Monitoring Agency Report for the half year ended September 30, 2025, issued by Acuite Ratings and Research Limited.
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Awaiting price reaction for this filing.
Sugs Lloyd, which raised ₹85.66 crore through a public issue held from August 29 to September 2, 2025, has utilized ₹28.74 crore of the IPO proceeds as of September 30, 2025. Of this, ₹11.74 crore was fully spent on public issue expenses, ₹10.67 crore went toward working capital requirements (out of the planned ₹64 crore), and ₹6.33 crore was used for general corporate purposes (out of the planned ₹9.92 crore). The remaining ₹56.92 crore is still unutilized — ₹55 crore has been parked in fixed deposits with ICICI Bank earning around 4% interest, with small balances in Yes Bank and ICICI Bank current accounts. Acuité Ratings & Research, the monitoring agency, found no deviation from the stated objects and no delays in implementation.
No deviation from stated IPO objects is a positive sign for shareholders, confirming management is following the disclosed plan. However, roughly two-thirds of IPO proceeds are still parked in bank FDs and have not yet been deployed into the working capital of the business, so investors should watch the pace of utilization in upcoming quarters to gauge how effectively the funds are being put to use.