The mainboard initial public offering of workspace solutions provider Indiqube Spaces Ltd. has been subscribed 87% on its first day of bidding on Wednesday.
The price band for the IPO has been fixed between Rs 225 and Rs 237 per share. The IPO worth Rs 700 crore includes 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 will run till Friday.
The company raised Rs 314 crore from anchor investors on Tuesday ahead of its IPO opening.
The Bengaluru-based company proposes 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. Meanwhile, the remaining amount will be used for general corporate purposes.
ICICI Securities is the lead manager for this IPO, while MUFG Intime India is the issue registrar. Shares of Indiqube Spaces are tentatively scheduled to be listed on the NSE and BSE on July 30.
IPO Details
Issue opens: July 23.
Issue closes: July 25.
Issue price: Rs 225-237.
Fresh issue: Rs 650 crore.
Offer for sale: Rs 50 crore.
Lot size: Minimum 63 shares.
Subscription Status: Day 1
The issue has been subscribed 0.87 times or 87% as of 5 p.m.
Qualified institutional buyers: 0.06 times or 6%
Non-institutional buyers: 0.78 times or 78%.
Retail investors: 3.41 times.
Portion reserved for employees: 2.83 times.
IPO GMP
The grey market premium for Indiqube Spaces IPO stood at Rs 14, as of 5:35 p.m. on July 23, according to InvestorGain. That implies listing at a premium of 5.91% at around Rs 251.
GMP or grey market price is not an official indicator and is based on market speculation.
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