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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Crisil Ratings Limited has issued a qualified Monitoring Agency Report for Indo SMC Limited's IPO (January 2026) because the company failed to cooperate with the monitoring agency. CRL made multiple attempts to obtain information through emails (March 16, April 8, April 20, April 24) and letters (May 5, May 8, 2026), but the company did not respond. As a result, CRL cannot confirm whether the Rs. 8,459.60 lakh IPO proceeds are being used as disclosed in the offer document. The funds were meant for capital expenditure (Rs. 2,570.67 lakh), working capital (Rs. 5,200.00 lakh), and general corporate purposes (Rs. 688.93 lakh). CRL explicitly warns stakeholders to exercise due caution when relying on this report.
This is a serious red flag for investors. The company's non-cooperation with its statutory monitoring agency raises concerns about transparency and potential misuse of IPO funds. Investors should be extremely cautious as there is no independent verification of fund utilization.