[Update] IndiQube IPO Closes With 12.4X Oversubscription

Update | July 25, 7 PM 

The IPO of workspace solutions provider IndiQube closed with an oversubscription of 12.4X, with investors bidding for 21.2 Cr shares as against 1.71 Cr shares on offer.

The qualified institutional buyers’ (QIBs) made a last-minute dash for the IPO, emerging as the most subscribed category at 14.3X. The portion received bids for 13.3 Cr shares against the 93.1 Lakh shares on offer.

In this, the highest interest was shown by foreign institutional investors (FIIs), who placed bids for 6.7 Cr shares. Response from domestic financial institutions and mutual funds was comparatively less, as each of them bid for 2.3 Cr shares, respectively.

Closely behind QIBs were retail individual investors. The portion reserved for retail investors was subscribed the most at 12.8X, getting bids for 3.9 Cr shares against the 31 Lakh shares on offer. 

Non-institutional investors (NIIs) trailed retail investors in terms of subscription. They placed bids for 3.8 Cr shares as against the 46.5 Lakh shares reserved for them, translating to 8.2X subscription.

The portion reserved for employees saw 6.8X subscription, receiving bids for 5 Lakh shares against the 73,891 shares on offer. 

Original | July 25, 1:07 PM

Workspace solutions provider IndiQube’s public issue witnessed strong demand from retail individual investors (RIIs) and non-institutional investors (NIIs) on the final day of bidding, pushing the overall subscription to 4.2X as of 12:40 PM.

As per BSE data, the IPO received cumulative bids for 6.9 Cr shares against 1.71 Cr shares on offer. The RII portion saw exceptional demand on Day 3, getting oversubscribed 9.8X, with 3 Cr bids against 31 Lakh shares reserved.

The employees’ segment followed closely behind, recording an oversubscription of 5.6X with 4.1 Lakh bids against 73,891 shares allocated.

The NII portion was subscribed 3.9X, receiving 1.85 Cr bids against 46.5 Lakh shares on offer. Close behind were qualified institutional buyers (QIBs), with a 3X oversubscription.

QIBs placed bids for 2.7 Cr shares against 93.1 Lakh shares earmarked for them, with the bulk of demand coming from foreign institutional investors (2 Cr shares), while domestic institutional investors accounted for just 5,985 shares.

The issue, which began on July 23, will close today  (June 25), and the company’s shares are expected to list on the bourses on July 30. 

It is vital to note that 75% of the IPO offer was reserved for QIBs, 15% was for NIIs, and the remaining 10% was reserved for retail investors.

On the first day, the issue was subscribed 87% which got oversubscribed 2.5X by the second day of subscription.

IndiQube’s INR 700 Cr IPO comprises a fresh issue of INR 650 Cr and an INR 50 Cr offer for sale (OFS) by promoters Rishi Das and Meghna Agarwal. Post-listing, their stake will drop to 60% from 70%.

Of the INR 650 Cr fresh issue, INR 462 Cr will fund new centres, INR 93 Cr will go towards debt repayment, and the rest will cover general corporate expenses. The IPO is priced at INR 225–237 per share, valuing IndiQube at INR 4,977 Cr ($578 Mn) at the upper band.

Founded in 2015, IndiQube offers managed office spaces with an ‘office in a box’ model, covering workspace design, interior build-outs, and tech-driven B2B and B2C services, including employee-focused value additions.

Between FY23 and FY25, IndiQube grew at a 35.17% CAGR, with its value-added services (VAS) segment growing 40.6% during this period. In FY25, operating revenue climbed 28% YoY to INR 1,059.3 Cr, while net loss narrowed 60% YoY to INR 139.6 Cr, keeping the company loss-making ahead of its IPO.