IndiQube Spaces IPO subscribed 2.54 times on day 2 of bidding
The initial share sale received bids for 4,35,18,006 shares against 1,71,48,335 shares on offer, as per NSE data.
The category for Retail Individual Investors (RIIs) attracted 6.90 times subscription while the portion for non institutional investors got covered 1.84 times. The quota for Qualified Institutional Buyers (QIBs) received 1.42 times subscription.
IndiQube Spaces on Tuesday said it has raised over Rs 314 crore from anchor investors.
The Rs 700-crore initial public offer (IPO) of the Bengaluru-based firm will conclude on July 25. The price band has been fixed at Rs 225-237 per share.
At the upper end of the price band, the company's valuation is nearly Rs 5,000 crore.
The company is raising Rs 650 crore through issuance of fresh issue, and promoters would offload shares worth Rs 50 crore under Offer-for-Sale (OFS). WestBridge Capital, a key investor in the firm since 2018, is not divesting any stake in the OFS.
IndiQube Spaces proposes to utilise the fresh capital to the tune of Rs 462.6 crore towards funding capex for setting up new centres, Rs 93 crore for repayment and the rest for general corporate purposes.
The company, which was incorporated in 2015, manages a portfolio of 8.40 million square feet across 115 properties in 15 cities with a total seating capacity of 1,86,719 as of March 2025. This was a growth from 74 centres and 4.94 million sq ft in March 2023.
IndiQube serves 769 clients, out of which 44 per cent are Global Capability Centres. The company follows an enterprise-first strategy, owing to which 63 per cent of its occupied area comes from clients who have leased over 300 seats.
Further, 44 per cent of its revenue is generated from multi-centre clients. Its diverse client mix includes Enphase, Myntra, Zerodha, NoBroker, upGrad, Siemens, Juspay, Perfios, Moglix, Ninjacart, Narayana Health and Allegis, to name a few.
ICICI Securities and JM Financial are the book running lead managers to the offer.
The equity shares are expected to be listed on July 30 on the BSE and NSE. PTI SUM SUM ANU ANU
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July 24, 2025, 19:30 IST
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