Monitoring Agency Report

August 12, 2026 BSE Limited, National Stock Exchange of India Limited, 20th Floor, P.J. Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai - 400001. Mumbai – 400 051 BSE Scrip Code: 544454 NSE Scrip Symbol: INDIQUBE Subject: Monitoring Agency Report for the quarter ended June 30, 2026, as per Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/ Ma’am, Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), we are enclosing herewith the Monitoring Agency Report for the quarter ended June 30, 2026, in relation to the Initial Public offer (IPO) of equity shares of the Company, as received from Monitoring Agency, CRISIL Ratings Limited on August 12, 2026. Further, as per the Listing Regulations, Monitoring Agency Report would also be available on the website of the Company i.e. https://indiqube.com/investor/ Kindly take the same on record. Thanking You, For Indiqube Spaces Limited Bhasker Dubey (Company Secretary & Compliance Officer) Indiqube Spaces Limited (formerly known as Indiqube Spaces Private Limited, Innovent Spaces Private Limited) info@indiqube.com Registered and Corporate Office: www.indiqube.com Plot # 53, Careernet Campus, Kariyammanna Agrahara Road, Devarabisanahalli, +91 9900092210 Outer Ring Road, Bangalore, Karnataka, India, 560103 CIN - L45400KA2015PLC133523 Monitoring Agency Report Indiqube Spaces Limited for the quarter ended June 30, 2026 CRL/MAR/INSPRI/2026-27/1855 August 12, 2026 Indiqube Spaces Limited Plot 53, Careernet Campus, Kariyammanna Agrahara Road, Devarabisanahalli, Outer Ring Road, Bengaluru – 560 103, Karnataka, India Dear Sir, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Initial Public Offer (“IPO”) of Indiqube Spaces Limited (“the Company”) Pursuant to Regulation 41 (2) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated July 03, 2025, enclosed herewith the Monitoring Agency Report, issued by Crisil Ratings Limited, Monitoring Agency, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds of IPO for the quarter ended June 30, 2026. Request you to kindly take the same on records. Thanking you, For and on behalf of Crisil Ratings Limited Shounak Chakravarty Director, Ratings (LCG) Report of the Monitoring Agency (MA) Name of the issuer: Indiqube Spaces Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: Crisil Ratings Limited (a) Deviation from the objects: Utilization different from Objects stated in the offer document but in line with change of objects approved by shareholders’ resolution. (b) Range of Deviation: 25-35% Declaration: We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013. The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit-related analyses. We confirm that we do not perceive any conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer. We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sections of the report under the title “Comments of the Board of Directors”, that shall be captured by the Issuer’s Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer’s Management/Board. Signature: Name and designation of the Authorized Signatory: Shounak Chakravarty Designation of Authorized person/Signing Authority: Director, Ratings (LCG) 1) Issuer Details: Name of the issuer: Indiqube Spaces Limited Names of the promoter: Mr. Rishi Das, Ms. Meghna Agarwal and Mr. Anshuman Das Industry/sector to which it belongs: Flexible workspace solutions service provider 2) Issue Details Issue Period: July 23, 2025, to July 25, 2025 Type of issue (public/rights): Initial Public Offer (IPO) Type of specified securities: Equity Shares IPO Grading, if any: NA Issue size: Rs 6,500.00 million* *Note: Particulars Amount (Rs. million) Gross proceeds 6,500.00# Less: Issue Expenses 455.41 Net Proceeds 6,044.59 #Crisil Ratings shall be monitoring the gross proceeds. 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information/ Comments certifications considered by Comments of the of the Particulars Reply Monitoring Agency for Monitoring Agency Board of preparation of report Directors Management undertaking, Peer-reviewed Independent Proceeds were Whether all utilization is as per Chartered Accountant utilized towards No the disclosures in the Offer Yes Certificate^, Prospectus dated capital expenditure comments Document? July 25, 2025 (hereinafter and issue expenses referred as “Offer document”), Bank Statements Whether shareholder approval Shareholder has been obtained in case of approval obtained material deviations from Yes for deviation in cost comments expenditures disclosed in the of objects. Refer to Offer Document? note 2 on page 7 Whether the means of finance for the disclosed objects of the issue No No comments comments has changed? Is there any major deviation observed over the earlier No No comments comments monitoring agency reports? Whether all Government/ statutory approvals related to the NA Management No comments comments object(s) have been obtained? undertaking, Peer-reviewed Whether all arrangements Independent Chartered pertaining to technical Accountant Certificate^ No NA No comments assistance/collaboration are in comments operation? Are there any favorable events improving the viability of these No No comments comments object(s)? Are there any unfavorable events affecting the viability of the No No comments comments object(s)? Is there any other relevant information that may materially No No No comments affect the decision making of the comments investors? NA represents Not Applicable ^Certificate dated August 10, 2026, issued by M/s S K Patodia & Associates LLP, Chartered Accountants (Firm Registration Number: 112723W/W100962), Peer-reviewed Independent Chartered Accountant. 4) Details of object(s) to be monitored: i. Cost of the object(s): Source of Original Comments of the Board of Directors information/ cost Revised Comment Particulars certification (as per the Sr. Cost of the Reason of Proposed of firm Item considered by Offer No. (Rs in Monitoring Cost financing arrangement Head MA for Document) million) Agency revision option s preparation of (Rs in made report [Showing first 8,000 characters — download PDF for full document]