Stop - not so fast :)
First, it was not clear from your original post that you need to update the cell value immediately when the value in the NumericUpDown control is changed. Generally, when you edit a cell in iGrid, an editor is placed over the current cell and the new value is saved only when you press ENTER or click outside of the edited cell. This allows you to cancel editing and provides you with the corresponding set of events related to editing (BeforeCommitEdit, AfterCommitEdit, CancelEdit). What you are doing is somewhat different to what we do in iGrid, but if it is exactly what you need - do this.
Second, I do not like the code in your ValueChanged event handler in which you find the edited cell to change its value. You enumerate all cells in iGrid to find the edited cell, but there is a better, simpler and faster way. You can use the iGrid.CurCell property to retrieve the current cell which is currently being edited instead of your loops and the first If check for the sender. Does it work for you?