IndiQube Spaces IPO Sees Strong Demand, But Grey Market Premium Slides

The IPO of IndiQube Spaces, a Bengaluru-based workplace solutions provider, is gaining strong traction from investors. As of Day 3 (July 25), the IPO has been subscribed over 3 times, indicating strong interest across investor categories. However, a declining grey market premium (GMP) has raised questions about its listing potential.

Retail investors are leading the race, subscribing nearly 9 times their allotted quota, showcasing robust retail enthusiasm.

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Subscription Status on Day 3

According to NSE data as of 11:15 AM:

• Overall subscription: 3.14x the total issue size

• Retail investors: 8.9x subscribed

• Non-Institutional Investors (NIIs): 2.77x subscribed

• Qualified Institutional Buyers (QIBs): 1.42x subscribed

The ₹700 crore public issue has received over 5.37 crore bids against an offer of 1.71 crore shares.

The strong numbers reflect investor confidence, especially from the retail segment.

Grey Market Premium Slips Despite Heavy Demand

While the subscription figures look promising, the grey market premium (GMP) has cooled off significantly.

• Current GMP: ₹237 per share, just 4% above the IPO price

• Earlier GMP (before IPO opened): ~17%

This decline suggests muted listing expectations, even though the IPO is seeing healthy subscription.

Falling GMP may indicate caution among grey market participants, possibly due to valuation concerns or sector sentiment.

Should You Apply?

The IndiQube Spaces IPO is witnessing strong participation, especially from retail investors, which is a good sign. However, the sharp drop in GMP may be a signal for investors to proceed with caution.

Those considering a listing gain strategy should be aware of the volatile grey market sentiment. Long-term investors may look beyond the GMP and assess the company’s fundamentals and sector growth.

IndiQube Spaces has captured investor interest with 3x subscription on Day 3, driven mainly by retail investors. But the drop in grey market premium has tempered listing expectations, raising the question: Is this a sign to hold back or a long-term opportunity?

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