Gem Aromatics Limited has submitted the Monitoring Agency Report for the quarter ended December 31, 2025, in accordance with SEBI regulations. The report, issued by CRISIL Ratings Limited, details the utilization of proceeds from the company's Initial Public Offer (IPO). The IPO, which took place from August 19 to August 21, 2025, raised ₹1,750 million (approximately ₹175 crore) in gross proceeds. After deducting issue expenses of ₹121.37 million, the net proceeds amounted to ₹1,628.63 million (approximately ₹162.86 crore). During the quarter ended December 31, 2025, the company utilized ₹1,568.29 million (approximately ₹156.83 crore) towards the prepayment and/or repayment of outstanding borrowings for the company and its subsidiary, Krystal Ingredients Private Limited. Additionally, ₹60.34 million (approximately ₹6.03 crore) was utilized for general corporate purposes, which included meeting expenses in the ordinary course of business and statutory/vendor payments. Issue expenses incurred during the quarter amounted to ₹110.73 million (approximately ₹11.07 crore), with ₹10.64 million (approximately ₹1.06 crore) remaining unutilized and held in the Public Issue Account, pertaining to these expenses. The report confirms that all utilization of funds was in line with the disclosures made in the Offer Document. There were no material deviations from the original cost of objects, and no shareholder approval was required for any deviations. The company also confirmed that the means of finance for the disclosed objects have not changed, and no major deviations were observed compared to earlier monitoring agency reports. All necessary government and statutory approvals related to the objects have been obtained.
