Monitoring agency report for the quarter ended June 30, 2025.
IDEAFORGE · price
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Ideaforge Technology has submitted the ICRA Limited monitoring agency report covering how it used the Rs 225.16 crore net proceeds from its June 2023 IPO. ICRA confirmed there is no deviation from the stated objects of the issue. By June 30, 2025, the company has fully deployed all proceeds: Rs 50 crore for repaying debt, Rs 135 crore for working capital, Rs 40 crore for product development, and Rs 0.16 crore for general corporate purposes. The working capital and product development deployments finished on June 30, 2025, which is about three months later than the original fiscal 2025 target, though this is within the flexibility allowed by the prospectus. No idle funds remain and no material deviations or governance flags were raised.
This is a routine compliance update and largely neutral for shareholders — it confirms IPO funds were used as promised and the deployment cycle is now complete. The small 3-month delay in two objects is not material and should not affect the stock price, but it signals that product development spending stretched slightly beyond the original timeline.