Monitoring agency report for the Quarter ended 31st March,2025
INTERARCH · price
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Interarch Building Solutions has filed the Crisil Ratings monitoring agency report on use of IPO proceeds for Q4 FY2025. The company raised Rs 2,000 million gross (Rs 1,872.08 million net after Rs 127.92 million issue expenses) in its August 2024 IPO. As of March 31, 2025, it has deployed Rs 815.91 million towards stated objects and Rs 108.84 million on issue expenses, leaving about Rs 1,076.78 million unutilized and parked in fixed deposits (IndusInd, Yes Bank, HDFC) and monitoring/public offer accounts. Shareholders approved a reallocation of Rs 287.90 million from Object 1 (Andhra Pradesh new plant) – Rs 240.20 million shifted to manufacturing facility upgrades and Rs 47.70 million to general corporate purposes. The IT upgradation (Object 3) is delayed – only Rs 19.84 million spent of the planned Rs 113.92 million, with completion pushed to 2026 due to delay in finalizing scope.
The report shows steady but partial deployment of IPO funds with a shareholder-approved reallocation away from the new Andhra Pradesh plant towards existing facility upgrades and general purposes. The delay in IT spending and ~54% funds still parked in FDs is worth tracking, though no major red flags were raised by the monitoring agency.