IndiQube Spaces begins IPO subscription after strong anchor investor response
Workspace solutions provider IndiQube Spaces has opened its Initial Public Offering (IPO) subscription to the public starting today, with the window closing on Friday, July 25. Ahead of its public launch, the company raised over ₹314 crore from anchor investors, signalling strong market interest.
Founded in 2015, IndiQube Spaces has rapidly expanded to oversee a portfolio of 8.4 million square feet across 115 properties in 15 cities, with a total seating capacity of 186,719 as of March 2025. This represents significant growth from March 2023, when the company had 74 centres and 4.94 million square feet under management.
IPO Details and Valuation
The IPO price band has been set at ₹225 to ₹237 per share. At the upper end of the price band, the company’s valuation nears ₹5,000 crore. Through this IPO, IndiQube aims to raise:
- ₹650 crore via a fresh issue of shares
- ₹50 crore through an Offer for Sale (OFS) by promoters
- Proceeds from the IPO will be used to:
- Allocate ₹462.6 crore towards capital expenditure for setting up new centres
- Repay ₹93 crore in debt
- Cover general corporate expenses
Anchor Investor Allocation
Ahead of the IPO, IndiQube allocated 1.32 crore equity shares to anchor investors at ₹237 per share. Notable participants include:
Domestic Mutual Funds: 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, and Malabar Midcap Fund.
Institutional Investors: 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 Pvt Ltd, and Societe Generale.
WestBridge Capital, along with its group entities Aravali Investment Holdings, WestBridge AIF I, Konark Trust, and MMPL Trust, holds a pre-offer stake of 27.95% in IndiQube and will not dilute any shares in this IPO.
Grey Market Premium (GMP)
As of July 22, the grey market premium (GMP) for IndiQube stood at ₹23 per share. At the upper IPO price band of ₹237, shares are expected to list at ₹260, reflecting a premium of 9.7%, according to Investorgain data.
A New Chapter for IndiQube
This IPO marks a significant milestone in IndiQube’s journey from a Bengaluru-based startup in 2015 to a ₹5,000 crore valued workspace solutions leader. With strong anchor backing and robust financials, the company is poised to strengthen its position in India’s co-working and managed office space sector.
