On its second day of bidding, IndiQube Spaces’ ₹700 crore IPO was fully subscribed, largely due to the enthusiasm of retail investors. The overall subscription reached 2.5–2.7 times, with retail bids exceeding 7 times, showing strong market confidence in the Bengaluru-based managed workspace company’s growth potential.
IndiQube’s IPO, which involved a ₹650 crore fresh issue and a ₹50 crore offer-for-sale by promoters, was fully subscribed on Day 2. By 5 PM IST on July 24, it had received bids for approximately 4.35 crore shares against 1.62 crore shares on offer, indicating a subscription of 2.54x– 2.68x across reports.
Retail Investors Lead the Way
Retail investors oversubscribed their portion by a massive 5.8–7.3 times, outperforming other investor categories. Non-institutional investors (NIIs) saw 1.4 — 1.9x subscription, the employee quota was around 4.7x, while Qualified Institutional Buyers (QIBs) subscribed at 1.4 — 1.5x.
Grey Market Hint: Positive Premium
Unlisted shares of IndiQube were trading in the grey market at a premium of ₹14–23, or 6–10% above the ₹237 upper price band, suggesting positive expectations for the company’s stock on its listing day.
IPO Timeline & Use of Funds
- Subscription Window: July 23–25
- Allotment Date: Likely July 28
- Listing Date: Expected July 30 on BSE/NSE. IndiQube plans to use the ₹650 crore fresh issue proceeds to:
- Expand new centres: ₹462.6 crore
- Debt repayment: ₹93 crore
- General corporate purposes
Business Snapshot
As of March 2025, IndiQube operated 115 centres across 15 cities, managing 8.4 million sq. ft. and roughly 186,000 seats, with an occupancy rate above 85%. Before the IPO, the company raised ₹314.3 crore from 29 anchor investors at ₹237 per share.
Theflexinsights Take
The surge in retail investment shows strong confidence at the grassroots level in the growth of flexible workspace solutions. The grey market premium suggests a likely rise on the first day of listing. Keep an eye on how QIBs respond, as lower subscriptions from them could influence steady performance after listing.
