PRPatel Retail544487Routine SEBI update

ICRA final monitoring report for Q2 FY2027: no material deviation in IPO proceeds use

ICRA's final monitoring report for Q2 FY2027 says Patel Retail's IPO proceeds were used in line with the stated objects, with no material deviation.

By ScoutQuest · Wed 4 Nov 2026, 6:02 PM IST · 2 min read

Offer Related Expenses

INR 27.9132 crore (up from INR 26.6283 crore)

General Corporate Purpose (revised)

INR 21.1936 crore (from INR 22.4785 crore)

Net Proceeds

INR 189.1938 Crore

ICRA Limited, appointed as the monitoring agency for Patel Retail Limited's IPO, has issued its final monitoring agency report for the quarter and half year ended September 30, 2026. The report was enclosed with the company's exchange update dated November 4, 2026.

What the monitoring agency says

• No material deviation: utilisation of the issue proceeds is in line with the objects of the issue.
• Range of deviation: Not Applicable.
• Whether all utilisation is as per the disclosures in the Offer Document: Yes, based on a peer reviewed CA certificate, management confirmation and bank statements of the proceeds account.
• No major deviation observed over the earlier monitoring agency reports.
• The means of finance for the disclosed objects has not changed.
• No favourable events improving the viability of the objects, as confirmed by the issuer's management.

Issue and proceeds, in figures

• Issue size: INR 242.6580 Crore; excluding the OFS portion, INR 217.107 Crore.
• Pre-IPO placement: INR 15.00 Crore, with net proceeds from the pre-IPO placement at INR 15.000 Crore.
• Net proceeds as per Prospectus: INR 190.4787 (excluding issue related expenses).
• Net proceeds stood at INR 189.1938 Crore, as issue related expenses incurred were higher than estimated by INR 1.2849 Crore.
• ICRA monitored proceeds of INR 232.107 crore in Q2 FY2027, being pre-IPO proceeds of INR 15.00 crore and gross IPO proceeds of INR 217.107 crore.

Revision in object heads

Offer related expenditure increased from INR 26.6283 Crore to INR 27.9132 Crore, and consequently the General Corporate Purpose amount was revised by the issuer to INR 21.1936 Crore from INR 22.4785 Crore.

Reclassification of spend

Issue expenditure of INR 0.8788 Crore incurred in Q3 FY 2026 was initially considered as part of General Corporate Expenses and was reclassified under the object 'Offer Related Expenses' in Q4 FY 2026, as per auditor/issuer confirmation.

What this means for a retail investor

A monitoring agency report tracks whether money raised through an IPO is being spent on the purposes stated in the offer document. A conclusion of no material deviation indicates that the spend so far matches the disclosed objects. The amount earmarked for general corporate purposes has been pared, with a matching rise in offer related expenses. ICRA states that its report is not a commentary on the quality of the objects, the appropriateness or reasonableness of costs or spending, and is not an assurance on the outcome of such spending.

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