Indiqube Spaces IPO
Indiqube Spaces Limited (INDIQUBE) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 30 July 2025.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +8.4% (likely range +1% to +18%), day's high +14.5%, chance of a gain 80%. Actual: -8.9% at the open, -5.9% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 93,13,334 | 13,36,68,801 | 14.4x | |
| NII (HNI) total | 46,56,666 | 3,85,32,438 | 8.27x | |
| Big NII (above ₹10 lakh) | 31,04,444 | 2,46,20,652 | 7.93x | |
| Small NII (₹2-10 lakh) | 15,52,222 | 1,39,11,786 | 8.96x | |
| Retail | 31,04,444 | 4,00,40,343 | 12.9x | |
| Employees | 73,891 | 5,04,378 | 6.83x | |
| Total | 1,71,48,335 | 21,27,45,960 | 12.4x |
Bids on NSE and BSE together, as published by NSE, as of 25 Jul 2025, 07:00 PM. Shares offered exclude the anchor portion. 16% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Indiqube Spaces's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Ircon InternationalSep 2018 | 12.3x | 4.92x | 10.1x | 9.90x | ₹806 Cr | -13.3% | -2.1% |
| Muthoot MicrofinDec 2023 | 17.5x | 13.2x | 7.61x | 11.5x | ₹1,009 Cr | -5.4% | -3.4% |
| Larsen & Toubro InfotechJul 2016 | 19.9x | 10.8x | 7.39x | 11.7x | ₹1,242 Cr | -6.1% | 0.0% |
| Zaggle Prepaid Ocean ServicesSep 2023 | 16.7x | 8.85x | 5.94x | 12.6x | ₹574 Cr | 0.0% | +7.3% |
| Signatureglobal (India)Sep 2023 | 12.7x | 13.5x | 6.82x | 11.9x | ₹794 Cr | +15.3% | +23.1% |
| Concord Enviro SystemsDec 2024 | 17.3x | 14.2x | 5.56x | 10.7x | ₹497 Cr | +17.8% | +22.7% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| ICICI Securities | 109 | +21.3% | 69% |
| JM Financial | 109 | +22.8% | 75% |
Offer documents (NSE)
Frequently asked
What is the Indiqube Spaces IPO price band and lot size? ₹225–237 per share, with a lot of 63 shares, so the smallest retail bid is ₹14,931.
How many times has it been subscribed? 12.4x overall: QIB 14.4x, NII 8.27x, retail 12.9x, employees 6.83x.
How did it list? It opened at ₹216, -8.9% against the issue price of ₹237, and closed its first day -8.0%.
