Monitoring Agency Report for the quarter ended June 30, 2025
GARUDA · price
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Awaiting price reaction for this filing.
Acuité Ratings & Research has filed the Monitoring Agency Report on Garuda Construction's use of IPO proceeds. The company raised a total of ₹264.10 crore in its October 2024 IPO (₹173.85 crore fresh issue + ₹90.25 crore offer for sale), with net proceeds of ₹159.67 crore after issue expenses. Of this, ₹100 crore was earmarked for working capital and ₹59.67 crore for general corporate purposes including unidentified inorganic acquisitions. During Q1 FY26, the company used ₹28.10 crore (₹20 crore working capital + ₹8.10 crore general corporate purposes), bringing total utilization to ₹159.67 crore — meaning 100% of net IPO proceeds have now been deployed. The monitoring agency confirmed no deviations from the stated objects, no changes in means of finance, no delays, and no idle funds.
This is a routine compliance filing that confirms disciplined use of IPO money with no red flags. Full deployment of proceeds on schedule is mildly positive for investor confidence, though it carries no direct impact on stock price.