Monitoring Agency Report for the Quarter ended June 30, 2025 and Statement of Deviation or Variation
QPOWER · price
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Quality Power has filed its Q1 FY26 monitoring report on how it is using the money raised from its February 2025 IPO. The IPO raised Rs 858.70 Crore in total (Rs 225 Cr Fresh Issue + Rs 633.70 Cr Offer for Sale) at Rs 425 per share. Brickwork Ratings, the monitoring agency, confirmed there is no deviation from the originally stated purpose of the issue. Out of the Rs 225.01 Crore Fresh Issue allocation, the company has utilised Rs 139.90 Crore by June 30, 2025. The full Rs 117 Crore earmarked for the acquisition of Mehru Electrical and Mechanical Engineers has been spent, while Rs 22.90 Crore has gone towards issue-related expenses (slightly higher than the Rs 19.61 Crore originally planned). Capital expenditure (Rs 27.22 Crore) and funds for inorganic growth/general corporate purposes (Rs 61.18 Crore) remain completely unutilised as of June 30, 2025.
Good news for shareholders — no misuse or diversion of IPO funds. However, about Rs 85 Crore of the Fresh Issue is still sitting idle in the monitoring account, so investors should watch how and when the company deploys the remaining capital expenditure and acquisition-related funds in the coming quarters.