IndiQube Spaces' IPO oversubscribes by 2.54 times on its second day
In the bustling world of Indian corporate finance, IndiQube Spaces' Initial Public Offering (IPO) has made headlines. The Rs 700-crore IPO, which concluded on July 25, has received an overwhelming response from investors.
The company, incorporated in 2015 and managing a portfolio of 8.40 million square feet across 115 properties in 15 cities, saw a strong demand from all investor categories.
Retail Individual Investors (RIIs) showed a particularly strong demand, subscribing nearly 13 times their allotted shares. Qualified Institutional Buyers (QIBs) subscribed most strongly, with over 14 times their allotted shares. Non-Institutional Investors (NIIs) followed closely, subscribing over 8 times. The total subscription was approximately 12.4 times the shares offered.
The IPO size consisted of a fresh issue worth Rs 650 crore and an offer for sale (OFS) of Rs 50 crore. At the upper end of the price band, IndiQube Spaces' valuation is nearly Rs 5,000 crore.
The detailed breakdown of the subscription shows that the quota for QIBs received 1.42 times subscription, while the RIIs category attracted 6.90 times subscription.
IndiQube Spaces intends to utilize the raised capital primarily for capital expenditure (capex) amounting to Rs 462.6 crore for setting up new centers. The remaining funds will be used for general corporate purposes.
The company's diverse client mix includes renowned names like Zerodha, Myntra, NoBroker, upGrad, Siemens, Juspay, Perfios, Moglix, Ninjacart, Narayana Health, and Allegis. IndiQube serves 769 clients, with 44% being Global Capability Centers.
The share allotment is expected to be finalized on July 28, with listing on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) on July 30. IndiQube Spaces raised over Rs 314 crore from anchor investors, and the promoters are offloading shares worth Rs 50 crore under Offer-for-Sale (OFS). The company also intends to use Rs 93 crore of the raised funds for repayment purposes.
In March 2023, IndiQube's portfolio consisted of 74 centers and 4.94 million sq ft. By March 2025, this had grown significantly, with a total seating capacity of 1,86,719 seats. The non-institutional investors category was covered 1.84 times.
In summary, IndiQube Spaces' IPO has received an overwhelming response from investors, with strong demand across all categories. The company's growth and strong financial performance have undoubtedly caught the attention of the investment community. The listing of IndiQube Spaces' equity shares on July 30 is eagerly awaited.
- Investors showed a strong interest in IndiQube Spaces' IPO, with retail individual investors subscribing nearly 13 times their allotted shares, and qualified institutional buyers subscribing over 14 times.
- IndiQube Spaces' valuation has increased significantly following the IPO, reaching nearly Rs 5,000 crore at the upper end of the price band.
- With a diverse client mix that includes prominent companies like Zerodha and Siemens, IndiQube Spaces is expanding its portfolio in the Defi market, aiming to set up new centers and raise capital for investment purposes.
