The Monitoring Agency Report for the quarter ended March 31, 2025 issued by ICRA Limited, Monitoring Agency, appointed to monitor utilization of proceeds of the Initial Public Offer (IPO) of the Company
FLAIR · price
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Flair Writing Industries has submitted ICRA's final Monitoring Agency Report for the quarter ended March 31, 2025, covering utilization of its November 2023 IPO proceeds. The company raised a net of Rs. 273.037 crore from the Rs. 593 crore IPO, of which Rs. 198.144 crore (about 73%) has been deployed so far. Working capital funding (Rs. 77 crore), debt repayment (Rs. 43 crore), and general corporate purposes (Rs. 10.296 crore) are fully completed, while Rs. 62.654 crore of the Rs. 86.748 crore planned for capital expenditure has been spent with an estimated 6-month delay (targeted completion Q2 FY2026). The remaining Rs. 74.893 crore is parked in Axis Bank fixed deposits earning 6.50%–7.40% returns. ICRA confirmed there is no deviation from the stated objects of the issue.
Reassuring for shareholders — clean monitoring report with no misuse of funds, though a minor delay in the capital expenditure project (completion pushed to Q2 FY2026) is the only flag. Overall, this signals disciplined IPO fund management.