P N Gadgil Jewellers Limited submitted its Monitoring Agency Report, prepared by ICRA Limited, for the quarter ending December 31, 2025. The report confirms that the utilization of Initial Public Offer (IPO) proceeds is substantially aligned with the objects disclosed in the offer document. The total gross proceeds amounted to ₹850.00 Crore, with net proceeds revised to ₹799.77 Crore due to increased issue-related expenses.
IPO Proceeds Monitoring Submission
P N Gadgil Jewellers Limited has formally submitted the Monitoring Agency Report for the quarter ended December 31, 2025, to the stock exchanges. The monitoring was conducted by ICRA Limited, confirming adherence to the utilization plans outlined in the original prospectus for the Initial Public Offer (IPO).
Utilization of Funds: Cost Reconciliation
The report details a revision in the total estimated cost. While the original prospectus indicated gross proceeds of ₹850.00 Crore, the net proceeds were revised downwards to ₹799.77 Crore as of December 31, 2025. This change is attributed to an increase of INR 1.951 crore in estimated issue-related expenses (IRE).
Breakdown of Original vs. Revised Costs (in ₹ Crore)
The monitoring shows the following high-level allocation breakdown:
- Funding New Stores: Original cost was ₹392.57 Crore, with full utilization recorded.
- Repayment of Borrowings: Original cost was ₹300.00 Crore, with full utilization recorded.
- General Corporate Purposes (GCP): The original cost of ₹109.15 Crore was revised down slightly to ₹107.20 Crore. The Monitoring Agency noted this revision was due to the increase in IRE mentioned above.
Progress Against Stated Objectives
The Monitoring Agency confirmed that there was no material deviation observed concerning the objects of the issue. All key objectives appear to be on schedule:
- New Stores Setup: Completion targeted for Fiscal 2025-2026 and reported as On Schedule.
- Debt Repayment: Completion targeted for Fiscal 2025 and reported as On Schedule.
- General Corporate Purposes: Completion targeted for Fiscal 2025-2026 and reported as On Schedule.
Deployment of Unutilized Proceeds
As of the quarter end, the total unutilized proceeds amounted to ₹0.57 Crore. These funds were primarily held in operational accounts:
- Monitoring Account Balance: ₹14.89 Crore.
- Escrow Account Balance: ₹0.46 Crore.
The report states that utilization for General Corporate Purposes totaled ₹107.20 Crore, with utilization noted in previous quarters (Q2 FY2025, Q3 FY2025, and Q2 FY2026).
Source: BSE
