Issuer & Issue Details

Promoters: Sandeep Jain, Sanjeev Jain, Akums Master Trust

Sector: Pharmaceuticals

Issue Period: July 30, 2024 to August 1, 2024

Type of Issue: Initial Public Offer (IPO)

Type of Securities: Equity Shares

Gross Proceeds: ₹6,800.00 million

Revised Offer Expenses: ₹378.21 million (as per board resolution dated February 13, 2026, revised down from ₹426.30 million in the prospectus)

Net Proceeds: ₹6,421.80 million

Issue Expenses Paid (as of June 30, 2026): ₹377.23 million

Unutilized Issue Expenses in Public Offer Account: ₹0.98 million

Key Quantitative Figures & Utilization Progress

CRISIL Ratings Limited, the Monitoring Agency, confirms that all Net Proceeds (₹6,421.80 million) have been fully utilized as of June 30, 2026, with zero unutilized amount. The utilization against each object is detailed below:

| Object of Issue | Amount as per Offer Document (₹ million) | Revised Amount (₹ million) | Amount Utilized by QE Jun-26 (₹ million) | Quarter of Full Utilization |

| Repayment of Company indebtedness | 1,599.10 | NA | 1,599.10 | Sep-24 |

| Repayment of Subsidiaries' indebtedness* | 2,270.90 | NA | 2,270.90 | Dec-24 |

| Funding incremental working capital | 550.00 | NA | 550.00 | Mar-25 |

| Pursuing inorganic growth initiatives | 278.70 | 301.80 | 301.80 | Jun-26 |

| General corporate purposes (GCP) | 1,675.00 | 1,700.00 | 1,700.00 | Jun-26 |

| Net Proceeds | 6,373.70 | 6,421.80 | 6,421.80 | - |

*Subsidiaries: Maxcure Nutravedics Limited and Pure and Cure Healthcare Private Limited.

Details of Fund Reallocation

A reallocation of ₹48.10 million was approved by the Board of Directors via a resolution dated February 13, 2026. This amount represented unutilized issue expenses and was reallocated as follows:

  • ₹25.00 million to General Corporate Purposes (GCP)
  • ₹23.10 million to Pursuing inorganic growth initiatives

This reallocation increased the Net Proceeds from the original ₹6,373.70 million to ₹6,421.80 million.

Specifics of Inorganic Growth Initiative

For the object 'Pursuing inorganic growth initiatives through acquisitions,' the company purchased Land & Building to set up an R&D unit in Maharashtra. The total agreement sale value was ₹249.50 million. The payment schedule was:

  • First Instalment (Mar-25 quarter): ₹197.30 million paid from IPO proceeds.
  • Final Instalment (Sep-25 quarter): ₹52.20 million paid (₹32.57 million paid by company, remainder funded through internal accruals).
  • Reimbursement (Jun-26 quarter): The company took a final reimbursement of ₹23.10 million from the IPO proceeds upon closure of the transaction.

Deployment of Unutilized Proceeds

The total balance in the public offer account is ₹58.07 million. Out of this, the company's share pertaining to issue expenses is ₹0.98 million, which remains unutilized.

Delay in Implementation

A delay was noted in the implementation of the 'Pursuing inorganic growth initiatives' object. The prospectus proposed deployment of ₹278.70 million by fiscal 2025, which was revised to ₹301.80 million. The full amount was utilized by Q1 FY27 (Jun-26), constituting a delay from the estimated schedule. The prospectus allowed for such utilization in the next fiscal year.

General Corporate Purpose (GCP) Utilization

For the quarter, ₹25.00 million from GCP was utilized for 'Payment to Creditors.' This utilization was approved by the Board of Directors via a resolution dated August 8, 2026.

Monitoring Agency Findings & Declarations

CRISIL Ratings Limited, based on management undertakings and a certificate from the peer-reviewed independent chartered accountant M/s V. P. Gupta & Co. (Firm Reg. No. 000699N) dated August 3, 2026, reported the following:

  • All utilization is as per disclosures in the Offer Document.
  • No material deviations from expenditures disclosed.
  • No change in means of finance for disclosed objects.
  • No major deviation from earlier reports.
  • No favorable or unfavorable events affecting viability.
  • No other relevant information affecting investor decision-making.

The report includes standard disclaimers stating it is based on information provided by the issuer and does not constitute an audit, investment advice, or create a fiduciary relationship.

#Tags: #AkumsDrugs #IPO #SEBICDR #RegulatoryCompliance #FundUtilization #Neutral