Key Quantitative Figures

IPO Proceeds Utilization (as of May 11, 2026):

  • Total IPO proceeds raised: ₹6,044.59 million (excluding issue expenses)
  • Amount utilized: ₹2,532.76 million (41.90% utilization)
  • Unutilized amount: ₹3,511.83 million

Original IPO Objects Allocation:

1. Funding capital expenditure for new centers: ₹4,626.49 million (unutilized: ₹3,507.82 million)

2. Repayment/pre-payment of borrowings: ₹913.40 million (fully utilized)

3. General corporate purposes: ₹504.70 million (₹4.01 million unutilized)

Proposed Variation in IPO Proceeds Allocation:

The company seeks to reallocate ₹1,870 million from Object 1 (new center capex) to four new objects:

  • Object 4: Funding security deposit for new centers - ₹520.00 million
  • Object 5: Funding capex towards fit-out and interior in non-Indiqube properties - ₹550.00 million
  • Object 6: Funding capex towards renewable power infrastructure - ₹160.00 million
  • Object 7: Capital deployment in strategic commercial real estate opportunities - ₹640.00 million

Revised allocation for Object 1 would reduce from ₹4,626.49 million to ₹2,756.49 million.

Executive Remuneration Revision:

For Mr. Rishi Das (Chairman, ED & CEO) and Ms. Meghna Agarwal (COO & ED):

  • Base Compensation: ₹26,400,000 per annum effective December 18, 2025
  • Annual increment cap: 20% of base compensation
  • Performance Linked Incentive: Up to 15% of base compensation annually
  • Valid for 3 years in case of inadequate or no profits

Financial Performance:

  • FY 2025-26 Revenue: ₹14,508.12 million
  • FY 2025-26 Loss before tax: ₹(1,356.46) million
  • FY 2025-26 Loss after tax: ₹(1,063.42) million

Dates of Action

  • Cut-off date for voting eligibility: May 22, 2026
  • Remote e-voting commencement: May 26, 2026 at 9:00 AM IST
  • Remote e-voting end: June 24, 2026 at 5:00 PM IST
  • Resolutions deemed passed on: June 24, 2026 (if approved)

Parties Involved

  • Registrar and Transfer Agent: MUFG Intime India Private Limited (MIIPL)
  • Scrutinizer: Ms. Varsha V Shenoy of VVS and Associates
  • Depositories: NSDL and CDSL

Purpose and Rationale

IPO Proceeds Variation:

The variation is proposed to align capital deployment with evolving market dynamics and strategic priorities. The company cites changing workspace industry trends, increased demand for sustainability solutions, and opportunities in fit-out services outside leased properties as key reasons for reallocation.

Executive Remuneration Revision:

The revision is based on significant contributions made by both executives toward company growth and performance, as recommended by the Nomination and Remuneration Committee.

Voting Requirements

  • Resolution 1 (IPO variation): Requires approval by majority of more than 90% of shareholding (number and percentage of shareholders voting)
  • Resolutions 2 and 3 (remuneration): Require special resolution approval (75% majority)
  • If Resolution 1 achieves 75% but not 90% approval, it will not be implemented

Shareholding Information

  • Mr. Rishi Das: 15.85% direct holding
  • Ms. Meghna Agarwal: 15.88% direct holding
  • Promoter and promoter group: 28.37% holding

Additional Information

  • The company has not committed any default in repayment of dues to banks or financial institutions
  • No foreign collaborations beyond FPIs/NRIs
  • Documents available for inspection until June 24, 2026 at cs.compliance@indiqube.com

Implementation Timeline

If approved, the varied IPO objects are expected to be utilized by Fiscal 2028:

  • Objects 1, 4, 5, 6: Full utilization in Fiscal 2027
  • Object 7: ₹320 million each in Fiscal 2027 and 2028