Monitoring Agency Report for the quarter ended June 30, 2025
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P N Gadgil Jewellers has filed the quarterly Monitoring Agency Report (by ICRA Limited) for Q1 FY2026, covering the use of proceeds from its September 2024 IPO. The company raised net proceeds of Rs 801.72 crore, later revised slightly downward to Rs 799.77 crore due to a Rs 1.95 crore increase in issue-related expenses. Of the total Rs 850 crore deployment, Rs 835.06 crore has been utilized, with Rs 14.94 crore remaining unutilized and parked in monitoring and escrow accounts. Key allocations are largely complete: Rs 300 crore for loan repayment (100%), Rs 392.38 crore for setting up 12 new stores in Maharashtra (nearly fully used), Rs 35.49 crore for issue expenses, and Rs 107.19 crore for general corporate purposes. ICRA confirmed there is no deviation from the stated objects, no unfavorable events, and all milestones are on schedule.
Clean report with no deviation from IPO objects and on-schedule deployment is a positive sign for shareholders, confirming disciplined use of IPO funds. With nearly all proceeds deployed, focus shifts to execution of the 12 new stores and operating performance in the coming quarters.