Indiqube Spaces IPO GMP Trends On Day 1; Check Key Details
The mainboard IPO comprises a fresh issuance of 2.74 crore shares and its offer-for-sale (OFS) component of 21 lakh shares.
Indiqube Spaces Ltd. launched its initial public offering (IPO) on Wednesday, July 23, to raise Rs 700 crore from the primary market.
The mainboard issue opened to a lukewarm response across investor categories. However, the grey market premium for Indiqube Spaces IPO indicates a listing gain of nearly 10%.
The IPO of the Karnataka-based workspace solutions provider is a combination of a fresh issue of shares worth Rs 650 crore and an offer-for-sale (OFS) portion worth Rs 50 crore.
Indiqube Spaces IPO GMP On July 23
The grey market premium (GMP) for Indiqube Spaces IPO stood at Rs 23 per share at 2:30 p.m. on Wednesday. The latest GMP suggests a possible listing price of Rs 260 per share, according to InvestorGain. The GMP indicates an estimated listing gain of around 9.7% over the upper limit of the IPO price.
Note: GMP does not represent official data and is based on speculation.
Indiqube Spaces IPO Details
The Indiqube Spaces IPO price band has been fixed between Rs 225 and Rs 237 per share. The lot size is 63 shares, requiring a minimum investment of Rs 14,175 for retail investors.
The mainboard IPO comprises a fresh issuance of 2.74 crore shares and its offer-for-sale (OFS) component of 21 lakh shares.
On the first day of subscription, the IPO was booked 0.78 times till 4:12 p.m., as per the stock exchange data. The Qualified Institutional Buyers (QIBs) booked the issue 0.06 times, while the Non-Institutional Investors (NIIs) category was booked 0.64 times. The retail portion of the IPO was subscribed 3.13 times. The employee quota was booked 2.43 times.
Indiqube Spaces IPO subscription is open till July 25. The IPO share allotment status is scheduled to be finalised on July 28. Investors can expect refunds on July 29. The company will also transfer shares to the Demat accounts of the allottees the same day.
The company’s shares are expected to be listed on the NSE and BSE on July 30.
ICICI Securities is the lead manager for this IPO. MUFG Intime India (earlier Link Intime) is the issue registrar.
About Indiqube Spaces
Indiqube Spaces, founded in 2015, provides modern, sustainable workspace solutions. Formerly known as Innovent Spaces Pvt., it began operations in Uttar Pradesh, but moved to Karnataka in 2018.
Indiqube Spaces IPO: Use Of Proceeds
The company has proposed to use Rs 462.65 crore from the IPO funds to set up new centres. About Rs 93 crore will go toward repaying borrowings. The remaining portion of the funds will be used for general corporate purposes.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
