On the other hand, the Non-Institutional Investor (NII) category—which typically includes high-net-worth individuals and companies—has subscribed only 22% of their allotted shares. This suggests that while retail investors show decent enthusiasm, demand from larger investors remains relatively low at this stage.
One of the key highlights for IPO investors is the Grey Market Premium (GMP) — currently at Rs 23 per share, which suggests a potential listing gain of around 9.7% over the upper price band of Rs 237. While a positive GMP indicates healthy investor interest in the unlisted market, experts caution that GMP is speculative in nature and may change quickly before listing.
IPO Details
The price band for Indiqube Spaces’ IPO is set between Rs 225 and Rs 237 per share. Investors can bid for the shares in lots of 63, meaning a minimum investment of approximately Rs 14,931 (at the upper band).
The total issue size is Rs 700 crore, which includes:
- A fresh issue of Rs 650 crore, where the company will receive the proceeds
- An offer for sale (OFS) of Rs 50 crore, where existing shareholders are selling part of their stake
Indiqube Spaces has reserved 93,13,334 shares for Qualified Institutional Buyers (QIBs), 46,56,666 shares for Non-Institutional Investors (NIIs), and Retail Individual Investors shares for retail investors. An additional 73,891 shares have been allocated for employees.
ICICI Securities is the lead manager for the IPO, while MUFG Intime India (formerly Link Intime) is the issue registrar.
Use of Proceeds
The company plans to use Rs 462.65 crore from the IPO proceeds to set up new centres. About Rs 93 crore will go toward partial or full repayment of borrowings, while the remaining amount will be used for general corporate purposes.
About the Company
Founded in 2015, Indiqube Spaces (formerly Innovent Spaces Pvt. Ltd.) provides modern, sustainable workspace solutions. It began operations in Uttar Pradesh before relocating its base to Bengaluru in 2018.
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For FY25, the company reported revenue of Rs 1,102.93 crore, up 27% from Rs 867.66 crore in FY24. Net loss narrowed sharply to Rs 139.62 crore in FY25, compared to Rs 341.51 crore in the previous fiscal year.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
