Submission of Monitoring Agency Report for the Quarter ended 31.12.2025.
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Bhavik Enterprises has filed its first Monitoring Agency Report (by Infomerics Valuation and Ratings) for IPO proceeds utilization. The company raised Rs. 63.00 crore via a public issue of 45 lakh equity shares at Rs. 140 each during September 25–30, 2025, with net proceeds of Rs. 54.60 crore after issue expenses of Rs. 8.42 crore. Of this, Rs. 47.50 crore was earmarked for working capital and Rs. 7.10 crore for general corporate purposes. During Q3FY26, the company utilized Rs. 27.95 crore entirely for working capital (mainly polymer purchases from Borouge Pte Ltd, of which Bhavik is an authorised distributor). The remaining Rs. 26.65 crore is parked in four fixed deposits with Bank of Baroda earning 5.75–6.60% interest. The monitoring agency confirms no deviation from stated objects, no delay in implementation, and utilization is in line with the offer document.
Positive compliance signal for shareholders — IPO funds are being deployed exactly as promised, with timely working capital deployment already over halfway done in the first quarter. The safe parking of unutilized funds in bank FDs protects capital, but the general corporate purpose allocation remains untouched, suggesting conservative spending so far.