Monitoring Agency Report for the period ended 31st March 2026.
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CARE Ratings has submitted its monitoring agency report for Shipwaves Online Ltd's Rs. 56.35 crore SME IPO (December 2025). Of the total proceeds, Rs. 51.32 crore (91%) has been utilized while Rs. 5.03 crore remains unutilized as of March 31, 2026, despite the offer document stipulating full deployment by this date. The MA flagged multiple concerns: (1) Rs. 7.52 crore was transferred from the monitoring account to regular banking accounts that have commingling with other transactions, (2) during Q4, the subsidiary paid Rs. 3.61 crore to related parties against old invoices from FY23-FY25 and refunded Rs. 3.91 crore advance to a related party customer, (3) the company's share price has declined 72% to Rs. 3.31 as of March 31, 2026 versus the IPO issue price, and (4) no board approval for timeline extension has been received. The company stated the unutilized funds will be deployed in Q1-Q2 FY27.
The monitoring agency has raised significant red flags including fund commingling, related party payments for old invoices, and a 72% share price decline. Investors should seek clarification on the delayed utilization, related party transactions, and the board's planned extension approval.