Submission of Monitoring Agency Report for the Quarter ended 31.03.2026
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Bhavik Enterprises Limited, a polymer trading company (Polyethylene and Polypropylene), has submitted its Q4 FY26 Monitoring Agency Report for its Rs. 63 crore IPO conducted in September 2025. The monitoring agency Infomerics Valuation and Ratings Limited has confirmed full utilization of Rs. 54.60 crore net proceeds with no deviations from stated objects. Of this, Rs. 47.50 crore was allocated for working capital requirements and Rs. 7.10 crore for general corporate purposes. In Q4 FY26, the company utilized Rs. 26.65 crore (Rs. 19.55 crore working capital + Rs. 7.10 crore GCP), with cumulative utilization reaching 100%. The GCP amount was also deployed for working capital as the company purchased polymers from Borouge Pte Ltd (for which it is an authorized distributor in India). Funds were verified by statutory auditor M Parashar & Co.
The filing confirms proper utilization of IPO proceeds in line with the offer document with no material deviations, which is positive for investor confidence. The complete deployment of funds, particularly for working capital supporting polymer trading operations, indicates the IPO objectives are being met as planned.