IndiQube Spaces IPO Surpasses Expectations with Strong Response

IndiQube Spaces Ltd's IPO saw strong interest, with a subscription rate of 2.54 times on the second day of bidding. The IPO aims to raise Rs 700 crore, with substantial funds allocated for expanding operations and repaying debts. Shares are anticipated to list on July 30.

IndiQube Spaces Ltd's initial public offering (IPO) has witnessed robust demand, recording a subscription rate of 2.54 times on the second day of bidding, according to data from the NSE. The company has put 1,71,48,335 shares on the block, with received bids reaching 4,35,18,006 shares.

The segment targeted at Retail Individual Investors (RIIs) was notably enthusiastic, obtaining 6.90 times subscription. Meanwhile, the category for non-institutional investors reached 1.84 times, and the portion set aside for Qualified Institutional Buyers (QIBs) was subscribed 1.42 times. This IPO is intended to generate a total of Rs 700 crore before its closing on July 25, with the value per share priced between Rs 225 and Rs 237.

IndiQube plans to utilize a portion of the funds for capital expenses expanded across new locations, while a substantial amount will address debt repayments and other corporate requirements. Amid its growth trajectory, the company has scaled its operational footprint from 74 centres to an expansive 115 centres, servicing a diverse client base including major players like Siemens and Enphase.

(With inputs from agencies.)