The Monitoring Agency Report for the quarter ended June 30, 2025 issued by ICRA Limited, Monitoring Agency, appointed to monitor utilization of proceeds of the Initial Public Offer (IPO) of the Company.
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Flair Writing Industries has submitted the ICRA Limited Monitoring Agency Report on the use of its November 2023 IPO funds. The IPO raised net proceeds of ₹273.037 crore, of which ₹228.144 crore (about 83.6%) has been utilized as of June 30, 2025, with no deviations from the stated objects. Working capital funding (₹77 cr), loan repayment (₹43 cr), and general corporate purposes (₹10.3 cr) are fully deployed, while capex funding for the company and subsidiary stands at ₹81.643 cr utilized out of ₹86.748 cr. The New Valsad unit has used ₹16.205 cr of the planned ₹55.993 cr. The remaining ₹44.893 cr of unutilized funds is parked in three fixed deposits with Axis Bank earning around 7.3-7.4% returns. A 6-month delay is noted in the capex funding object, with completion expected by Q2 FY2026.
The clean report with no deviations is mildly positive, showing disciplined use of IPO money. The 6-month delay in one capex item is a minor watchpoint, though management expects closure by Q2 FY2026. The idle funds earning ~7.4% in bank FDs provide some income cushion while awaiting deployment.