Shipwaves Online Limited has submitted its Monitoring Agency Report for the quarter ended June 30, 2026. The report indicates a delay in the utilization of IPO proceeds compared to the Red-Herring prospectus timeline, with board approval obtained to extend the implementation of objects until March 31, 2027. Additionally, the company’s share price has seen a significant decline of 70% from its issue price.
Shipwaves Online Reports on IPO Proceeds Utilization
Shipwaves Online Limited has released its Monitoring Agency Report for the quarter concluding on June 30, 2026, detailing the utilization of funds raised through its Initial Public Offering (IPO).
Project Timeline Extension Approved
The report highlights a delay in the utilization of IPO proceeds when compared to the timelines stipulated in the Red-Herring prospectus. Initially, the implementation of the issue’s objectives was scheduled for completion by March 31, 2026. However, as of June 30, 2026, ₹5.00 crore of the funds remained unutilized. Consequently, the company’s board, through a resolution dated July 4, 2026, approved an extension for the implementation of these objects until March 31, 2027.
Utilization Details for Key Objects
For the object ‘To meet Working Capital Requirements of Issuer Company,’ ₹0.03 crore was incurred during Q1 FY27 towards repayment of cash credit. This resulted in an overutilization of ₹0.03 crore for this specific object, as the entire ₹17.13 crore earmarked for it was previously spent by December 29, 2025. The excess utilization is attributed to a shortfall of ₹0.03 crore under the ‘Investment in subsidiary for funding its working capital requirements’ object.
Progress for other key objects:
- Investment in Subsidiary for funding its working capital requirement: ₹9.97 crore utilized against an allocated ₹10.00 crore. The remaining ₹0.03 crore, due to exchange rate fluctuations, was subsequently utilized towards ‘To meet the Working Capital Requirements of the Issuer Company.’
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by the Issuer Company: ₹10.00 crore utilized against an allocated ₹15.00 crore, with ₹5.00 crore remaining unutilized.
- General Corporate Expenses: The entire allocated amount of ₹8.45 crore has been utilized.
- Issue Related Expenses: The entire allocated amount of ₹5.77 crore has been utilized.
Financial Position and Market Performance
As of June 30, 2026, the company’s share price was trading at ₹3.60 per share, which is approximately 70% lower than the IPO issue price. The report notes that there is a delay in the utilization of net proceeds beyond the March 31, 2026, timeline, which may affect the viability of the objects.
Source: BSE
