IndiQube Raises Over INR 314 Cr from Anchor Investors Ahead of IPO

Entrepreneur

23-07-2025

The IPO opens on July 23 and will close on July 25, 2025.
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IndiQube Spaces Limited has secured more than INR 314.32 crore from anchor investors ahead of its initial public offering, as revealed in an exchange filing. The equity shares were allotted at INR 237 per share.
The anchor book attracted participation from several prominent investors. Aditya Birla Sun Life Mutual Fund, Ashoka WhiteOak ICAV along with WhiteOak Capital, Invesco India ELSS Tax Saver Fund, Bandhan Large and Mid Cap Fund, Motilal Oswal Large Cap Fund, Malabar India Fund, and Malabar Midcap Fund were among those who received equity allocations.
Other participants included Max New York Life Insurance, Edelweiss Mutual Fund, Baroda BNP Paribas, TOCU Europe III S.A R.L., Groww Mutual Fund, BNP Paribas Financial Markets, Citigroup Global Markets Mauritius Private Limited, and Societe Generale.
WestBridge Capital, through its group entities Aravali Investment Holdings, WestBridge AIF I, Konark Trust, and MMPL Trust, continues to hold a pre-offer stake of 27.95 percent and is not diluting any part of its shareholding in this round.
In terms of financial performance, IndiQube reported a total income of INR 1,103 crore in fiscal 2025, reflecting a compound annual growth rate of 35 percent from fiscal 2023. Its EBITDA for the year stood at INR 660 crore, with a return on capital employed of 34.21 percent and cash EBIT margins of 10.81 percent. Occupancy across steady state centers reached 86.50 percent. Under IGAAP standards, the company remained profit after tax positive and paid INR 7.7 crore and INR 8.4 crore in income tax during fiscal years 2024 and 2025 respectively. It has also maintained a CRISIL A Plus with Stable outlook for three consecutive cycles.
Of the 13,262,658 equity shares allotted to anchor investors, 67.35 percent were allocated to eight domestic mutual funds across 21 schemes. The IPO opens on July 23 and will close on July 25, 2025.