ISIndiqube Spaces544454Routine SEBI update

Monitoring agency flags 25-35% deviation in IPO proceeds use, in line with approved change of objects

Indiqube Spaces shared the Monitoring Agency Report by Crisil Ratings for the quarter ended September 30, 2026, on how the IPO money has been used.

By ScoutQuest · Tue 3 Nov 2026, 7:47 PM IST · 2 min read

Deviation Range

25-35%

Issue Size / Gross Proceeds

Rs 6,500.00 million

Net Proceeds

6,044.59 (Rs. million); issue expenses 455.41 (Rs. million)

What this update is

Indiqube Spaces Ltd has submitted the Monitoring Agency Report prepared by Crisil Ratings Ltd for the quarter ended September 30, 2026, in relation to its Initial Public Offer of equity shares. After an IPO, a company appoints an independent monitoring agency to track, quarter after quarter, whether the money raised is being used for the purposes set out in the offer document. This report is that quarterly check.

What the agency has recorded

• On deviation from the objects: utilisation is different from the objects stated in the offer document, but it is in line with a change of objects approved by a shareholders' resolution.
• Range of deviation: 25-35%.

In simple terms, the money is not being spent exactly on the purposes originally printed in the offer document. The agency, however, links the changed use to a revised set of objects that shareholders have already approved by resolution.

The IPO and the money raised

• Type of issue: Initial Public Offer (IPO) of Equity Shares.
• Issue period: July 23, 2025, to July 25, 2025.
• Issue size: Rs 6,500.00 million.
• Gross proceeds: 6,500.00 (Rs. million).
• Less: issue expenses 455.41 (Rs. million).
• Net proceeds: 6,044.59 (Rs. million).
• Crisil Ratings monitors the gross proceeds.

The company

• Sector: flexible workspace solutions service provider.
• Promoters named in the report: Mr. Rishi Das, Ms. Meghna Agarwal and Mr. Anshuman Das.

How a retail investor can read this

A deviation entry is worth noting because it tells you the spending plan has shifted from what was originally stated. Here the shift is presented as consistent with a change of objects that shareholders approved, so it is not a case of the company acting outside an approved plan as described in this report. The 25-35% range is the agency's stated measure of how far utilisation sits from the original objects. A shareholder wanting to judge the impact can place that band next to the gross proceeds of Rs 6,500.00 million and the net proceeds of 6,044.59 (Rs. million) to see the size of the pool affected. The report is signed by Shounak Chakravarty, Director, Ratings (LCG), for and on behalf of Crisil Ratings Ltd.

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