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Awaiting price reaction for this filing.
CARE Ratings, acting as Monitoring Agency for Shipwaves Online's Rs. 56.35 crore SME IPO (December 10–12, 2025), submitted its first quarterly report for Q3 FY26. Out of the Rs. 56.35 crore raised, Rs. 36.29 crore has been utilised and Rs. 20.06 crore remains unutilised as of December 31, 2025. Working capital (Rs. 17.13 crore), issue expenses (Rs. 5.77 crore), and general corporate purposes (Rs. 8.45 crore for software development) were fully deployed, while Rs. 2.50 crore was used for loan repayment and Rs. 2.45 crore was loaned to subsidiary Shipwaves Online LLC. The MA flagged concerns: full GCP amount was used without prior board approval for quantum allocation, IPO funds were commingled with operational cash credit and current accounts across HDFC Bank, Axis Bank and ADCB, and Rs. 7.52 crore of unutilised proceeds are parked in the subsidiary's bank account, which is not explicitly permitted under the offer document. The share price stood at Rs. 7.22 as on December 31, 2025, roughly 40% below the issue price.
Investors should note governance red flags raised by the Monitoring Agency — deviation from offer document disclosures on general corporate purpose usage, commingling of IPO funds with regular bank accounts, and unutilised funds parked in a subsidiary's account. The 40% post-IPO price decline is a concern, though fund deployment is progressing without delays and Rs. 20.06 crore in unutilised proceeds is largely held in scheduled bank fixed deposits earning 3–4.9% interest.