Indobell Insulations Limited has submitted a certificate to the Bombay Stock Exchange confirming 100% utilization of funds raised through its Initial Public Offering (IPO). The company's statutory auditors, Bandyopadhyay & Dutt Chartered Accountants, have certified that the entire IPO proceeds of ₹1,014.30 lakh have been utilized as of September 10, 2026.
The final unutilized amount of ₹41 lakh was spent during July and August 2026 for funding capital expenditure towards the purchase of additional plant and machinery, completing the utilization of all IPO funds.
Detailed Utilization Breakdown:
- Working Capital Requirements: ₹775.80 lakh utilized in FY 2024-25
- General Corporate Expenses: ₹70.00 lakh utilized in FY 2024-25
- Capital Expenditure (Plant & Machinery): ₹41.00 lakh utilized in FY 2026-27
- Public Issue Related Expenses: ₹127.50 lakh utilized in FY 2024-25
Total Utilization: ₹1,014.30 lakh (100% of IPO proceeds)
The certificate was issued by Apurva Dharmapala, Partner at Bandyopadhyay & Dutt Chartered Accountants (Firm Registration No. 325116E), and submitted to the exchange by Sanjay Agarwal, Company Secretary and Compliance Officer (M. No. A15785) of Indobell Insulations Limited.
The company confirmed that no amount from the IPO proceeds remains unspent as of the certification date of September 10, 2026, with all funds utilized for the purposes stated in the prospectus dated December 30, 2024.