Monitoring agency report: Rs. 16.57 crore of IPO proceeds unutilised, no deviation from objects
CARE Ratings' monitoring agency report on the Rs. 820.00 crore IPO, for the quarter ended September 30, 2026.
By ScoutQuest · · 2 min read
- IPO proceeds unutilised
- Rs. 16.57 crore unutilised as on September 30, 2026; timeline extended to March 31, 2027
- Surplus issue expenses reallocated
- Rs. 26.53 crore reallocated to general corporate purposes
- Working capital utilisation
- Rs. 749.90 crore of Rs. 750.00 crore (99.99%) utilised
The company has shared the monitoring agency report issued by CARE Ratings for the quarter ended September 30, 2026, covering the utilisation of the Rs. 820.00 crore raised through its initial public offer.
What the report states
- Deviation from the objects of the issue is Nil, and the range of deviation is marked not applicable.
- On whether all utilisation is as per the disclosures in the Offer Document, the company's reply is No.
- IPO proceeds of Rs. 16.57 crore remained unutilised as on September 30, 2026, against the March 31, 2026 deployment timeline in the Offer Document.
- The Board, by a resolution dated April 23, 2026, approved extension of the timeline for utilising the balance net proceeds till March 31, 2027.
- The same Board resolution approved reallocation of surplus of issue expenses to the extent of Rs. 26.53 crore for utilisation towards general corporate purposes, and authorised the MD and CFO to authorise specific utilisation.
- Unutilised issue proceeds were transferred to other bank accounts for onward utilisation; those accounts carry multiple other debits and credits, resulting in commingling of funds. The monitoring agency says it confirmed utilisation through bank statements and supporting documents.
On the working capital objects
- The company states that as on September 30, 2026, Rs. 749.90 crore of the Rs. 750.00 crore (99.99%) earmarked for working capital objects has been utilised, leaving Rs. 0.10 crore unutilised.
- The monitoring agency, answering whether there are unfavourable events affecting the viability of the objects, points to the delay in utilisation of net proceeds beyond March 31, 2026 as something that may affect the viability of the objects.
- It notes that the Offer Document provides that if estimated utilisation in a scheduled fiscal year is not completely met, the amount shall be utilised in the next fiscal year, as determined by the company.
Other checks in the report
- The means of finance for the disclosed objects has not changed.
- No major deviation has been observed over the earlier monitoring agency report dated July 20, 2026, for the quarter ended June 30, 2026.
- Shareholder approval for material deviation from expenditures disclosed in the Offer Document is marked not applicable.
- On whether other relevant information may materially affect investor decision making, the reply is No.
How to read this
A monitoring agency is appointed for a public issue to independently track whether the money raised is being used for the purposes stated in the Offer Document, and reports every quarter. The points a reader can track here are the Rs. 16.57 crore still unutilised and the extended deadline of March 31, 2027, the Rs. 26.53 crore reallocated from surplus issue expenses to general corporate purposes, and the observation on commingling of funds in the accounts holding unutilised proceeds. Against that, the working capital objects are shown as almost fully funded at 99.99%.
Also from BlueStone Jewellery and Lifestyle
BlueStone Q2 FY 2026-27 earnings conference call audio recording hosted on company website
23 Oct 2026
Bluestone management discussed profitability metrics, a planned NCD fundraise of about 300 crore rupees, and market expansion strategy
23 Oct 2026
BlueStone Q2 FY27: standalone revenue up 43.9% to ₹7,381 mn, H1 revenue up 46.3% with Pre-Ind AS EBITDA up 175.1%
23 Oct 2026
More numbers
- IPO issue sizeRs. 820.00 crore
- Surplus issue expenses reallocated to general corporate purposes₹26.53 crore
- IPO proceeds unutilised as on September 30, 2026Rs. 16.57 crore
- Amount earmarked for working capital objectsRs. 750.00 crore
- Working capital amount utilised as on September 30, 2026Rs. 749.90 crore
- Share of working capital objects utilised99.99%
- Working capital amount unutilisedRs. 0.10 crore
Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.