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Vandan Foods Limited, an Ahmedabad-based B2B manufacturer of castor oil and its derivatives, has submitted the Monitoring Agency Report from Infomerics Valuation and Rating Limited for Q2 FY26. The company raised Rs. 30.36 crore through its SME IPO in June-July 2025 (26.40 lakh shares at Rs. 115 each). After deducting Rs. 2.99 crore in issue expenses, net proceeds of Rs. 27.37 crore were available. As of September 30, 2025, the company has utilized Rs. 27.11 crore — Rs. 8.57 crore for working capital, Rs. 2.81 crore for loan prepayment (one term loan paid from internal accruals instead), Rs. 8.22 crore for capex at the Dhinoj facility (advance paid to Torika Processes LLP and others for a solvent extraction plant), and Rs. 7.51 crore for general corporate purposes paid to suppliers. Only Rs. 0.48 crore remains unutilized, parked in the public issue account with Kotak Mahindra Bank. The Monitoring Agency reported no deviation from disclosed objects and no delay in implementation.
This is a routine positive compliance disclosure confirming the company is deploying IPO funds largely on schedule and in line with its stated objectives. For shareholders, the report signals responsible use of IPO proceeds with no misuse or deviation, though a small portion of capex (Rs. 3.75 crore) has been paid in advance against proforma invoices, meaning final invoices are still pending. Minor unutilized balance may get deployed over coming quarters.