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IndiQube co-founders Rish Das and Meghna Agarwal
The IPO of IndiQube Spaces Limited, saw its retail and employee portions of the IPO getting fully subscribed within one hour.
As of 12:10 PM, in the Retail portion 46,59,291 shares have been bid for against 29,47,257 shared offered taking the retail subscription to 1.58 times.
In the employee portion bids for 1,06,848 shares have been placed against 69,767 shares offered taking the subscription to 1.53 times.
The IPO of IndiQube Spaces Limited opened earlier today and closes on Friday, July 25, 2025 with a price band of Rs 225 per equity share to Rs 237 per equity share of face value of Rs 1 each.
IndiQube raised Rs 314 crore from anchor investors. Some of the key anchor investors who were allocated equity shares are Aditya Birla Sun Life MF, Ashoka WhiteOak ICAV & WhiteOak Capital, Invesco India ELSS Tax Saver Fund, Bandhan Large & Mid Cap Fund, Motilal Oswal Large Cap Fund, Malabar India Fund & Malabar Midcap Fund.
In addition to the above, Max New York Life Insurance, Edelweiss MF, Baroda BNP Paribas, TOCU Europe III S.A R.L., Groww Mutual Fund, BNP Paribas Financial Markets, Citigroup Global Markets Mauritius Private Limited and Societe Generale were also allotted equity shares as anchor investors.
Out of the total allocation of 13,262,658 Equity Shares to the Anchor Investors; 8,932,571 Equity Shares (i.e. 67.35% of the total allocation to Anchor Investors) were allocated to 8 domestic mutual funds through a total of 21 schemes.
IndiQube reported a total income of Rs 1,103 crore in fiscal year 2025, recording a CAGR of 35% from fiscal year 2023. The company’s FY25 EBITDA stood at Rs 660 crore with an RoCE of 34.21%, cash EBIT margins of 10.81% with an occupancy rate of 86.50% in steady state centers.
As per IGAAP accounting standards, the company has been PAT Positive and has paid income tax to the tune of Rs 7.7 crore, and Rs 8.4 crore in FY24 & FY25 respectively. The company has also received a CRISIL A+ / Stable rating with consistent upgrades over the last 3 cycles.