Indegene Limited has submitted its Monitoring Agency Report for the quarter ended December 31, 2025, confirming no deviation from the objects disclosed in its Initial Public Offering (IPO) prospectus. The report, issued by Care Edge Ratings, the appointed Monitoring Agency, covers the utilization of the IPO proceeds amounting to ₹760.00 crore. The company reported that the utilization of IPO proceeds during the quarter was primarily for funding capital expenditure requirements of the company and its material subsidiaries, as well as for general corporate purposes and inorganic growth. Specifically, the utilization towards 'Funding the capital expenditure requirements of the company and one of their material subsidiaries, Indegene Inc.' was modified with shareholder approval on August 12, 2025. An amount of ₹38.65 crore was reallocated: ₹3.67 crore towards the repayment of indebtedness of a material subsidiary, ILSL Holdings, Inc., due to foreign exchange rate fluctuations, and the remaining ₹34.99 crore towards new costs for 'Technology, Cybersecurity and Cloud infrastructure.' The report also addressed an excess reimbursement of issue expenses of ₹0.50 crore related to the Offer for Sale (OFS), which was adjusted from Fresh Issue proceeds. The company provided a legal opinion and management undertaking stating that total offer-related expenses are within prospectus estimates, and the excess will be treated as a reduction in issue expenses, with the resultant surplus added to one of the issue's objects. As of December 31, 2025, the total unutilized amount from the IPO proceeds was ₹56.68 crore. The company has also made progress in its objectives, with ₹674.17 crore utilized out of the total ₹760.00 crore. The remaining unutilized funds are primarily invested in fixed deposits with ICICI Bank.
