Report of the Monitoring Agency with respect to utilization of proceeds of the Initial Public Offering of Ethos Limited for the quarter ended March 31, 2025
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Ethos Limited has submitted the CRISIL Monitoring Agency Report on how it used the money raised from its May 2022 IPO (net proceeds of Rs 33,968.95 lakh) up to March 31, 2025. Total utilization so far stands at Rs 32,989.23 lakh out of Rs 33,968.95 lakh, with Rs 979.72 lakh still unutilized. The remaining unspent amount relates to Object 3 — establishing new stores and renovating existing ones — where shareholders had approved revised store locations and an 18-month extension in March 2024. During Q4 FY25, the company deployed Rs 584.70 lakh towards opening a new store under the revised location list. The unutilized Rs 979.72 lakh is parked in SBI fixed deposits and the monitoring agency account. All other IPO objects — loan repayment (Rs 2,989.09 lakh), working capital (Rs 23,496.22 lakh), ERP upgradation (Rs 198.01 lakh), and General Corporate Purposes (Rs 3,958.35 lakh) — have been fully utilized.
This is a routine compliance disclosure with no negative findings — no deviations from the offer document, no unfavorable events, and no major changes versus prior reports. Shareholders can take comfort that nearly 97% of IPO funds are already deployed, with the small residual being earmarked for store expansion under an already-approved revised plan.