ICRA monitoring report: IPO proceeds in line with objects, Rs. 18.071 crore unutilised at quarter end
ICRA's final monitoring agency report for the quarter and half year ended September 30, 2026 says the IPO proceeds were used in line with the stated objects — no deviation reported.
By ScoutQuest · · 2 min read
- Objects proposed
- Rs. 249.995 crore
- Used till end of quarter
- Rs. 231.924 crore
- Unutilised at quarter end
- Rs. 18.071 crore
ICRA Limited, appointed as the monitoring agency for the IPO, has issued its report on how the money raised was used, for the quarter and half year ended September 30, 2026.
No deviation
ICRA states that the utilisation of the issue proceeds is in line with the objects of the issue, and the range of deviation is "Not Applicable". The company confirmed that utilisation is as per the Offer Document disclosures, that the means of finance for the disclosed objects has not changed, and that there are no unfavourable events affecting the viability of the objects.
Money proposed versus used (Rs. crore)
- Total proposed across heads: 249.995
- Used up to the beginning of the quarter: 221.937
- Used during the quarter: 9.987
- Used at the end of the quarter: 231.924
- Unutilised at the end of the quarter: 18.071
Object-wise picture
- Repayment or prepayment of borrowings of the company and of S2 Engineering Industry Private Limited: 130.000 proposed, 130.000 used, NIL unutilised.
- Funding inorganic growth through strategic investments and/or acquisitions: 20.000 proposed, 20.000 used, NIL unutilised.
- General corporate purposes: 42.240 proposed, 42.240 used including 7.753 during the quarter, NIL unutilised. This head includes the Pre-IPO money of INR 38.82 Crore.
- Capital expenditure of the company towards machinery and equipment: 10.000 proposed, 7.718 used, 2.282 unutilised.
- Investment in S2 Engineering Industry Private Limited for its machinery and equipment capex: 30.000 proposed, 13.408 used up to the start of the quarter, 2.234 during the quarter, 15.642 at the end, leaving 14.358 unutilised.
- Issue related expenses: 17.755 proposed, 16.324 used, 1.431 unutilised. This includes INR 16.575 crore and INR 1.180 crore towards IPO and pre-IPO expenses respectively.
Issue size and proceeds
- Issue size: INR 410.051 Crore including the offer-for-sale portion; excluding that portion it is 250.000 crore, which includes Pre-IPO placement money of INR 40.000 Crore.
- Net proceeds as per the Prospectus: INR 193.425 crore.
What this report is
A monitoring agency report is an outside check on whether IPO money is being spent on the purposes the company stated at the time of the offer. ICRA notes that the report is based on information provided by the issuer and sources it believes reliable, and that it does not perform an audit or independent verification. It also states that the report is not a comment on the quality of the objects of the issue, the appropriateness of costs, or an assurance on the outcome of the spending.
For a retail reader, the takeaway is that spending so far is recorded as matching the stated objects, with the biggest object (debt repayment) completed and the subsidiary's machinery capex being the main head still in progress.
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More numbers
- Issue sizeINR 410.051 Crore
- Net proceeds as per the ProspectusINR 193.425 crore
- Total amount proposed across object heads249.995 (Rs. Crore)
- Amount used at the end of the quarter231.924 (Rs. Crore)
- Amount used during the quarter9.987 (Rs. Crore)
- Total unutilised amount at the end of the quarter18.071 (Rs. Crore)
- Repayment of borrowings - proposed and fully used130.000 (Rs. Crore)
- Unutilised in subsidiary S2 Engineering Industry capex14.358 (Rs. Crore)
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