Sai Life Sciences Limited submitted the Monitoring Agency Report, prepared by CRISIL Ratings Limited, detailing the utilization of its Initial Public Offer (IPO) proceeds for the quarter and nine months ended December 31, 2025. The total Net Proceeds monitored amounted to Rs 9,098.84 million. The report confirms that all utilization, including major expenses like debt repayment and general corporate purposes, aligns with the disclosures made in the Offer Document. The total unutilized proceeds remaining as of the end of the quarter were Rs 55.28 million.
IPO Proceeds Utilization Report Q3 FY2026
Sai Life Sciences Limited has furnished the mandatory Monitoring Agency Report for the quarter ending December 31, 2025. This compliance filing, directed to the stock exchanges, covers the utilization status of funds raised through the Initial Public Offer (IPO).
Key Financial Summary of Proceeds
The total Net Proceeds raised from the Fresh Issue were Rs 9,098.84 million, calculated after deducting Issue Expenses of Rs 401.16 million from the Gross Proceeds of Rs 9,500.00 million. As of the reporting date, the total amount utilized across all objects was Rs 9,444.72 million, leaving total unutilized proceeds of Rs 55.28 million.
Utilization Detail by Object (Rs in million)
| Item Head | As at beginning of the quarter | During the quarter | At the end of the quarter | Total Unutilized |
|---|---|---|---|---|
| Repayment/prepayment of borrowings | 7,200.00 | – | 7,200.00 | Nil |
| General corporate purposes | 935.81 | 963.03 | 1,898.84 | Nil |
| Issue expenses | 345.88 | – | 345.88 | 55.28 |
| Total | 8,481.69 | 963.03 | 9,444.72 | 55.28 |
It is noted that the proceeds for the repayment of borrowings were confirmed as fully utilized as of the quarter ended March 31, 2025.
Monitoring Agency Commentary and Status
The Monitoring Agency confirmed that all utilization is as per the disclosures outlined in the Offer Document. Furthermore, the report confirmed that the utilization for General Corporate Purposes (GCP) amounting to Rs 963.03 million during the quarter was used for vendor payments related to the purchase of equipment and machinery, an object that received Board approval on February 05, 2026.
Status of Unutilized Proceeds
The remaining unutilized proceeds of Rs 55.28 million were parked in temporary instruments as of December 31, 2025. This included an investment in an IndusInd Bank Fixed Deposit (Rs 36.97 million) earning an assumed return of 5.45%, balances in the Public Offer Account (Rs 18.21 million), and the Monitoring Account (Rs 0.10 million).
The Monitoring Agency confirmed that there were no delays in the implementation of any object(s) during the period under review.
Source: BSE
