Monitoring Agency Report dated 13th May, 2026 issued by ICICI Bank Limited, for the quarter ended 31st March, 2026.
HPAL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
ICICI Bank, the monitoring agency, has submitted its quarterly report confirming that HP Adhesives deployed IPO funds substantially as per the offer document with no material deviations. The December 2021 IPO raised Rs 1,134.3 million for working capital (Rs 540 million fully utilized), capex expansion (Rs 253.69 of Rs 255.09 million utilized), and general corporate purposes (Rs 171.82 million fully utilized). Total utilization stands at Rs 965.51 million of Rs 966.91 million, with Rs 1.39 million remaining unutilized in capex. The report notes a 24-month delay in capex implementation originally planned for Q4 FY2024, now completed by Q4 FY26 due to equipment delivery issues and testing problems. Unutilized balance of Rs 46.38 million in FDs represents accrued interest on deployed funds.
No concerns for investors - the monitoring agency confirms IPO proceeds are being used as intended. The capex delay has been resolved with balance spending completed by March 2026. The small unutilized amount and accrued interest are immaterial.