IndiQube Spaces IPO subscribed 87% on Day 1; retail, NII lead - check latest GMP

IndiQube Spaces IPO sees robust subscription.

IndiQube Spaces initial public offering (IPO) was subscribed 87 percent on the first day of share sale in the primary market, driven by strong interest from retail and non-institutional investors.

The Rs 700-crore Workplace solutions company IndiQube Spaces initial share sale saw saw robust demand from the retail individual investors' segment which received 3.41 times subscription. The non-institutional investors portion was subscribed 78 percent, while the portion reserved for qualified institutional buyers was subscribed 6 percent.

Earlier, the company raised over Rs 314 crore from anchor investors

According to websites tracking the grey market activities, the shares of the company are commanding a GMP of about 10 percent in the unregulated market. Investorgain quoted a GMP of Rs 23 for the shares of the company, indicating a listing gain of 9.7 percent.

The IPO of the Bengaluru-based firm opened for public subscription on July 23 and conclude on July 25. The price band has been set at Rs 225 to Rs 237 per share. At the upper end of the price band, the company's valuation is nearly Rs 5,000 crore.

The company, which was incorporated in 2015, manages a portfolio of 8.40 million sq ft across 115 properties in 15 cities with a total seating capacity of 1,86,719 as of March 2025. This was a growth from 74 centres and 4.94 million Sq ft in March 2023.

The equity shares will be listed on July 30 on the BSE and NSE, while the allotment is expected on July 28.