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Indiqube Spaces IPO subscribed 2.8 times

Economic Times   Indiqube Spaces  

The initial public offering (IPO) of Bengaluru-based co-working space provider Indiqube Spaces was subscribed 2.8 times. The INR 700 crore issue comprises a fresh issue of INR 650 crore and an offer for sale (OFS) of INR 50 crore by existing shareholders.The IPO saw bids for 4,80,83,112 shares against the 1.71 crore shares on offer which included retail investors subscribing 7.74 times, Non-Institutional Investor (NII) segment subscribing 2.26 times and Qualified Institutional Buyers (QIBs) subscribing to their allocated quota by 1.42 times. The IPO price band is set between INR 22 -237 per share. ICICI Securities is acting as the lead manager for the issue.Indiqube plans to deploy INR 462.65 crore from the fresh issue proceeds to set up new workspaces. An additional INR 93 crore will be used to repay or prepay borrowings, while the balance will be allocated for general corporate purposes.Established in 2015 as Innovent Spaces Pvt. Ltd., Indiqube Spaces provides modern and sustainable office solutions.For FY25, the company posted a revenue of inr 1,102.93 crore, marking a 27% increase from INR 867.66 crore in FY24. The net loss narrowed to INR 139.62 crore in FY25, compared to INR 341.51 crore in the previous year.

Between Jun 2018 and Apr 2022, Indiqube had attracted about USD 28 M from WestBridge and others.