IndiQube Spaces IPO Day 3: GMP, Price Band, Key Dates, Subscription Status and Other Details

The Rs700-crore public issue of Bengaluru-based workspace provider IndiQube Spaces is set to close on a strong note today. As of early afternoon on Day 3, the IPO saw nearly three times subscription, buoyed primarily by robust demand from retail and non-institutional investors.

IndiQube, known for its pan-India footprint in managed office spaces, is looking to tap into public markets to expand its business and pare debt. The IPO includes a fresh issue worth Rs 650 crore and an offer for sale (OFS) of Rs 50 crore by the promoters.

IndiQube Spaces IPO Day: Price Band

The price band for the IPO has been fixed at Rs 225 to Rs 237 per equity share, with a minimum application size of 63 shares — translating to a retail investment of Rs 14,931 at the upper end.

IndiQube Spaces IPO Day: Grey Market Premium

Indiqube Spaces IPO's last Grey Market Premium (GMP) is Rs 5 as of 1:53 PM on July 25, 2025. Given the IPO price band of Rs 225-237 and the upper band price of Rs 237, the estimated listing price, calculated as the cap price plus today's GMP, is approximately Rs 242. This implies an expected percentage gain per share of about 2.11%.

Also Read: Indiqube Spaces IPO Opens Today: GMP, Price Band, Key Dates & Other Details You Should Know | Republic World

IndiQube Spaces IPO Day: Subscription status 

On the final day of bidding, the retail portion was subscribed around eight times, while the overall subscription hovered around 2.9 to 3 times. Institutional interest remained moderate, with Qualified Institutional Buyers (QIBs) covering their portion close to 1.4 times.

Ahead of the issue opening, IndiQube raised Rs 314 crore from anchor investors, lending early credibility to the offering.

IndiQube Spaces IPO Day: Usage of proceeds

The company plans to use a major portion of the fresh issue proceeds — nearly Rs 463 crore — for expansion across existing and new markets. Another Rs 93 crore has been earmarked for repaying or prepaying debt, with the remaining funds set aside for general corporate purposes.

IndiQube Spaces IPO Day: Key dates to watch out

The IPO opened on July 23 and closes on July 25. The allotment of shares is likely to be finalised on July 28. Refunds to non-allottees will be initiated on July 29, with shares credited to demat accounts the same day. The company is expected to list on both the BSE and NSE on July 30.

About the company

Founded in 2015, IndiQube has grown into a key player in India’s flexible workspace segment. It operates over 115 centres across 15 cities, managing approximately 8.4 million square feet of workspace with a seating capacity exceeding 187,000. Its clientele includes startups, unicorns, and large enterprises.