Monitoring Agency Report for the quarter ended December 31, 2025, on the utilisation of proceeds raised through issuance of equity shares by way of Public Issue of the Company.
FIRSTCRY · price
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ICRA Limited, the monitoring agency, has confirmed that FirstCry's utilization of IPO proceeds for Q3 FY2026 is fully in line with the stated objects of the issue, with no deviations observed. The company raised Rs 1,666 crore (excluding OFS) from its August 2024 IPO, of which Rs 839.3 crore has been utilized cumulatively till end of Q3 FY2026, including Rs 111.4 crore deployed during the quarter alone. The unutilized portion of Rs 826.7 crore is parked in fixed deposits with HDFC and Kotak banks, earning interest of Rs 22 crore so far. Key spending in Q3 went towards sales and marketing (Rs 31.5 crore), general corporate purposes including a Rs 21.25 crore payment to Facebook India (Rs 37 crore), and lease payments for stores (Rs 13.7 crore). All project timelines remain on schedule as per the FY25-FY27 plan.
Positive signal for shareholders — clean report with no deviations, disciplined deployment of IPO funds, and idle proceeds earning solid returns (6-7.8%) through bank FDs. The pace of spending on sales/marketing and store expansion suggests the company is actively executing its growth plan without rushing, which may reassure investors about capital allocation discipline.