Report of Monitoring Agency for utilization of proceeds of IPO
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HRS Aluglaze Ltd has submitted its first Monitoring Agency Report, prepared by Brickwork Ratings, covering the quarter ended December 31, 2025 for its recently concluded IPO. The company raised ₹50.92 Crore through a Fresh Issue of 53,04,000 equity shares at ₹96 each during December 10–15, 2025. The report confirms zero deviation from the objects stated in the Prospectus dated December 15, 2025. Out of the ₹50.92 Crore raised, the company has utilized ₹4.37 Crore towards setting up an assembly & glass glazing line at Rajoda, Ahmedabad, ₹11.26 Crore for working capital, ₹3.51 Crore for general corporate purposes (almost entirely used to repay unsecured loans), and ₹5.64 Crore towards issue expenses, leaving roughly ₹26.14 Crore still unutilized and parked in bank accounts and fixed deposits earning 6.25% interest maturing in December 2026.
The report provides comfort to investors that the IPO funds are being used as promised, with no diversion or major deviation. The bulk deployment into working capital and debt repayment in the very first quarter suggests focus on near-term operations, while meaningful capex deployment (only ~24% of the planned ₹18.30 Crore) is still pending and will be watched in upcoming quarters. The unutilized amount sitting in FDs at 6.25% offers some interim return to shareholders, but timely execution of the remaining capex plan remains the key thing to track.