Monitoring Agency Report for the quarter ended March 31, 2026
INDIQUBE · price
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CRISIL Ratings Limited, the monitoring agency for Indiqube Spaces' IPO, has submitted its Q4 FY2026 report. The company raised Rs 6,500 million via IPO in July 2025 and has utilized Rs 2,705.09 million (41.6%) of gross proceeds as of March 31, 2026. Capital expenditure for new centers saw Rs 892.29 million deployed out of Rs 4,626.49 million allocated, while borrowings repayment of Rs 913.40 million was fully completed. A delay exists in capital expenditure deployment—the company planned Rs 2,448.73 million utilization for FY2026 but achieved only Rs 1,392.98 million due to lower operational requirements. Rs 3,794.91 million remains unutilized, parked primarily in fixed deposits earning 6.25-7.25% returns.
The slower-than-expected deployment of IPO proceeds for new center expansion suggests Indiqube is taking a cautious approach to expansion amid flexible workspace market conditions. The significant unutilized cash position provides financial flexibility but raises questions about growth timelines.