Indiqube Spaces Ltd

Indiqube Spaces Ltd was founded in 2015 and offers managed and sustainable workplace solutions to prepare traditional offices for dynamic business models. These include hubs, branches, meeting rooms, conference facilities etc. Apart from the workspaces, Indiqube Spaces Ltd also offers B2B and B2C value added services to clients. The company currently manages 115 centres spanning 15 cities with 8.40 million SFT of Area under Management. 

The fresh funds will be used for funding capex towards setting up new centres, and for repayment of borrowings. The promoters of Indiqube Spaces Ltd are Rishi Das, Meghna Agarwal, and Anshuman Das. The IPO will be lead managed by ICICI Securities and JM Financial; while MUFG Intime India Private Ltd (formerly Link Intime) will be the IPO registrar. The company is headquartered in the city of Bengaluru in Karnataka. 

Highlights of the IPO Issue

Here are the key highlights of the public issue of Indiqube Spaces Ltd. 

1. The IPO of will be open from July 23rd, 2025 to July 25th, 2025. It  has a face value of ₹1 per share and the IPO price band has been set in the range of ₹225 to ₹237 per share.
2. The IPO of Indiqube Spaces Ltd will be a combination of a fresh issue of shares and offer for sale (OFS) component.
3. The fresh issue portion of the IPO comprises the issue of 2,74,26,160 shares (274.26 lakh shares), which at the upper price band of ₹237 per share translates into ₹650.00 crore.
4. The offer for sale (OFS) portion of 21,09,704 shares (21.10 lakh shares), which at the upper price band of ₹237 per share translates into OFS size of ₹50.00 crore.
5. The overall IPO will comprise of a fresh issue and OFS of 2,95,35,864 shares (295.36 lakh shares) worth ₹700.00 crore at the upper band price of ₹237 per share. 

The IPO of Indiqube Spaces Ltd will be listed on the NSE and the BSE on the IPO mainboard. 

Key Dates, Investor Allocation, And Lot Sizes

Here are the key dates pertaining to the IPO of Indiqube Spaces Ltd 

Data Source: Company RHP 

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).  

The table below captures the gist of the allocation to various categories. 

Data Source: Security Parameters Filing (NSE) 

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Here is a quick look at the lot sizes applicable for the IPO of Indiqube Spaces Ltd for various categories of investors. 

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. 

Financial Highlights

The table captures the key financials of Indiqube Spaces Ltd for last 3 financial years.  

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period) 

Since the company has been persistently loss-making, the ratios may not give a very reflective picture of the performance of the company. 

Valuation Metrics of IPO

Indiqube Spaces Ltd is a company that is persistently making losses and even the equity has eroded into negative. Hence, one has to look at the business model merits rather than on the financial numbers. There are some key takeaways from the business model, which investors can take a close look at. 

Indiqube Spaces Ltd is a leading player in India in the flexible office workspace arena. It has the leadership ecosystem to manage this business despite the rapid cash burn. That is expected to stabilize in the next few quarters. The company has also relied on an inorganic approach, which is likely to make its model in space solutions a lot more flexible and scalable. Investors will have to purely look at the business model and take a long term view of this IPO for investment purposes.  

A Brief On The Anchor Allocation Of Indiqube Spaces Ltd

The anchor issue of Indiqube Spaces Ltd saw a relatively strong response on 22nd July 2025 with 43.61% of the IPO size absorbed by anchors. Out of 3,04,10,993 shares (304.11 lakh shares) on offer, anchors picked up 1,32,62,658 shares (132.63 lakh shares) accounting for 43.61% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹237 per share. This includes the face value of ₹1 per share plus a share premium of ₹236 per share. The anchor bidding opened and closed on 22nd July 2025.  

Key Points To Note In The Anchor Allocation Process

Here are the key details pertaining to the anchor bidding of Indiqube Spaces Ltd 

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery. 

Anchor Allocation Investors

On 22nd July 2025, Indiqube Spaces Ltd allotted 1,32,62,658 shares to 29 anchor investors. The allocation was done at the upper IPO price band of ₹237 per share which resulted in overall anchor allocation of ₹314.33 crore. The anchors have already absorbed 43.61% of the total issue size of ₹720.74 crore. Listed below are top-10 anchor investors in the IPO who accounted for anchor collection of ₹229.54 crore or 73.03% of total anchor allocation. 

Data Source: BSE Filings (Value Allocated in ₹ in Crore) 

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below. 

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20250722-44&attachedId=ad5fefe8-5d12-4779-991c-8dbafae33153 

Out of the 1,32,62,658 shares allocated to the anchors in the IPO, a total of 89,32,571 shares were allocated to domestic mutual funds registered with SEBI. This allocation was spread across 21 mutual fund schemes belonging to 8 asset management company (AMCs). The mutual fund allocation in the anchor portion amounted to 67.35% of total anchor size. 

Next Steps In The Indiqube Spaces Ltd IPO

Post the closure of the IPO subscription on 25th July 2025, the basis of allotment will be finalized on 28th July 2025 and the refunds will be initiated on 29th July 20254. In addition, the demat credits are expected to also happen on 29th July 2025 and the stock will list on 30th July 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 29th July 2025 under ISIN (INE06ST01018). 

IPO Subscription Status On Day-1

As of 6.00 pm on 23rd July 2025, out of the 171.48 lakh shares on offer in the IPO (excluding anchor portion), Indiqube Spaces Ltd saw bids for 150.03 lakh shares. This implies an overall subscription of 0.87X at a macro level. The granular break-up of subscriptions as of the close of the first day of the IPO of Indiqube Spaces Ltd was as under: 

The subscriptions were led by the Retail investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of QIB bids. Both the QIB and the NII bids pick momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the bulk QIB bids come in. Here are the details of the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-1 of the IPO) 

The IPO is open up to July 25, 2024, at which point we will know the final subscription status of the IPO. 

Next Steps In The IPO

The basis of allotment will be finalized on 28th July 2025 and the refunds will be initiated on 29th July 2025. In addition, the demat credits are expected to also happen on 29th July 2025 and the stock will list on 29th July 2025 on the NSE and the BSE. Credits to demat account will happen by the close of 29th July 2025 under ISIN (INE06ST01018). 

IPO Subscription Status On Day-2

As of 5.20 pm on 24th July 2025, out of the 171.48 lakh shares on offer in the IPO (excluding anchor portion), Indiqube Spaces Ltd saw bids for 435.19 lakh shares. This implies an overall subscription of 2.54X at a macro level. The granular break-up of subscriptions as of the close of the first day of the IPO of Indiqube Spaces Ltd was as under: 

The subscriptions were led by the Retail investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also in the case of QIB bids. Both the QIB and the NII bids pick momentum on the last day since that is when the bulk HNI funding bids, corporate bids and the bulk QIB bids come in. Here are the details of the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-2 of the IPO) 

The IPO is open up to July 25, 2024, at which point we will know the final subscription status of the IPO. 

Next Steps In The Indiqube Spaces Ltd IPO

The basis of allotment will be finalized on 28th July 2025 and the refunds will be initiated on 29th July 2025. In addition, the demat credits are expected to also happen on 29th July 2025 and the stock will list on 29th July 2025 on the NSE and the BSE. Credits to demat account will happen by the close of 29th July 2025 under ISIN (INE06ST01018). 

IPO Subscription Status On Day-3

As of 7.15 pm on 25th July 2025, out of the 171.48 lakh shares on offer in the IPO (excluding anchor portion), Indiqube Spaces Ltd saw bids for 2,127.46 lakh shares. This implies an overall subscription of 12.41X at a macro level. The granular break-up of subscriptions as of the close of Day-3 of the IPO of Indiqube Spaces Ltd was as under: 

The subscriptions were led by the QIB Investors followed by the Retail investors and the HNI / NII investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that was the case in this issue also. Both the QIB and the NII bids picked up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids comes in. Here are the details of the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-3 of the IPO) 

The IPO has closed for subscription as of July 25, 2024, and the data shown in the above table is the final subscription at the close of the IPO. 

Next Steps In The Indiqube Spaces Ltd IPO

The basis of allotment will be finalized on 28th July 2025 and the refunds will be initiated on 29th July 2025. In addition, the demat credits are expected to also happen on 29th July 2025 and the stock will list on 29th July 2025 on the NSE and the BSE. Credits to demat account will happen by the close of 29th July 2025 under ISIN (INE06ST01018). 

Checking The Allotment Status on BSE Website

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.  

https://www.bseindia.com/investors/appli_check.aspx 

Once you reach the page, here are the steps to follow. 

1.  Under Issue Type – Select Equity Option 
2. Under Issue Name – Select Indiqube Spaces   from the drop down box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip .OR. 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once this is done, you need to click on the Captcha to verify you are not a robot 
6. Finally click on the Search Button 

You can use either of the parameters to query; Application / CAF number or Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Indiqube Spaces allotted into your demat account. You can save a screenshot of the allotment status output for subsequently verifying with the demat account credits. 

Checking Allotment Status on MUFG Intime India Private Limited

Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below: 

https://in.mpms.mufg.com/Initial_Offer/public-issues.html 

There are 4 options available to you to access the allotment status, and you can use any of these options to query.   

1. You can use PAN access. Enter the 10 character alphanumeric income tax permanent account number (PAN). Make it a point to verify your PAN before entering.
2. The second option is to use Application Number / CAF to query the allotment status in the IPO. The application / CAF number is available on the acknowledgement slip.
3. You can use DPID-Client ID combination. For NSDL combination is alphanumeric, while for CDSL, combination is numeric. This is available in your demat statement.
4. You can also query by the combination of your bank account number and IFSC number provided as the IPO mandate bank. It is available on your cheque book. 

Finally, click on the SUBMIT button.  

In case, you have any issues with the output, register an investor query with Link Intime India Private Ltd. You can either send an email with all requisite details and problem to [email protected] or you can call on (0)-81081-14949 for voice call. 

Next Steps In The Indiqube Spaces Ltd IPO

With the basis of allotment finalized on 28th July 2025, the refunds will be initiated on 29th July 2025. In addition, the demat credits are also expected to happen on 29th July 2025 and the stock will list on 30th July 2025 on the NSE and the BSE. Credits to demat account will happen by the close of 29th July 2025 under ISIN (INE06ST01018). 

Disappointing Listing For Indiqube Spaces Ltd

Indiqube Spaces Ltd had a disappointing listing on 30th July 2025. On the NSE, the stock of Indiqube Spaces listed at ₹216, a discount of -8.86% to the IPO price of ₹237 per share. The issue was subscribed 12.41 times in the IPO, but the stock sentiments remained weak. 

On the BSE also, the listing of Indiqube Spaces Ltd was quite disappointing. Against the issue price of ₹237 per share, the stock listed at ₹218.70, a discount of -7.72% to the issue price. The stock of Indiqube Spaces Ltd is on T+1 rolling settlement system. 

How The Stock of Indiqube Spaces Ltd Moved During The Day?

After opening lower at ₹216 per share on the NSE, the stock stayed under the IPO price through the day. During the day, the stock of Indiqube Spaces Ltd touched a high of ₹222.97 and an intraday low of ₹201.60. On the NSE, the upper circuit band of the stock is set at ₹259.20 while the lower circuit band is set at ₹172.80 per share. 

What about the BSE? After opening lower at ₹218.70 per share on the NSE, the stock stayed under the IPO price through the day. During the day, the stock of Indiqube Spaces Ltd touched a high of ₹222.75 and an intraday low of ₹201.55. On the BSE, the upper circuit band of the stock is set at ₹261.45 while the lower circuit band is set at ₹174.35 per share. 

How Did the Stock Close On Listing Day?

Here is how the stock of Indiqube Spaces Ltd closed on the NSE. The closing price of ₹218 per share is at a discount of -8.02% to the IPO issue price but a small premium of +0.93% to the listing price of ₹216 per share on the NSE. The company had a market cap of ₹4,578 crore at close. During the day, the stock of Indiqube Spaces Ltd traded 103.51 lakh shares on the NSE, having a total traded value of ₹220.85 crore. 

Here is how the stock of Indiqube Spaces Ltd closed on the BSE. The closing price of ₹217.90 per share is at a discount of -8.06% to the IPO issue price and a discount of -0.80% to the listing price of ͭ218.70 on the BSE. The company had a market cap of ₹4,576 crore as of close. During the day, the stock of Indiqube Spaces Ltd traded 9.55 lakh shares on the BSE, having a total traded value of ₹20.38 crore. Deliveries were 45.5% on NSE and 34.1% on BSE. 

The stock trades under the codes: BSE (INDIQUBE), NSE (544454), ISIN (INE06ST01018).