Submission of Statement of funds utilized or deviation/ variation raised from the Initial Public Offer (IPO)
Price
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Awaiting price reaction for this filing.
Mehul Colours Ltd, which got listed on BSE on 6th August 2025, raised a total of ₹2,165.76 lakhs (~₹21.66 crore) through its IPO. As of 30th September 2025, only ₹281.15 lakhs has been utilized, and that entire amount was used for issue-related expenses. The remaining ₹1,884.61 lakhs — earmarked for a new manufacturing facility (₹1,463.48 lakhs), working capital (₹400 lakhs), and general corporate purposes (₹21.13 lakhs) — is currently parked in liquid mutual funds pending deployment. The statutory auditors VMS & Co. LLP have certified the disclosure, and the Audit Committee and Board reviewed and took it on record on 12th November 2025. The company has reported no deviation or variation from the original objects stated in the offer document.
This is a routine regulatory disclosure, not a negative event — there is no deviation reported. However, investors should note that nearly 87% of the IPO money is still undeployed nearly two months after listing, so the promised capacity expansion and working capital boost have not yet kicked in. The deployment timeline is worth tracking over the next few quarters.