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Pranik Logistics (PRANIK) IPO Fund Utilization Update:
CARE Ratings, the monitoring agency, has submitted its report for the half-year ended March 31, 2025, on Pranik Logistics' Rs 22.47 Cr IPO proceeds.
Key findings and company responses:
* **Capital Expenditure (Capex):** A deviation was noted in the utilization of Rs 2.20 Cr earmarked for capex. The original plan was to deploy these funds by March 2025.
* *Company says:* There's no delay; the revised timeline for completion is March 2026 per Board resolution. The company plans to use a Rs 2.36 Cr Fixed Deposit (created pre-IPO) for this capex, confirming sufficient funds are available.
* **Vendor Change:** The ERP software was purchased from a different vendor than initially mentioned in the IPO prospectus.
* *Company says:* This deviation is within 10% of the issue proceeds and is not material, maintaining alignment with overall IPO objectives.
* **Documentation:** Supporting documents for Rs 3.65 Cr spent on General Corporate Purposes and Rs 0.24 Cr on Issue Expenses were not provided to the monitoring agency for verification.
* *Company says:* All expenditures were made according to the Offer Document, and all supporting documents are duly maintained.
* **Monitoring Account:** No separate monitoring account was opened for the IPO funds.
* *Company says:* This was not mandatory for an IPO size below Rs 100 Cr, and funds have been utilized properly.
Overall, the company assures that IPO funds have been utilized in line with the stated objectives, with the noted deviations considered immaterial or addressed. #PRANIK #IPO