Indiqube Spaces IPO Receives 22% Subscription Applications in the First 2 hours of Opening

Mumbai, 23 July 2025: The ₹700 crore initial public offering (IPO) of Indiqube Spaces opened for subscription on Wednesday, 23rd July. It received  0.22 times subscription applications by 11:14 AM on Day 1. The retail investor segment received 0.92 times subscription applications by this time.

Retail Investors Show Higher Interest in Early Hours, 92% of Their Quota Subscribed

The retail category saw the strongest activity during the early phase of bidding. Out of the 29,47,257 equity shares reserved for retail investors, bids were received for 27,05,157 shares, translating to 92% subscription. This level of retail participation was notably higher than the subscription activity seen in other investor classes.

Retail applicants are allowed to apply for one lot of 63 shares, requiring a minimum investment of ₹14,175 at the upper end of the price band. The IPO has a price range of ₹225 to ₹237 per share, and retail investors can bid at the cut-off price.

The high retail interest contrasts with relatively lower numbers from institutional investors, marking a disparity in bidding momentum across investor segments.

Institutional and High Net-Worth Investors Yet to Show Substantial Participation

The Qualified Institutional Buyer (QIB) category has so far seen limited activity. Against the 88,41,772 shares earmarked for QIBs, only 882 shares were bid for as of the Day 1 update—resulting in 0.00 times subscription.

In the Non-Institutional Investor (NII) segment, 7,34,328 shares were bid for out of 44,20,886 shares reserved, translating to 0.17 times subscription. This included:

• bNII (above ₹10 lakh): 4,81,824 shares bid vs 29,47,257 offered – 0.16 times
• sNII (below ₹10 lakh): 2,52,504 shares bid vs 14,73,629 offered – 0.17 times

The overall subscription in the NII category remained below 20% by mid-morning of the first day.

Anchor Investors Commit ₹314 Crore Ahead of IPO Opening

A day before the IPO opened, anchor investors were allotted 1,32,62,658 shares, aggregating to ₹314.32 crore. This anchor portion is subject to a lock-in period, with 50% of shares locked until 27 August 2025 and the remaining 50% until 26 October 2025.

While the anchor book was fully subscribed, the QIB segment, excluding anchor allocation, saw negligible participation during initial public bidding.

Overall Day 1 Subscription Stands at 22%

As of 11:14 AM on 23 July 2025, the IPO had received bids for 35,12,943 shares against the 1,62,79,682 shares on offer (excluding anchor allocation), marking a 0.22 times overall subscription rate. A total of 36,865 applications had been submitted across all investor categories.

In the employee quota, 72,576 shares were bid for against 69,767 reserved shares, showing 1.04 times subscription. Employees are offered a discount of ₹22 per share from the final issue price.

Key Details of the Indiqube Spaces IPO

Indiqube Spaces IPO is a book-building issue worth ₹700 crore, comprising a fresh issue of 2.74 crore shares amounting to ₹650 crore, and an offer for sale of 21.09 lakh shares totaling ₹50 crore. The IPO is open from 23 July to 25 July 2025.

The shares are proposed to be listed on both BSE and NSE, with a tentative listing date of 30 July 2025. The allotment is expected to be finalized by 28 July, and shares will be credited to demat accounts on 29 July.

IPO Allocation Structure

The total issue comprises 2,95,35,864 shares, distributed across investor classes as follows:

• QIB: 2,21,04,431 shares (74.84%)
• NII: 44,20,885 shares (14.97%)
• Retail (RII): 29,47,257 shares (9.98%)
• Employees: 63,291 shares (0.21%)
• Anchor Investors: 1,32,62,658 shares (30.98%)

Investors in the bNII category can apply for a minimum of 67 lots (4,221 shares), requiring an investment of ₹10,00,377, while sNII applicants can bid for 14 lots (882 shares), amounting to ₹2,09,034.

IPO Timeline and Key Events

• IPO Open: 23 July 2025
• IPO Close: 25 July 2025
• Allotment Date: 28 July 2025
• Refund Initiation: 29 July 2025
• Shares Credited to Demat: 29 July 2025
• Listing Date: 30 July 2025
• UPI Mandate Cut-off: 5 PM on 25 July 2025

While Day 1 activity showed a marked skew toward retail and employee segments, further clarity on investor sentiment will emerge over the next two days of bidding.

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