Curation Team
NEW DELHI: The ₹700-crore initial public offering (IPO) of IndiQube Spaces was fully subscribed on the second day of bidding, led by robust interest from retail investors and non-institutional participants. The IPO, which opened on July 23, will close on July 25, 2025.
As of 5:04 PM on July 24, the IPO was subscribed 2.68 times overall, with the retail investor segment oversubscribed 7.32 times, followed by the employee quota at 4.74 times. The qualified institutional buyer (QIB) segment saw 1.49 times subscription, while the non-institutional investor (NII) category was subscribed 1.94 times, with small NIIs bidding at 2.62 times and large NIIs at 1.60 times.
The issue received over 4.36 crore bids against an offer of 1.62 crore shares, amounting to a cumulative bid value of approximately ₹1,035 crore, based on the upper price band of ₹237 per equity share. The public issue comprises fresh equity shares with a face value of ₹1 each and a price band of ₹225–₹237 per share.
Earlier, the company had raised ₹314 crore from anchor investors, with allocations to entities such as Aditya Birla Sun Life MF, Ashoka WhiteOak, Invesco, Bandhan, Motilal Oswal, and Malabar funds. Foreign and domestic institutions including Max New York Life Insurance, Edelweiss MF, Baroda BNP Paribas, Groww MF, BNP Paribas Financial Markets, and Citigroup Global Markets Mauritius also participated.
Of the total 13.26 million equity shares allocated to anchor investors, 67.35% were allotted to eight domestic mutual funds across 21 schemes.
IndiQube reported a total income of ₹1,103 crore in FY25, with an EBITDA of ₹660 crore, RoCE of 34.21%, and occupancy rate of 86.5%. WestBridge Capital, which holds a 27.95% pre-IPO stake, is not diluting its shareholding in the issue.
