Shipwaves Online Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026, detailing the utilization of its Initial Public Offering (IPO) proceeds. The report, issued by CARE Ratings Limited, confirms that all issue proceeds utilized in Q2 FY27 were directed towards the objects specified in the offer document. The company secured board approval for timeline extensions for certain objects, pushing implementation deadlines to March 31, 2027.
Shipwaves Online Limited Reports on IPO Proceeds Utilization
Shipwaves Online Limited has submitted its Monitoring Agency Report for the quarter ended September 30, 2026. This report, prepared by CARE Ratings Limited, provides an overview of the utilization of proceeds from the company’s Initial Public Offering (IPO).
Q2 FY27 Utilization Details
According to the report, all issue proceeds utilized in the second quarter of fiscal year 2027 (Q2 FY27) were in line with the objects specified in the offer document. The company’s total IPO size was Rs. 56.35 crore.
Object Implementation and Timeline Adjustments
The Red-Herring Prospectus had stipulated a timeline of March 31, 2026, for the implementation of certain objects. As of June 30, 2026, Rs. 5.00 crore remained unutilized. However, on July 04, 2026, the company’s board approved an extension of the timeline for the implementation of these objects until March 31, 2027. By the end of Q2 FY27, the company had utilized all its IPO proceeds.
Specifically for the ‘To meet Working Capital Requirements of Issuer Company’ object, there was an overutilization of Rs. 0.03 crore, amounting to the entire Rs. 17.13 crore earmarked for this purpose. Another object, ‘Investment in subsidiary for funding its working capital requirements’, saw an unutilized amount of Rs. 0.03 crore.
The report also noted a delay of 21 days for the ‘Investment in Subsidiary’ object and 109 days for ‘Repayment and/or pre-payment, in full or part, of certain borrowings availed by the Issuer Company’, both of which have received board approval for revised timelines.
Other Relevant Information
The company’s share price as of September 30, 2026, was trading at Rs. 3.45, which represents a 71% decline from its issue price. The Monitoring Agency has verified the information through CA certificates and management declarations.
Source: BSE
