Monitoring Agency Report: IPO proceeds in line with objects, no material deviation

ICRA Limited's Monitoring Agency Report for the quarter ended September 30, 2026 is out.

Thu 8 Oct 2026

Equity Shares Issued

16,309,766 equity shares of face value INR 2 each

Issue Size

aggregating up to INR 698.058 Crore

Net Proceeds / Excluding OFS

Excluding OFS portion: INR 138.000 Crore; net proceeds as per prospectus: INR 128.170 Crore

Monitoring agency report: what it is

When a company raises money through an IPO, a monitoring agency is appointed to independently track whether the money raised is being used for the purposes stated in the offer document. This update is ICRA Limited's report as the monitoring agency, covering the quarter ended September 30, 2026.

The company belongs to the Health Care sector, and the promoters named in the report are Rajesh Vrajlal Khakhar, Sameer Kamlesh Merchant and Dharmesh Bhupendra Dattani.

What the report says

• Utilisation of the issuance proceeds is in line with the objects of the issue, with no material deviation; the range of deviation is stated as "Not Applicable".
• All utilisation is as per the disclosures in the Offer Document. The agency's checks included a peer-reviewed CA certificate, confirmation from management, and bank statements of the escrow account, proceed account and corresponding accounts.
• The means of finance for the disclosed objects of the issue has not changed.
• No major deviation was observed over earlier monitoring agency reports.
• No unfavourable events affecting the viability of the objects.
• No other relevant information that may materially affect investors' decision making.
• Shareholder approval for change in deployment of funds has been obtained at the 22nd AGM held on 25th Sep 2026.

The numbers from the issue

• The IPO was of 16,309,766 equity shares of face value of INR 2 each, aggregating up to INR 698.058 Crore.
• Including the offer-for-sale (OFS) portion: INR 698.058 Crore.
• Excluding the OFS portion: INR 138.000 Crore.
• Net proceeds as per the prospectus: INR 128.170 Crore.
• The agency notes it will be monitoring gross proceeds of INR 138.000 Crore in Q2 FY2027.

What counts as a material deviation

The report defines this as a deviation in the objects or purposes for which the funds had been raised, or a deviation in the amount of funds utilised by more than 10% of the amount specified in the offer document.

How a retail investor can read this

This is a periodic update on how IPO money is being spent. The report shows the money is going where the offer document said it would, that the funding plan has not changed, and that no events were flagged as harmful to the stated objects. It also records that shareholders approved a change in the deployment of funds at the annual general meeting. The report is issued by the monitoring agency based on information provided by the company and does not involve an audit or independent verification.

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