Please find enclosed the Monitoring Agency Report for the quarter ended March 31, 2025.
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PB Fintech has submitted the Monitoring Agency Report for the quarter ended March 31, 2025, prepared by ICICI Bank as the monitoring agency for its 2021 IPO. The original issue size was ₹5,709.7 crore, with revised object-wise allocation totaling ₹3,612.7 crore. During Q4 FY25, the company altered the use of IPO funds via a special resolution dated March 16, 2025, redirecting ₹4,235.19 million from strategic investments/acquisitions and overseas expansion toward growth initiatives including offline presence. The timeline for utilizing remaining funds has been extended to March 31, 2026. As of March 31, 2025, ₹2,808.3 million has been utilized, leaving ₹8,043.9 million unutilized and parked in fixed deposits across various banks.
No deviation from objects was reported and there are no unfavorable events, which is reassuring for shareholders. However, the reallocation of funds away from strategic acquisitions and international expansion toward offline growth, plus the timeline extension, signals a strategic shift in how the company is deploying IPO money. Shareholders should note that nearly ₹804 crore remains undeployed after over three years since the IPO.