Zaggle Prepaid Ocean Services has reported an excess utilisation of ₹2.037 crore in its IPO proceeds for the fourth quarter of the fiscal year 2026. This deviation was highlighted in the Monitoring Agency Report issued by CARE Ratings Limited for the quarter ended 31 March 2026.
The report noted that the excess utilisation occurred under the General Corporate Purposes (GCP) category. According to the management, this was due to lower-than-expected issue-related expenses compared to the estimates disclosed in the company’s prospectus. However, the requisite approvals for this deviation have not been received yet.
The Monitoring Agency, CARE Ratings, stated that the utilisation of net proceeds is generally in line with the objects of the IPO. However, there have been delays in the utilisation of proceeds compared to the timeline specified in the offer document. The report also indicated that there were no material deviations from the expenditures disclosed in the offer document that required shareholder approval.
Zaggle’s IPO, which took place from 14 September 2023 to 18 September 2023, raised a total of ₹392 crore. The company operates in the IT-enabled services sector, with its promoters being Raj P. Narayanam and Avinash Ramesh Godkhindi.
The Monitoring Agency’s report is based on information provided by the issuer and other sources deemed reliable. However, it clarifies that the agency does not perform an audit and does not independently verify the information it receives. The report is not intended to create any legally binding obligations and does not constitute an opinion to deal in any securities of the issuer.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).