IndiQube IPO Sees Strong Demand; Retail and Employee Portions Fully Subscribed Within One Hour

The Initial Public Offering (IPO) of IndiQube Spaces Limited witnessed a strong start, with the retail and employee categories fully subscribed within the first hour of opening. The IPO, which opened today, will close on Friday, July 25, 2025, and is priced in the range of ₹225 to ₹237 per equity share of face value ₹1 each.

As of 12:10 PM, the retail portion saw bids for 46,59,291 shares against 29,47,257 shares offered — a subscription of 1.58 times. Meanwhile, the employee segment received bids for 1,06,848 shares against 69,767 shares available, resulting in a 1.53 times subscription.

Prior to the public offering, IndiQube successfully raised ₹314 crore from anchor investors, including prominent names like Aditya Birla Sun Life MF, Ashoka WhiteOak ICAV, Invesco India ELSS Tax Saver Fund, Bandhan Large & Mid Cap Fund, and Malabar India Fund. Of the 13.26 million equity shares allocated to anchor investors, 67.35% were allotted to eight domestic mutual funds through 21 investment schemes.

Other notable anchor investors include Max New York Life Insurance, Edelweiss MF, Baroda BNP Paribas, groww Mutual Fund, BNP Paribas Financial Markets, Citigroup Global Markets Mauritius, and Societe Generale.

IndiQube has shown strong financial performance, reporting a total income of ₹1,103 crore in FY25, growing at a CAGR of 35% since FY23. The company recorded an EBITDA of ₹660 crore, with RoCE of 34.21%, cash EBIT margins of 10.81%, and an occupancy rate of 86.5% in steady-state centers.

As per IGAAP standards, IndiQube has been PAT positive for the last two financial years and paid income tax of ₹7.7 crore in FY24 and ₹8.4 crore in FY25. The company also enjoys a CRISIL A+ / Stable credit rating, reflecting strong financial stability and consistent performance.

The robust IPO response highlights investor confidence in IndiQube’s scalable business model and strong fundamentals as it looks to expand its footprint in India’s fast-evolving commercial real estate segment.

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