JGCHEM · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
ICRA Limited, the Monitoring Agency, has submitted its final report for the quarter ended March 31, 2025, on the use of IPO proceeds raised by J.G. Chemicals in March 2024. The total issue size was Rs. 251.19 crore (including OFS of Rs. 86.19 crore), with net proceeds of Rs. 149.32 crore and gross proceeds monitored of Rs. 165 crore. As of March 31, 2025, the company has utilised Rs. 70.41 crore, with Rs. 94.59 crore still unutilised and parked in fixed deposits with HDFC Bank earning 5.5%–7.4% interest. The Rs. 25 crore repayment of subsidiary BDJ Oxides' borrowings has been completed, Rs. 31 crore of the Rs. 60 crore long-term working capital for the subsidiary has been deployed, while R&D Centre funding (Rs. 6.06 crore), company-level working capital (Rs. 35 crore), and general corporate purposes (Rs. 23.27 crore) remain on schedule as per the original FY25–FY27 timeline. No deviation from the stated objects of the issue was observed, and statutory approvals are pending only because civil/construction and R&D operations are yet to commence.
Neutral to mildly positive for shareholders — the report confirms IPO funds are being used as promised with no diversion, though a large portion (over 57%) remains undeployed and is earning modest FD returns. The completion of subsidiary debt repayment and steady on-schedule progress reduce execution risk concerns.