Monitoring Agency Report of the Company for the quarter and financial year ended 31 March 2026
CLEANMAX · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CARE Ratings Limited, as Monitoring Agency, submitted its first MA report for Clean Max's IPO. The company raised Rs. 1,202.98 crore via a public issue in February 2026. Funds were earmarked for debt repayment (Rs. 1,122.67 crore), general corporate purposes (Rs. 26.58 crore), and offer expenses (Rs. 53.73 crore). As of 31 March 2026, Rs. 525.71 crore (43.7%) has been utilized — Rs. 523.67 crore toward debt repayment and Rs. 2.04 crore toward issue expenses. Rs. 677.27 crore remains unutilized, parked in fixed deposits with Axis Bank (Rs. 250 crore), IDFC Bank (Rs. 300 crore), IndusInd Bank (Rs. 24 crore), and balance in monitoring/public offer accounts. The MA noted the management's plan to deploy the incremental Rs. 2.98 crore (from actual vs. estimated issue size) toward GCP was not explicitly approved by the Board. No deviations from the offer document objects were reported.
The IPO proceeds are being deployed largely on schedule with no material deviations. The unutilized balance is parked safely in liquid instruments. However, investors should note the lack of explicit Board approval for the expanded GCP allocation, which is a procedural concern despite no financial impact.