Ideaforge Technology Limited — Others, 08-05-2025: Monitoring Agency Report

ideaForge Technology Limited has announced a Monitoring Agency Report from ICRA Limited confirming full alignment of IPO proceeds utilization totaling Rs. 225.16 Cr with intended purposes. Funds were mainly deployed for debt repayment (Rs. 50 Cr), working capital (Rs. 128.26 Cr), product development (Rs. 37.74 Cr), and general corporate purposes (Rs. 0.16 Cr). There were no delays or deviations. Unutilized proceeds of Rs. 9 Cr are parked in fixed deposits earning 6.75% interest, reflecting disciplined fund management and strong operational execution.