[Update] IndiQube IPO: Issue Subscribed 2.5X On Day 2

Update | July 24,  6:30 PM

Workspace solutions provider IndiQube’s IPO was subscribed 2.5X on the second day, driven by strong demand from retail individual investors (RIIs).

On Day 2, the IPO received cumulative bids for 4.3 Cr shares against 1.71 Cr shares on offer. The RII portion saw the highest demand, oversubscribed 6.9X, with 2.14 Cr bids against 31 Lakh shares reserved.

Following RIIs, the employees’ segment witnessed 4.4X oversubscription, with 3.3 Lakh bids against 73,891 shares on offer.

The non-institutional investors (NIIs) segment was fully subscribed at 184%, receiving bids for 85.5 Lakh shares against 46.56 Lakh reserved.

By the end of Day 2, the qualified institutional buyers (QIBs) category was also oversubscribed at 1.4X, with bids for 1.32 Cr shares against 93.13 Lakh reserved.

Original | July 24,  12:27 PM

After closing the first day of its IPO with an overall subscription of 87%, workspace solutions provider IndiQube’s public issue was oversubscribed 1.37X by 11:15 AM on the second day, driven largely by strong demand from retail individual investors (RIIs).

The portion reserved for RIIs was oversubscribed 4.9X, with 1.53 Cr bids against 31 Lakh on offer.

Following this, the portion reserved for employees also saw an oversubscription of 3.5X. Employees made bids for 2.6 Lakh shares as against 73.8K shares reserved for them.

The non-institutional investors (NIIs) also made a complete subscription at 116%. 

NIIs placed bids for 54 Lakh shares compared to 46.5 Lakh shares reserved for them. 

The QIBs opted for 23.8 Lakh bids against 93.1 Lakh shares on offer, translating into 26% subscription. 

IndiQube’s INR 700 Cr IPO opened yesterday, comprising a fresh issue of INR 650 Cr and an offer for sale of INR 50 Cr. Both promoters, Rishi Das and Meghna Agarwal, will be divesting their stake via OFS, and post-listing, their stake will be diluted to 60% from 70% earlier.

Of the 650 Cr fresh issue, the company plans to deploy INR 462 Cr for capital expenditure for establishing newer centres and INR 93 Cr towards repayment of debt, while the remaining amount will be used for general corporate purposes.

IndiQube’s price band for the IPO was set between INR 225 and INR 237. At the upper end of the issue price, IndiQube was valued at a market capitalisation of INR 4,977 Cr (about $578 Mn). 

Founded in 2015, IndiQube is a managed office space provider that offers an ‘office in a box’ experience to clients, encompassing workspace design, interior build-out, and a plethora of B2B & B2C services by leveraging technology. It also offers value-added services to clients and their employees.

The company has grown at a CAGR of 35.17% between FY23 and FY25, with its value-added services (VAS) segment registering 40.6% growth in the same period. While its operating revenue rose 28% YoY to INR 1,059.3 Cr in FY25, the company continued to be loss-making ahead of its IPO. IndiQube’s net loss declined 60% YoY to INR 139.6 Cr.