Revised Monitoring Agency report under Regulation 32 of SEBI (LODR) Regulations ,2015 for the Quarter ended December,2025.
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Infomerics Valuation and Rating, the Monitoring Agency for Oval Projects Engineering's IPO, has filed its report for the quarter ended December 31, 2025. The company raised Rs. 46.74 crore through a fresh issue of 54,99,200 equity shares at Rs. 85 per share during August 28 – September 1, 2025. Out of this, Rs. 5.77 crore was used for issue expenses and Rs. 40.97 crore was the net amount available for deployment. As of December 31, 2025, the company has utilised Rs. 38.25 crore in total — Rs. 29.10 crore towards working capital, Rs. 3.85 crore for general corporate purposes, and Rs. 5.30 crore for issue expenses — leaving Rs. 8.49 crore unutilised. The unutilised amount is parked in fixed deposits with Yes Bank, ICICI Bank, and Bank of Baroda, plus the Axis Bank monitoring account. The report confirms there are no deviations from the stated objects of the IPO, though Rs. 13.36 crore in payments originally scheduled for FY26-27 were made early (preponed) in FY25-26.
This is a routine regulatory filing that confirms IPO funds are being used broadly as promised, with no major red flags — broadly neutral to mildly positive for shareholders. However, investors should note the comingling of IPO proceeds with regular bank accounts and the front-loading of future-year expenses, which the agency flagged and relied on management certificates to verify.