Statement of Deviation or Variation in utilization of funds raised through Initial Public Offer (IPO) by the Company, for the half year ended 31st March 2025
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Awaiting price reaction for this filing.
Toss The Coin Limited has submitted its half-yearly report on the use of money raised through its IPO in December 2024. The company raised Rs. 917.28 Lakh in total, of which Rs. 85 Lakh was used for IPO-related expenses. Out of the remaining Rs. 832.28 Lakh allocated across stated purposes (Microservices application development, new offices, working capital, and general corporate purposes), only Rs. 28.86 Lakh has actually been spent so far, all of it toward Microservices application development. The company has formally declared that there is 'No' deviation or variation from the stated objects, and no monitoring agency was appointed. The filing is a routine SEBI (LODR) compliance under Regulation 32.
Although the company confirms no deviation, only about 12% of the IPO proceeds have been deployed in roughly three and a half months, with a large chunk still sitting unutilized. For shareholders, this raises questions about execution speed and the company's deployment plan, though it does not yet flag an official regulatory concern.