Indiqube Spaces shares make weak debut, lists at ₹216 on NSE, down 8.86% from issue price
The ₹ 700 crore initial public offering (IPO), with a total issue size was open for bidding from July 23 to July 25. The issue witnessed a robust response from investors, closing with a subscription of 13 times in the 3 days of bidding.
The IPO attracted bids for 21.16 crore shares compared to the 1.62 crore shares on offer. The retail investor category was subscribed 13.28 times while the non-institutional investor (NII) segment witnessed 8.68 times subscription. Meanwhile, the qualified institutional buyer (QIB) portion was bid the most, 15.12 times.
The issue is a combination of fresh issue of 2.74 crore shares aggregating to ₹ 650 crore and offer for sale of 0.21 crore shares aggregating to ₹ 50 crore. The lot size for the IPO was fixed at 63 shares making the minimum investment for retail investors ₹ 14,175.
The proceeds from the fresh issue are intended to support the company's future expansion plans. This includes strengthening its operational footprint, meeting ongoing working capital needs, and fulfilling general corporate requirements.
Ahead of the public offering, the company successfully raised ₹ 314.32 crore from anchor investors on July 22.
The IPO followed the standard allocation pattern, with 75 percent of the issue reserved for Qualified Institutional Buyers (QIBs), 15 percent for Non-Institutional Investors (NIIs), and the remaining 10 percent allocated to Retail Individual Investors (RIIs). The issue also included a reservation of up to 69,767 shares for employees offered at a discount of ₹ 22.00 to the issue price.
ICICI Securities Limited is the book-running lead manager of the Indiqube Spaces IPO, while MUFG Intime India Private Limited (Link Intime) is the registrar for the issue.
Incorporated in 2015, Indiqube Spaces Limited focuses on delivering managed, sustainable, and technology-enabled workplace solutions, with the goal of redefining conventional office environments for today's businesses.
The company provides a range of workspace offerings such as corporate hubs and branch offices, designed to elevate employee experience through curated interiors, modern amenities, and tailored services.
Its business model integrates asset renovation, customized workspace solutions, and a mix of B2B and B2C value-added services. It offers clients fully equipped plug-and-play offices, ensuring a seamless and comprehensive office infrastructure for both businesses and their employees.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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