Syrma SGS Technology’s Monitoring Agency Report, issued by CRISIL Ratings, indicates that proceeds from the IPO have been utilized as intended through September 30, 2025. The funds were primarily allocated towards capital expenditure and expansion of manufacturing facilities, with no deviations from the original objectives outlined in the offer document. The report confirms adherence to regulatory guidelines and transparency in fund utilization.
IPO Proceeds Utilization
A report by CRISIL Ratings Limited confirms that Syrma SGS Technology has properly utilized the net proceeds from its Initial Public Offering (IPO) as of September 30, 2025. The funds were allocated towards the intended objectives, specifically for capital expenditure and expansion of manufacturing facilities. The report indicates effective management and monitoring of IPO funds.
Key Findings
According to the monitoring agency’s assessment, all utilization aligns with the disclosures made in the Offer Document.
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Capital Expenditure and Expansion: Proceeds supported capital expenditure initiatives, contributing to the expansion and setup of manufacturing facilities.
There were no material deviations from the expenditures originally disclosed.
Financial Details
Here’s a summary of the IPO proceeds allocated as of September 30, 2025:
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R&D and Facility Expansion: ₹3,209.15 million out of the proposed ₹4,030.00 million has been utilized for the development of a R&D facility and expansion/setting up of manufacturing facilities.
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Working Capital: ₹1,315.13 million out of the proposed ₹1,315.80 million for working capital requirements has been utilized.
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General Corporate Purposes: ₹1,900.00 million has been used for general corporate purposes.
Unutilized Proceeds
The unutilized proceeds have been invested in the following instruments:
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Balance in HDFC Monitoring Agency Account: ₹3.70 million
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RBL Bank Fixed Deposit: ₹495.60 million
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RBL Bank Fixed Deposit: ₹684.91 million
The monitoring agency report confirms that the remaining amount will be utilized as per the proposed schedule.
Source: BSE
