Monitoring agency report for the quarter ended June 30, 2025, in relation to the Initial Public offer to the Company.
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Arkade Developers has filed the CRISIL Monitoring Agency Report for Q1 FY26 (quarter ended June 30, 2025) on utilization of IPO proceeds. The company raised Rs 4,100 million (gross) through its September 2024 IPO, with net proceeds of Rs 3,810.65 million after Rs 289.35 million in issue expenses. Of the net proceeds, Rs 1,749.22 million has been used for funding development of ongoing projects (Arkade Nest, Prachi CHSL, C-Unit) out of the Rs 2,500 million allocated, with Rs 308.52 million spent during the quarter. For land acquisition and general corporate purposes (Rs 1,310.65 million allocated), Rs 1,290.28 million has been deployed with no spending in the current quarter. Unutilized proceeds of Rs 795.54 million are parked in fixed deposits across HDFC Bank, ICICI Bank, and Kotak Mahindra Bank, earning interest at 6.25%-7.5%.
The report confirms IPO funds are being used as per the disclosed objects with no deviations, no delays, and no adverse events, which is a positive signal of disciplined capital deployment. However, the land acquisition component has seen no spending this quarter, suggesting a slower-than-expected pace on that front, while unutilized funds continue to earn interest income in the meantime.