Day 3 of IndiQube IPO Sees 4.2x Subscription, Retail closes at 9.8x

On the last day of bidding, retail individual investors (RIIs) and non-institutional investors (NIIs) showed robust interest in workspace solutions provider IndiQube’s public issue, resulting in an overall subscription rate of 4.2X by 12:40 PM.

BSE data indicates that the IPO garnered cumulative bids for 6.9 Cr shares, while 1.71 Cr shares were available.  On Day 3, the RII portion experienced extraordinary demand, becoming oversubscribed by 9.8 times, with bids of 3 crore against 31 lakh shares set aside.

The segment for employees was in close proximity, achieving an oversubscription rate of 5.6X with 4.1 lakh bids for the 73,891 shares allocated.

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The NII segment saw a subscription rate of 3.9X, with bids totaling 1.85 Cr for the 46.5 Lakh shares available.  Qualified institutional buyers (QIBs) followed closely, exhibiting a 3X oversubscription.

QIBs bid for 2.7 crore shares, surpassing the 93.1 lakh shares allocated to them; foreign institutional investors constituted the majority of demand (2 crore shares), while domestic institutional investors represented only 5,985 shares.

The matter that started on July 23 will conclude today (June 25), and the company’s shares are anticipated to be listed on the stock exchanges on July 30.

It is crucial to highlight that 75% of the IPO offer was allocated for QIBs, 15% for NIIs, and the remaining 10% for retail investors.

On the first day, the issue was subscribed to at 87%, and by the second day of subscription, it became oversubscribed by 2.5 times.

IndiQube’s IPO, valued at INR 700 Cr, includes a fresh issue of INR 650 Cr and an offer for sale (OFS) of INR 50 Cr from promoters Rishi Das and Meghna Agarwal.  After the listing, their stake will decrease from 70% to 60%.

From the fresh issue of INR 650 Cr, INR 462 Cr will be allocated for new centres, INR 93 Cr will be used for debt repayment, and the remaining amount will address general corporate expenses.  With the IPO price set at INR 225–237 per share, IndiQube’s valuation reaches INR 4,977 Cr ($578 Mn) at the upper limit.

Incorporated in 2015, IndiQube provides managed office spaces through an ‘office in a box’ model, which encompasses workspace design, interior construction, and technology-driven B2B and B2C services that focus on employee value additions.

IndiQube experienced a 35.17% CAGR growth between FY23 and FY25, while its value-added services (VAS) segment grew by 40.6% during the same period.  In/her FY25, operating revenue rose by 28% compared