Pursuant to Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circulars issued from time to time, we hereby submit the Monitoring ....
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Awaiting price reaction for this filing.
Icodex Publishing Solutions has filed its Monitoring Agency Report from Infomerics Valuation and Rating Ltd for the quarter ended December 31, 2025, covering the fresh issue portion of Rs. 34.64 crore from its IPO. Of this, Rs. 16.82 crore (about 49%) has been utilized while Rs. 17.82 crore remains unutilized. Working capital (Rs. 5.20 crore), issue expenses (Rs. 5.23 crore), and general corporate purposes (Rs. 6.39 crore) are largely deployed, but the full Rs. 16.69 crore earmarked for new office premises and Rs. 1.12 crore for hardware have not been spent yet, even though office construction is reportedly 85% complete. The unutilized Rs. 17.81 crore is parked in a fixed deposit earning 6.05% interest, maturing May 14, 2026. No deviations from stated objects and no delays have been reported, but the report flags that the company's share price has fallen by more than 50% from the IPO issue price of Rs. 102.
On the positive side, the company is following its stated use of proceeds without deviation and idle IPO funds are earning a steady 6.05% in FDs. However, the >50% decline in share price from the issue price is a serious concern for shareholders, and the largest planned deployment (office purchase of Rs. 16.69 crore) has not yet started, leaving a big chunk of IPO money unutilized for now.