Monitoring Agency report for the quarter ended December 31, 2025
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Stanbik Agro Limited, a Gujarat-based agriculture company, recently completed its IPO in December 2025, raising ₹12.28 Crores through a fresh issue of 40,94,000 equity shares at ₹30 each. Brickwork Ratings, acting as the Monitoring Agency, has submitted its first quarterly report on the use of IPO proceeds. As of December 31, 2025, only about ₹0.46 Crores has been deployed so far — mainly ₹0.37 Crores towards working capital and ₹0.05 Crores towards general corporate purposes. The remaining ~₹11.82 Crores is parked in the company's Public Issue Account (₹10.28 Crores) and Monitoring Account (₹1.54 Crores). The report confirms no deviation from the stated objects, all government and statutory approvals are in place, and all planned activities are ongoing as per the FY 2025-26 timeline.
This is a routine regulatory disclosure from a newly listed small-cap company, and there are no red flags. However, shareholders should note that almost the entire IPO proceeds are still unutilized and lying idle in bank accounts, meaning returns from the funds raised will only kick in once the company begins deploying them — particularly on retail network expansion (₹3.58 Crores) which has seen zero utilization so far.