Monitoring Agency Report for the Quarter ended 31.03.2025
HPAL · price
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Awaiting price reaction for this filing.
HP Adhesives has submitted its Monitoring Agency Report for Q4 FY25 regarding the use of its IPO proceeds raised in December 2021 (total issue size ₹1,134.3 million). The original deployment plan covered three purposes worth ₹967.44 million, revised marginally to ₹966.91 million. Out of this, ₹943.18 million has been utilized till March 31, 2025, with ₹23.73 million still unutilized. The working capital and general corporate purpose allocations are fully used. For the proposed capex/expansion, ₹231.36 million out of ₹255.09 million has been spent, with balance payments pending. The remaining ₹23.73 million is parked in fixed deposits with ICICI Bank, IndusInd Bank, and Bank of Baroda. ICICI Bank confirmed no deviation from the original objects of the issue.
This is a routine compliance filing and broadly positive — there is no deviation from stated IPO purposes and most funds are deployed. However, shareholders should note the 3–6 month delay in capex implementation, with balance equipment payments now expected by Q2 FY26, which signals slower-than-planned capacity expansion.