Indiqube Spaces IPO: 87% Subscribed on Day 1

New Delhi, Jul 23 (PTI) The initial public offer of workplace solutions company Indiqube Spaces Ltd got subscribed 87 per cent on the first day of bidding on Wednesday.

The initial share sale received bids for 1,50,00,111 shares against 1,71,48,335 shares on offer, according to NSE data.

Retail Individual Investors (RIIs) part got subscribed 3.41 times while non-institutional investors portion received 78 per cent subscription. The quota for Qualified Institutional Buyers (QIBs) received 6 per cent subscription.

IndiQube Spaces on Tuesday said it has raised over Rs 314 crore from anchor investors.

The Rs 700-crore initial public offer (IPO) of the Bengaluru-based firm will conclude on July 25. The price band has been fixed at Rs 225 to Rs 237 per share.

At the upper end of the price band, the company's valuation is nearly Rs 5,000 crore.

The company is raising Rs 650 crore through issuance of fresh issue, and promoters would offload shares worth Rs 50 crore under the Offer for Sale (OFS). WestBridge Capital, a key investor in the firm since 2018, is not divesting any stake in the OFS.

IndiQube Spaces proposes to utilise the fresh capital to the tune of Rs 462.6 crore towards funding capex for setting up new centres, Rs 93 crore for repayment and the rest for general corporate purposes.

The company, which was incorporated in 2015, manages a portfolio of 8.40 million square feet across 115 properties in 15 cities with a total seating capacity of 1,86,719 as of March 2025. This was a growth from 74 centres and 4.94 million sq ft in March 2023.

IndiQube serves 769 clients, out of which 44 per cent are Global Capability Centres. The company follows an enterprise-first strategy, owing to which 63 per cent of its occupied area comes from clients who have leased over 300 seats. Further, 44 per cent of its revenue is generated from multi-centre clients. Its diverse client mix includes Enphase, Myntra, Zerodha, NoBroker, upGrad, Siemens, Juspay, Perfios, Moglix, Ninjacart, Narayana Health and Allegis, to name a few.

ICICI Securities and JM Financial are the book-running lead managers to the issue.

The equity shares are expected to be listed on July 30 on the BSE and NSE.