Indiqube Spaces IPO Sees 87% Subscription on Day 1: A Detailed Analysis
The mainboard initial public offering (IPO) of workspace solutions provider Indiqube Spaces Ltd. has been subscribed 87% on its first day of bidding, marking a strong start to the IPO process.
In this article, we’ll take a closer look at the IPO details, price band, and what this means for Indian investors.
About Indiqube Spaces Ltd.
Indiqube Spaces Ltd. is a Bengaluru-based company that provides workspace solutions to businesses. The company has a strong track record of delivering high-quality services to its clients and has expanded its presence across several cities in India.
IPO Details
The Indiqube Spaces IPO is a mainboard offering that consists of a fresh issue of shares worth Rs 650 crore and an offer-for-sale portion of Rs 50 crore. The IPO lot size is 63 shares, and the price band has been fixed between Rs 225 and Rs 237 per share.
The IPO has been subscribed 87% as of 5 p.m. on the first day of bidding, with qualified institutional buyers (QIBs) subscribing 6%, non-institutional buyers subscribing 78%, and retail investors subscribing 3.41 times.
Objectives of the IPO
The company plans to utilise Rs 462.7 crore from the IPO proceeds to establish new centres and Rs 93 crore is allocated for partial or full repayment of borrowings. The remaining amount will be used for general corporate purposes.
Who is the Lead Manager for the IPO?
ICICI Securities is the lead manager for the Indiqube Spaces IPO, while MUFG Intime India is the issue registrar.
Listing Details
Shares of Indiqube Spaces are tentatively scheduled to be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) on July 30. The issue opens on July 23 and closes on July 25.
Grey Market Premium
The grey market premium (GMP) for the Indiqube Spaces IPO stood at Rs 14 as of 5:35 p.m. on July 23, according to InvestorGain. This implies a listing at a premium of 5.91% at around Rs 251.
It’s essential to note that the GMP is not an official indicator and is based on market speculation.
Conclusion
The Indiqube Spaces IPO has seen a strong subscription on its first day of bidding, with 87% of the issue being subscribed. The IPO is expected to be listed on July 30, and investors are eagerly waiting to see how the stock performs in the market.
In this article, we’ve provided a detailed analysis of the Indiqube Spaces IPO, including the IPO details, price band, and what this means for Indian investors. We hope this information has been helpful in making an informed decision about whether to invest in the IPO or not.
