Indiqube Spaces IPO Sees Blockbuster Response, Subscribed 12.33 Times on Final Day
By Shishta Dutta | Published at: Jul 25, 2025 07:13 PM IST
Mumbai, July 25, 2025 — The ₹700-crore initial public offering (IPO) of Indiqube Spaces Limited closed on a stellar note Friday, with an overwhelming subscription of 12.33 times the issue size. Investor interest surged across all categories, led by Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Individual Investors (RIIs), making this one of the most well-received IPOs of the season.
Final Subscription Status (As of July 25, 2025, 5:30 PM)
| Category | Shares Offered | Shares Bid For | Subscription (x) |
|---|---|---|---|
| Qualified Institutional Buyers (QIBs) | 93,13,334 | 13,36,68,801 | 14.35 |
| Non-Institutional Investors (NIIs) | 46,56,666 | 3,83,90,877 | 8.24 |
| Retail Individual Investors (RIIs) | 31,04,444 | 3,89,51,892 | 12.55 |
| Employee Quota | 73,891 | 4,84,722 | 6.56 |
| Total | 1,71,48,335 | 21,14,96,292 | 12.33 |
Segment Highlights:
QIBs (14.35x)
- FIIs: 6.78 crore shares
- Mutual Funds: 2.36 crore shares
- Banks & Insurers: 2.33 crore shares
- Others (including pension/VCs): 1.88 crore shares
NIIs (8.24x)
- Bids > ₹10 lakh: 2.46 crore shares (7.93x)
- Bids between ₹2–10 lakh: 1.38 crore shares (8.87x)
RIIs (12.55x)
- Cut-off bids: 3.26 crore shares
- Price bids: 63.19 lakh shares
- Cumulative bids: Nearly 3.9 crore, showing deep investor trust
Employees (6.56x)
- Over 4.8 lakh bids received against just 73,891 shares
Bidding Momentum Across Price Points
The bid book showed exceptional demand across the entire price band:
- Total bids at ₹237 (upper band): 21.15 crore+
- Cut-off category alone: Over 3.3 crore shares
- Peak demand was seen at all levels starting from ₹225 to ₹237, indicating investors were confident even at the highest price
IPO Snapshot
- Issue Size: ₹700 crore (₹650 crore fresh issue + ₹50 crore OFS)
- Price Band: ₹225 – ₹237 per share
- Lot Size: 63 shares
- IPO Dates: July 23–25, 2025
- Listing: Expected on July 30, 2025
- Lead Managers: ICICI Securities, JM Financial
- Registrar: MUFG Intime India Pvt Ltd
Use of Proceeds
- Capital Expenditure for new workspace centres
- Debt Repayment and pre-payment of borrowings
- General Corporate Purposes
- Promoters Rishi Das and Meghna Agarwal to offload shares worth ₹50 crore via Offer for Sale
About Indiqube Spaces Limited
Indiqube Spaces Limited is a leading tech-enabled managed workspace solutions provider in India. The company focuses on delivering scalable, sustainable, and personalised office environments across enterprises, startups, and high-growth teams.
As of March 31, 2025, the company operates 115 centres in 15 cities, manages 8.40 million sq. ft. of super built-up area and offers seating capacity for 1,86,719 professionals
Backed by consistent growth, Indiqube reported revenue from operations of ₹1,059.28 crore in FY25, up from ₹830.57 crore in FY24. Net loss narrowed to ₹141.04 million, reflecting strong operational leverage. With this IPO, the company is set to accelerate its expansion and further strengthen its position in India’s flexible workspace ecosystem.
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