HPAL · price
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Awaiting price reaction for this filing.
ICICI Bank, acting as the monitoring agency, has filed its report on HP Adhesives' IPO proceeds utilization for the quarter ended June 30, 2025. The company had raised ₹1,134.3 million through a fresh public issue in December 2021, with net monitored proceeds of ₹966.91 million allocated across three purposes. Working capital funding (₹540 million) and general corporate purposes (₹171.82 million, revised down slightly from ₹172.35 million due to finalization of issue expenses) have been fully utilized. For the capital expenditure object (₹255.09 million proposed), ₹234.87 million has been used so far, leaving ₹20.22 million unutilized. The remaining amount is parked in three IndusInd Bank fixed deposits earning 7.75% interest, maturing between May 2026 and March 2027. The report confirms no deviation from the stated objects and no unfavorable events affecting viability.
This is a routine quarterly compliance filing with no adverse findings—the monitoring agency has confirmed funds are being used as planned. Minor negative: capex completion is delayed beyond the original March 2025 timeline, now expected by Q2FY26, but this was already flagged earlier. The remaining unutilized ₹20.22 million is small and earning interest, so material impact on shareholders or stock price is limited.