[Update] IndiQube IPO: Issue Subscribed 87% On Day 1 

Update | July 23, 6:10 PM

The IPO of IndiQube was subscribed 87% on the first day of bidding, with retail Individual investors (RIIs) leading the pack. 

Day 1 of the IPO saw cumulative bids for 1.5 Cr shares as against 1.71 Cr shares on offer.

The portion reserved for RIIs was oversubscribed 3.4X times, receiving bids for 1.05 Cr shares against 31 Lakh shares on offer. 

Alongside this, the employees segment was also oversubscribed 2.8X, with 2 Lakh bids against 73,891 on offer. 

The portion reserved for non institutional investors (NIIS) received bids for 36.52 Lakh shares as against 46.56 Lakh shares on offer, translating to 78% subscription. 

Similar to other recent new-age company IPOs opening day subscription, bidding by qualified institutional buyers (QIBs) remained tepid, with 5.4 Lakh bids received against a total reserve of 93.13 Lakh shares. This meant a 6% subscription on the QIB front.

Original | July 23, 12:14 PM

Workspace solution provider IndiQube’s IPO got off to a decent start, with the issue subscribed 23% till 11:15 AM on the first day of bidding.

According to the BSE data, the IPO received bids for 3.8 Lakh shares as against 1.71 Cr shares on offer.

The portion reserved for employees was oversubscribed 1.12X, with 82,871 bids against 73,891 on offer. 

Following this, the retail individual investors’ (RIIs) portion also saw complete subscription at 102%. RIIs made bids for 31 Lakh shares as against 31 Lakh shares reserved for them.

The non-institutional investors (NIIs) and qualified institutional buyers (QIBs) showed a tepid response during the early hours of the first day.

NIIs placed bids for 8.9 Lakh shares compared to 46.5 Lakh shares reserved for them, translating into a 19% subscription. The QIBs opted for a mere 882 bids against 93.1 Lakh shares on offer.

IndiQube’s INR 700 Cr IPO opened today (July 23), 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.

Just a day ago, the company underwent an anchor round to raise INR 314.3 Cr from eight domestic mutual funds, including Groww, Edelweiss, BNP Paribas, Aditya Birla Sun Life, and Motilal Oswal, among others.

IndiQube has set a price band of INR 225 to INR 237 for its IPO, and it is valued at a market capitalisation of INR 4,977 Cr (about $578 Mn) at the upper end of the issue price.

IndiQube’s Business

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.

At the end of FY25, the company was managing 8.40 Mn sq. ft. of space across 115 centres in 15 cities, with an 85.12% occupancy rate and a total capacity of 1.86 Lakh seats, serving 769 clients.

Of its occupancy, 63% comprises enterprises with 300+ seats, 23% is for 100-300 seats, and the remaining 13% is for enterprises with less than 100 seats. It counts the likes of Myntra, upGrad, Moglix, and Ninjacart, among others.

The pre-IPO shareholding pattern of IndiQube comprises 70% promoter shareholding, followed by WestBridge’s 27.9% stake, Ashish Gupta’s 0.9% stake, and ESOPs of 0.7%. Post-listing, the promoters will hold 60% stake, followed by WestBridge with 24.3% and Gupta with 0.8%.

IndiQube’s Financial Health

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.

IndiQube reported a revenue-to-rent ratio of 2.4 in 2025, up from 1.9 in 2023. The company operates under 10-20-year lock-in agreements with landlords, while its tenant lock-in period is three years.

IndiQube trailed its listed peers, Awfis and Smartworks, in terms of FY25 financial performance. Awfis posted a profit of INR 68 Cr on INR 1,207 Cr operating revenue during the year, while Smartworks reported a loss of INR 63.2 Cr on INR 1,374.1 Cr revenue.