Key Quantitative Figures

  • Total IPO proceeds: Rs. 49.54 crore
  • Proceeds utilized during quarter: Rs. 33.49 crore
  • Unutilized proceeds: Rs. 16.05 crore
  • Working capital utilization: Rs. 26.50 crore (fully utilized)
  • Offer-related expenses: Rs. 6.99 crore utilized (Rs. 0.44 crore remaining)
  • Share price: Rs. 77.10 on November 4, 2026 (issue price: Rs. 341)
  • Delayed investor payment: Rs. 0.03 crore received two days post-allotment

Utilization Breakdown

Capital Expenditure - Construction of Shed

  • Proposed: Rs. 1.36 crore
  • Utilized during quarter: Rs. 0.00 crore
  • Unutilized: Rs. 1.36 crore
  • Completion date: March 31, 2027 (on track)

Capital Expenditure - Purchase of Machinery

  • Proposed: Rs. 7.25 crore
  • Utilized during quarter: Rs. 0.00 crore
  • Unutilized: Rs. 7.25 crore
  • Completion date: March 31, 2027 (on track)

Working Capital Requirements

  • Proposed: Rs. 26.50 crore
  • Utilized during quarter: Rs. 26.50 crore (fully utilized)
  • Transferred in two tranches: Rs. 20.00 crore and Rs. 6.50 crore
  • Cash credit account maintained debit balance throughout
  • Completion date: Achieved on September 28, 2026

General Corporate Purposes

  • Proposed: Rs. 7.00 crore
  • Utilized during quarter: Rs. 0.00 crore
  • Unutilized: Rs. 7.00 crore
  • Completion date: March 31, 2027 (on track)

Offer Related Expenses

  • Proposed: Rs. 7.43 crore
  • Utilized during quarter: Rs. 6.99 crore
  • Unutilized: Rs. 0.44 crore
  • Expenses covered: Book Running Lead Manager fees, underwriting fees, market-making fees, registrar fees, legal counsel fees, auditor fees, consultant fees, market research fees, marketing expenses, advertisement expenses, printing and distribution expenses

Deployment of Unutilized Proceeds

Unutilized proceeds of Rs. 16.05 crore maintained in:

  • Axis Bank Public Issue account (926020003634735)
  • Axis Bank Monitoring account (926020040664135)

Monitoring Arrangements

Monitoring conducted by CARE Ratings Limited based on:

  • Chartered Accountant certificate from B.M. Gattani and Co dated November 7, 2026
  • Bank statements (Axis Bank Public Issue Account, Axis Bank Monitoring Account, Central Bank of India Cash credit account)
  • Supporting invoices for issue-related expenses
  • Management certificates
  • Prospectus reference (Page 80)

Special Notes

  • Share price volatility noted with current price significantly below issue price
  • Rs. 0.03 crore payment received from investor two days after allotment date due to technical error at exchange
  • No comments received from Board of Directors on monitoring report

Timeline

  • IPO dates: September 15-17, 2026
  • Monitoring Agency Agreement date: August 24, 2026
  • Report period: Quarter ended September 30, 2026
  • CA certificate date: November 7, 2026
  • Submission to BSE: November 13, 2026