upside of around 7% over the upper end of the price band.
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IPO Details
The price band for Indiqube Spaces’ IPO is set between Rs 225 and Rs 237 per share. Investors can bid for the shares in lots of 63, meaning a minimum investment of approximately Rs 14,931 (at the upper band).
The total issue size is Rs 700 crore, comprising a fresh issue of Rs 650 crore, the proceeds of which will go to the company, and an offer for sale (OFS) of Rs 50 crore by existing shareholders looking to partially offload their stake.
ICICI Securities is the lead manager for the IPO, while MUFG Intime India (formerly Link Intime) is the issue registrar.
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The company plans to use Rs 462.65 crore from the IPO proceeds to set up new centres. About Rs 93 crore will go toward partial or full repayment of borrowings, while the remaining amount will be used for general corporate purposes.
About the Company
Founded in 2015, Indiqube Spaces (formerly Innovent Spaces Pvt. Ltd.) provides modern, sustainable workspace solutions. It began operations in Uttar Pradesh before relocating its base to Bengaluru in 2018.
For FY25, the company reported revenue of Rs 1,102.93 crore, up 27% from Rs 867.66 crore in FY24. Net loss narrowed sharply to Rs 139.62 crore in FY25, compared to Rs 341.51 crore in the previous fiscal year.
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