IndiQube Spaces IPO subscribed 12.3 times on final day of bidding

The initial public offer of IndiQube Spaces Ltd got subscribed 12.33 times on the closing day of bidding on Friday.

The company's IPO received bids for 211,496,292 shares against 17,148,335 shares on offer, according to NSE data.

The Qualified Institutional Buyers (QIBs) part fetched 14.35 times subscription while the portion for Retail Individual Investors (RIIs) got subscribed 12.55 times. Non Institutional Investors category attracted 8.24 times subscription.

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

The ₹700-crore initial public offer (IPO) of the Bengaluru-based firm has a price band of ₹225-237 per share.

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

The IPO has a fresh issue of₹ 650 crore and an Offer-for-Sale (OFS) of ₹50 crore.

IndiQube Spaces proposes to utilise the fresh capital to the tune of ₹462.6 crore towards funding capex for setting up new centres,₹ 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 offer.

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