Monitoring Agency Report for the quarter ended June 30, 2025
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CRISIL Ratings, the Monitoring Agency, has filed its report on DOMS Industries' use of IPO proceeds for the quarter ended June 30, 2025. The company raised total net proceeds of Rs 3,327.24 million from the fresh issue portion of its December 2023 IPO (the broader IPO size was Rs 12,000 million, which included an Rs 8,500 million offer for sale). Of the net proceeds, Rs 2,800 million was earmarked for part-financing a proposed manufacturing project and Rs 527.24 million for general corporate purposes. As of June 30, 2025, the company has utilised Rs 1,981.99 million (~59.5% of net proceeds), including Rs 331.93 million deployed during the quarter. The remaining Rs 1,345.25 million of unutilised funds are parked in fixed deposits across HDFC Bank, Axis Bank, and Bank of Baroda, earning between 6.50% and 7.75% interest, generating Rs 61.19 million in earnings to date. The Monitoring Agency confirmed no deviation from the stated objects of the issue.
The clean report with no deviations from stated IPO objectivesshould reassure investors that funds are being deployed in line with the original plan. However, nearly 40% of net proceeds remain unutilised, indicating the Proposed Project is still mid-execution, so shareholders may want to track deployment pace in coming quarters.