Monitoring Agency Report for the quarter ended 31st March, 2026
IKIO · price
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CRISIL Ratings Limited has submitted its quarterly monitoring report for IKIO Technologies' IPO proceeds utilization as of March 31, 2026. The company raised Rs 3,261.41 million (net proceeds) through its IPO in June 2023. Of this, Rs 500 million for loan repayment has been fully utilized, Rs 637.78 million out of Rs 638.29 million for general corporate purposes has been spent, and Rs 1,733.40 million out of Rs 2,123.12 million has been deployed for the new Noida manufacturing facility. Rs 390.23 million remains unutilized. The monitoring agency confirms no material deviations from the offer document and all statutory approvals have been obtained. However, there is a delay in the Noida facility implementation — the company had planned to complete it by Fiscal 2025 but now expects full utilization by March 31, 2027, citing delays in procuring assets and obtaining licenses.
The IPO proceeds are being utilized largely as planned with no major deviations, though the manufacturing facility expansion is behind schedule. This delay is flagged but not considered a deviation since the prospectus allows flexibility. Shareholders should note that Rs 390.23 million is still parked in fixed deposits and current accounts awaiting deployment, primarily for the Noida facility completion.