Indiqube Spaces IPO fully subscribed on Day 2, retail investors lead demand

Indiqube Spaces IPO Day 2 subscription status: The initial public offering (IPO) of workspace solutions company Indiqube Spaces was fully subscribed on its second day of bidding. The ₹700 crore public issue received bids for over 27.2 million equity shares compared to the offer size of 1.71 million shares, resulting in oversubscription of 1.59 times, according to NSE data at 2:20 PM. 

 

Retail investors lead the demand, by subscribing to their reserved portion by 5.83 times so far on July 24, followed by non-institutional investors (NIIs) at 1.38 times. However, qualified institutional buyers (QIBs) have subscribed only 26 per cent of the portion reserved for them.

 

Ahead of the IPO, the company raised ₹314.3 crore from 29 institutional investors via an anchor book on July 22. 

Indiqube Spaces IPO GMP

The unlisted shares of Indiqube Spaces were trading at ₹251, reflecting a grey market premium (GMP) of ₹14 or 6 per cent against the upper end of the price band of ₹225 to ₹237 apiece, according to platforms tracking unofficial markets.

Here are the key details of Indiqube Spaces IPO:

The Bangalore-based Indiqube Spaces aims to raise ₹700 crore through a fresh issue of 27.4 million equity shares worth ₹650 crore and offer for sale (OFS) of 2.1 million shares worth ₹50 crore. Founders Rishi Das and Meghna Agarwal are the promoters selling shareholders. 

 

Retail investors can bid for a minimum of one lot comprising 63 shares, requiring a minimum investment amount of ₹14,931 at the upper price band. 

 

The issue will close for subscription on Friday, July 25. The basis of allotment of shares is expected to be finalised on Monday, July 28. Shares will be listed on BSE and NSE tentatively on Wednesday, July 30.

 

According to the red herring prospectus (RHP), the company aims to utilise ₹462.6 crore from the net fresh issue proceeds for setting up new centres and ₹93 crore for repayment of debt. The remaining proceeds will be used for general corporate purposes.

 

MUFG Intime India, formerly Link Intime India, is the registrar of the public issue. ICICI Securities and JM Financial are the book-running lead managers.