Statement of Deviation or Variation in utilization of funds raised through Initial Public Offer (IPO) under Regulation 32 of SEBI (LODR) Regulation, 2015 for the half year ended 31st March 2026
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Toss The Coin Limited has filed its half-yearly statement on IPO fund utilization for the period ending 31st March 2026. The company raised Rs. 9,17,28,000 through its IPO on 13th December 2024. Of this, Rs. 3,39,42,000 has been utilized so far (about 37%), with no formal deviation or variation reported under Regulation 32 of SEBI LODR. The largest allocation of Rs. 2,94,73,000 was for developing a Microservices Application, of which Rs. 1,59,73,000 has been spent. The Rs. 1,20,00,000 set aside for opening new offices remains completely unutilized, while only Rs. 20,00,000 of the Rs. 2,00,00,000 working capital requirement has been deployed. Public issue expenses of Rs. 85,00,000 have been fully utilized. The monitoring agency has not been appointed (NA).
The company has deployed only about 37% of IPO proceeds 18 months after listing, with no deviation flagged. While this is within permissible limits, the low deployment rate — especially zero spend on office expansion and minimal working capital use — may raise questions about execution pace or business development, particularly if markets have high expectations from the microservices application project.