Monitoring Agency Report on the utilization of proceeds raised through issuance of Equity shares by way of public issue of Nisus Finance Services Co Limited.
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Nisus Finance Services has submitted the Monitoring Agency Report from CARE Ratings on how it used the money raised from its December 2024 IPO. The total fresh issue was Rs. 101.62 crore (overall IPO size Rs. 114.24 crore including an Offer for Sale of Rs. 12.61 crore). As of June 30, 2025, the company has utilised Rs. 81.59 crore, leaving Rs. 20.03 crore unutilised, mostly parked in fixed deposits with HDFC and ICICI Bank. The Rs. 25 crore investment in subsidiary Nisus Fincorp (via CCPS) was fully completed in Q4FY25 after RBI approval. However, deployment towards setting up offices in GIFT City, Dubai and Mauritius, and fund-raising/distribution costs is ongoing with delays versus the original March 31, 2025 timeline. There is also a small Rs. 0.51 crore over-utilisation on issue expenses (within the 10% allowable limit), which has been adjusted against the General Corporate Purposes (GCP) allocation.
For shareholders, the report confirms that the IPO funds are being used broadly as promised, but with noticeable delays on key growth initiatives like international infrastructure and distribution. A large chunk still sitting in FDs may raise concerns about deployment pace, though the company says it will use idle funds in subsequent years. No major red flags, but slow execution could weigh on sentiment around growth timelines.