IndiQube IPO opens on July 23; check price band, lot size, allotment-listing dates & more

IndiQube Spaces, a provider of workplace solutions, is set to launch its initial public offering (IPO) worth Rs 700 crore. The IPO, available for subscription from July 23 to July 25, has a price band set between Rs 225 and Rs 237 per share. Investors can bid in lots of 63 shares. The issue comprises a fresh issue of shares totaling Rs 650 crore and an offer for sale (OFS) component worth Rs 50 crore, with bids from anchor investors opening a day earlier on July 22.

The primary objectives of the IPO are to channel Rs 426.6 crore towards capital expenditure, Rs 100 crore for debt repayment, and the remaining for general corporate purposes. Promoters Rishi Das and Meghna Agarwal will each offload shares worth Rs 25 crore through the OFS. Established in 2015, the company has grown significantly in the workplace technology stack sector with MiQube, facilitating services like booking meeting rooms and ordering meals.

Operating in 15 cities across India, including major Tier I cities, IndiQube manages 103 centres spanning 7.76 million square feet with 172,451 seats. The company has rapidly expanded, adding 41 properties and entering five new cities between March 2022 and June 2024. In the fiscal year ending March 31, 2025, IndiQube reported a 27% increase in revenue and a 59% surge in profit after tax compared to the previous year.

ICICI Securities and JM Financial are the book-running lead managers for this IPO, with MUFG Intime India (Link Intime) serving as the registrar. Shares are expected to list on the BSE and NSE.

The competitive landscape for IndiQube includes other key players in the co-working and managed office space industry. The company's robust growth and strategic expansion have positioned it well in the market.

Important dates for the IPO include the opening on July 23, closing on July 25, with the basis of allotment expected shortly after. The initiation of refunds and credit of shares to demat accounts will follow the allotment.