Report of the Monitoring Agency with respect to utilization of proceeds of the Initial Public Offering of Ethos Limited for the quarter ended June 30, 2025
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CRISIL Ratings, as Monitoring Agency, has submitted its report on how Ethos Limited used the proceeds from its May 2022 IPO. Of the total net proceeds of Rs 33,968.95 lakh, Rs 33,244.29 lakh has been utilized so far across all five stated objects. During Q1FY26 (quarter ended June 30, 2025), Rs 254.87 lakh was spent on establishing new stores. Four out of five objects (loan repayment of Rs 2,989.09 lakh, working capital of Rs 23,496.22 lakh, ERP upgradation of Rs 198.01 lakh, and general corporate purposes of Rs 3,958.35 lakh) are fully utilized. The remaining Rs 724.85 lakh is pending under Object 3 (new stores and renovation) and is parked in SBI fixed deposits and a monitoring agency account.
This is a routine compliance filing. There is no deviation from the stated IPO objects, no change in financing means, and no negative observations from the Monitoring Agency. Shareholders had already approved revised store locations and an 18-month extension (until around September 2025) to deploy the remaining store-expansion funds, so the slow utilization of the last Rs 724.85 lakh is expected and not a concern for investors.