diff --git a/django_spanner/lookups.py b/django_spanner/lookups.py
index c2e642d26a..d9a54982f2 100644
--- a/django_spanner/lookups.py
+++ b/django_spanner/lookups.py
@@ -100,7 +100,10 @@ def iexact(self, compiler, connection):
         # lhs_sql is the expression/column to use as the regular expression.
         # Use concat to make the value case-insensitive.
         lhs_sql = "CONCAT('^(?i)', " + lhs_sql + ", '$')"
-        rhs_sql = rhs_sql.replace("%%s", "%s")
+        if not self.rhs_is_direct_value() and not params:
+            # If rhs is not a direct value and parameter is not present we want
+            # to have only 1 formatable argument in rhs_sql else we need 2.
+            rhs_sql = rhs_sql.replace("%%s", "%s")
     # rhs_sql is REGEXP_CONTAINS(%s, %%s), and lhs_sql is the column name.
     return rhs_sql % lhs_sql, params
 
diff --git a/tests/unit/django_spanner/test_lookups.py b/tests/unit/django_spanner/test_lookups.py
index 1931d255aa..53604691cc 100644
--- a/tests/unit/django_spanner/test_lookups.py
+++ b/tests/unit/django_spanner/test_lookups.py
@@ -283,3 +283,17 @@ def test_iexact_sql_query_case_insensitive_function_transform(self):
             + "CONCAT('^(?i)', CAST(UPPER(tests_author.name) AS STRING), '$'))",
         )
         self.assertEqual(params, ())
+
+    def test_iexact_sql_query_case_insensitive_value_match(self):
+
+        qs1 = Author.objects.filter(name__upper__iexact="abc").values("name")
+        compiler = SQLCompiler(qs1.query, self.connection, "default")
+        sql_compiled, params = compiler.as_sql()
+
+        self.assertEqual(
+            sql_compiled,
+            "SELECT tests_author.name FROM tests_author WHERE "
+            + "REGEXP_CONTAINS((UPPER(CONCAT('^(?i)', "
+            + "CAST(UPPER(tests_author.name) AS STRING), '$'))), %s)",
+        )
+        self.assertEqual(params, ("abc",))