Monitoring Agency Report for the quarter ended March 31, 2026, as per Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
INDIQUBE · price
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CRISIL Ratings Limited has submitted the monitoring agency report for Indiqube Spaces Limited's IPO proceeds utilization for Q4 FY2026. The IPO raised Rs 6,500 million in July 2025, with net proceeds of Rs 6,044.59 million after issue expenses. As of March 31, 2026, Rs 2,705.09 million (42%) has been utilized: Rs 892.29 million towards new center expansion, Rs 913.40 million for debt repayment, Rs 500.69 million for general corporate purposes, and Rs 398.71 million for issue expenses. Rs 3,794.91 million remains unutilized, parked in fixed deposits and bank accounts. The report notes a delay in capital expenditure implementation - the company planned to spend Rs 2,448.73 million by FY2026 but only spent Rs 1,392.98 million, attributed to lower operational requirements. No material deviations from the offer document were observed.
The slower-than-expected utilization of IPO funds for new center expansion indicates the company is taking a cautious approach to growth amid uncertain demand in flexible workspace solutions. The Rs 3.79 billion parked in fixed deposits earning 6-7% returns suggests funds are being deployed gradually, which could delay revenue growth from new centers but provides financial flexibility.