IndiQube's IPO was subscribed 23% by 11:15 AM on Day 1, with strong participation from retail and employee segments.

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The employee portion was oversubscribed at 112%, receiving 82,871 bids for 73,891 shares, while retail was fully subscribed at 102%.

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Non-institutional investors subscribed only 19%, and QIBs submitted just 882 bids for 93.1 lakh shares, showing a slow start.

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The IPO totals ₹700 crore, including a fresh issue of ₹650 crore and an OFS of ₹50 crore by promoters Rishi Das and Meghna Agarwal.

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₹462 crore from the fresh issue will be used for expansion, ₹93 crore for debt repayment, and the rest for general corporate purposes.

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IndiQube ended FY25 managing 8.4 million sq. ft. across 115 centers in 15 cities with 85.12% occupancy and over 769 clients.

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The startup’s FY25 revenue grew 28% YoY to ₹1,059.3 crore, but it posted a net loss of ₹139.6 crore despite improved financial metrics.

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Compared to peers, IndiQube lags in profitability; Awfis earned ₹68 crore profit in FY25 while Smartworks reduced its losses to ₹63.2 crore.

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