Key Quantitative Figures
- Total IPO Proceeds Raised: ₹10.07 crore through fresh issue of 17,98,000 equity shares at ₹56 per share
- Unutilized Balance as of 31st March 2026: ₹4,65,93,060.51
- Amount Utilized During Quarter Ended 30th June 2026: ₹1,62,07,876.51
- Unutilized Balance as of 30th June 2026: ₹3,15,24,877.24
- GST Reimbursement: ₹11,39,693.24 (reimbursed to IPO proceeds from internal accruals)
Breakdown of Quarterly Utilization
- Advertisement Expenses: ₹1,18,42,576.51
- ERP Software: ₹39,71,273.00
- General Corporate Purpose: ₹3,30,177.00
- Brokerage and Other Expenses (Issue Expenses): ₹63,850.00
Deployment of Unutilized Proceeds
- ICICI Bank Ltd Account 659105500098: ₹15,24,877.24
- ICICI Bank Limited FDR Account 023313025857: ₹3,00,00,000.00
Progress Against Offer Document Objects
| Object | Proposed (₹ Crore) | Utilized (₹ Crore) | Unutilized (₹ Crore) |
| Repayment of borrowing | 2.00 | 2.00 | 0.00 |
| Advertisement expenses | 3.43 | 2.82 | 0.61 |
| Acquisition and installation of software | 3.00 | 0.61 | 2.39 |
| Issue expenses | 0.90 | 0.84 | 0.06 |
| General corporate purpose | 0.74 | 0.65 | 0.09 |
Regulatory and Governance Process
The statement was reviewed by the Audit Committee of the Company and taken on record by the Board of Directors at their respective meetings held on 05th August, 2026. The company obtained a certificate from KVMS and Company, Chartered Accountants, dated 03.08.2026 (Ref. No. KVMS/2026-2027/52).
Brickwork Ratings India Private Limited, as the monitoring agency, prepared the Third Monitoring Agency Report (No. BWR/2026-27/IPM/WOSAL/03 dated August 04, 2026) pursuant to Monitoring Agency Engagement Letter dated June 13, 2025. The monitoring agency confirmed:
- No deviation from the objects of the issue
- No material deviations requiring shareholder approval
- No change in means of finance for disclosed objects
- No major deviation observed over earlier monitoring reports
- All government/statutory approvals related to objects have been obtained
Special Note on GST Reimbursement
An amount of ₹11.39 lakh towards GST on certain payments was inadvertently funded from the IPO proceeds in the previous quarter. The company has reimbursed the same amount to the IPO proceeds from internal accruals in the June 2026 quarter.
Timeline and Effective Dates
- IPO Period: December 4, 2025 to December 8, 2025
- Monitoring Period: Quarter ended June 30, 2026
- CA Certificate Date: August 03, 2026
- Board Approval Date: August 05, 2026
- BSE Submission Date: August 05, 2026
Parties Involved
- Chartered Accountants: KVMS and Company (formerly known as Singla Mandeep & Associates)
- Monitoring Agency: Brickwork Ratings India Private Limited
- Bank: ICICI Bank Ltd