Indiqube Spaces IPO Sees 2.68 Times Subscription by Day 2; Retail Portion Leads with 7.32 Times Bids

Mumbai, 24 July 2025: Indiqube Spaces IPO has witnessed a 2.68 times overall subscription by the end of Day 2, with the retail investor segment accounting for the highest number of bids. The public issue, which opened for subscription on 23 July 2025, is scheduled to close on 25 July 2025.

Retail Category Drives Momentum as Indiqube IPO Crosses 2.5x Overall Bidding Mark

As of 5:04 PM on 24 July 2025, the IPO has garnered total bids for over 4.36 crore shares against 1.62 crore shares on offer, resulting in a 2.68 times subscription. Retail investors submitted applications for over 2.15 crore shares, pushing the retail subscription to 7.32 times, the highest among all categories.

The Qualified Institutional Buyers (QIB) segment showed moderate traction with a 1.49 times subscription. Non-Institutional Investors (NIIs) followed with a 1.94 times subscription, divided between sNIIs (bids below ₹10 lakh) at 2.62 times and bNIIs (bids above ₹10 lakh) at 1.60 times. The employee quota was subscribed 4.74 times. A total of 3,03,737 applications were received across investor categories by the end of Day 2.

Day-Wise Subscription Trend Shows Sharp Jump Across Segments on Day 2

Compared to Day 1, which closed at a modest 0.93 times subscription, the issue picked up pace across all investor classes on Day 2. QIB bidding rose from 0.06x on Day 1 to 1.49x, while the NII category increased from 0.83x to 1.94x. Retail investors also expanded their participation from 3.63x on the opening day to 7.32x by the second day.

Anchor Investment Booked Fully Ahead of Public Offering

On 22 July 2025, Indiqube Spaces raised ₹314.32 crore from anchor investors by allotting 1.32 crore shares at the upper end of the price band. The anchor investors’ portion was fully subscribed and their lock-in period for 50% of the shares will end on 27 August 2025, with the remainder on 26 October 2025.

Indiqube Spaces IPO Key Details and Timeline

The ₹700 crore IPO comprises a fresh issue of ₹650 crore and an offer for sale worth ₹50 crore. The price band has been fixed at ₹225 to ₹237 per share with a lot size of 63 shares, translating to a minimum retail investment of ₹14,931.

The IPO will close on 25 July 2025, and allotment is expected by 28 July 2025. Refunds and demat credits are likely by 29 July 2025, with a tentative listing on 30 July 2025 on both BSE and NSE.

The issue includes a reservation of 69,767 shares for eligible employees, who will get a discount of ₹22 per share on the issue price.

Reservation Structure and Investment Limits

Out of the total issue size of 2.95 crore shares, 74.82% has been allocated to QIBs, 14.96% to NIIs, 9.98% to retail investors, and 0.24% to employees. Retail investors can apply for up to ₹2 lakh, while sNIIs can bid between ₹2 lakh to ₹10 lakh, and bNIIs above ₹10 lakh.

Indiqube Spaces, which operates flexible office spaces across multiple cities, is aiming to expand its asset base and improve its balance sheet through this IPO. Investors will now closely monitor the Day 3 subscription numbers as the issue approaches its close.

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