IndiQube Spaces IPO Surpasses Expectations with 12.33x Subscription

The initial public offering (IPO) of IndiQube Spaces Ltd proved to be a resounding success as it was subscribed 12.33 times by the end of the bidding process on Friday. The IPO attracted bids for 21,14,96,292 shares, significantly exceeding the 1,71,48,335 shares on offer, per the data from the National Stock Exchange (NSE).

The offering generated notable interest among Qualified Institutional Buyers, achieving a 14.35 times subscription rate, while Retail Individual Investors contributed with a 12.55 times subscription. Non-Institutional Investors also showed enthusiasm with an 8.24 times subscription rate. Earlier this week, IndiQube Spaces announced collecting over Rs 314 crore from anchor investors.

The Bengaluru-based company's Rs 700-crore IPO came with a price band of Rs 225-237 per share, pushing its valuation to nearly Rs 5,000 crore at the top end. The proceeds from the fresh issue, totaling Rs 650 crore, along with an additional Rs 50 crore from an Offer-for-Sale (OFS), will fund capital expenditure for new centers, debt repayment, and general corporate purposes. The company's shares are set to be listed on July 30 on both the BSE and NSE.

(With inputs from agencies.)