Indiqube Spaces IPO Day 3 Live: Issue booked 2.54x so far. Check GMP, review, subscription details. Apply or not?
IndiQube Spaces IPO announced on Tuesday, July 22, that it has secured over ₹ 314 crore from anchor investors, just one day before its public share-sale begins.
Indiqube Spaces IPO, which opened on Wednesday, July 23, intends to raise ₹ 650 crore through a fresh issue of shares, while promoters plan to sell shares valued at ₹ 50 crore in the Offer-for-Sale (OFS). WestBridge Capital, a significant investor in the company since 2018, will not be selling any of its stake in the OFS.
IndiQube Spaces aims to use the new capital, amounting to ₹ 462.6 crore, for capital expenditure on new centers, allocate ₹ 93 crore for debt repayment, and use the remaining amount for general corporate purposes.
Founded in 2015, the company manages a portfolio encompassing 8.40 million square feet distributed across 115 properties in 15 cities, with a total capacity for 186,719 seats as of March 2025. This marks an increase from 74 centers and 4.94 million sq ft in March 2023.
IndiQube caters to 769 clients, with 44 percent being Global Capability Centres. The company adopts an enterprise-first approach, resulting in 63 percent of its occupied space being leased by clients requiring over 300 seats.
IndiQube Spaces IPO subscription status is 2.54 times on day 2, so far. The retail portion was subscribed 6.90 times, and NII portion has been booked 1.84 times, Qualified Institutional Buyers (QIBs) portion received 1.42 times bids. Employee Reserved portion has been booked 4.47 times.
The company has received bids for 4,35,18,510 shares against 1,71,48,335 shares on offer, at 17:00 IST, according to data on BSE.
As per brokerage SMIFS, within this sector, the Food & Beverage segment alone experienced a compound annual growth rate (CAGR) of 36.7%, with client penetration rising from 238 to 373. Additionally, related areas such as facility management, tech-driven MiQube solutions, and design-build services have enhanced revenue generation per client.
The company's transition to packaged offerings and forthcoming ESG-focused "Sustainability-as-a-Service" initiatives are anticipated to further increase returns per square foot, positioning IndiQube's revenue growth to exceed industry norms through a blend of scale, prime locations, and service-oriented differentiation.
'We advise subscribing to the issue as a long-term investment, underpinned by strong industry growth patterns and fair valuations, while recognizing potential cash flow challenges in the short to medium term,' said the brokerage.
IndiQube Spaces IPO grey market premium is +10. This indicates IndiQube Spaces share price was trading at a premium of ₹ 10 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of IndiQube Spaces share price was indicated at ₹ 247 apiece, which is 4.22% higher than the IPO price of ₹ 237.
Analyzing the grey market trends from the past nine sessions, the current GMP stands at ₹ 10 and indicates a downtrend. The minimum GMP recorded is ₹ 0.00, while the maximum GMP observed is ₹ 40, as stated by experts from investorgain.com.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
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