Connplex Cinemas deploys Rs 72.61 crore of IPO proceeds

Connplex Cinemas Limited had deployed Rs 72.61 crore of its Rs 90.27 crore initial public offer, or IPO, proceeds by September 30, 2026, leaving Rs 17.66 crore unutilised. Working capital accounted for Rs 36.88 crore of cumulative deployment, while Rs 14.73 crore remained allocated to LED screens and projectors.

How much of Connplex Cinemas' IPO money has been used?

Connplex Cinemas had used Rs 72.61 crore of the Rs 90.27 crore raised through its IPO by September 30, 2026. The company used Rs 27.42 crore during the half year ended September 30, 2026, following Rs 45.19 crore of utilisation before that half year, according to its utilisation disclosure.

The IPO was entirely a fresh issue of equity shares at an issue price of Rs 177 per share, including a securities premium of Rs 167 per share. The shares were allotted on August 12, 2025 and listed on the NSE Emerge platform of the National Stock Exchange of India from August 14, 2025.

CARE Ratings Limited was the monitoring agency for the IPO proceeds, and Connplex Cinemas said a report on fund utilisation was issued by the agency. The utilisation statement formed part of the company’s unaudited standalone results for the half year ended September 30, 2026, which the board approved on November 4, 2026.

Where has Connplex Cinemas used its IPO proceeds?

Connplex Cinemas used the largest amount, Rs 36.88 crore, for working-capital requirements against an IPO allocation of Rs 37.63 crore. This left Rs 75.16 lakh under the working-capital object as of September 30, 2026, after Rs 13.31 crore was deployed during the September half year.

The company had used Rs 14.03 crore for the purchase of a corporate office from a Rs 14.79 crore allocation, leaving Rs 75.82 lakh. Deployment for this object rose by Rs 10.58 crore during the half year ended September 30, 2026, compared with Rs 3.45 crore used before the period.

For LED screens and projectors, Connplex Cinemas used Rs 9.71 crore from an allocation of Rs 24.44 crore. The company deployed Rs 3.53 crore for that purpose during the September half year, after having used Rs 6.18 crore before the period, leaving Rs 14.73 crore unutilised.

General corporate purposes received Rs 5.13 crore of deployment against Rs 6.41 crore allocated, leaving Rs 1.28 crore. Public-issue expenses amounted to Rs 6.86 crore against Rs 7.00 crore earmarked, leaving Rs 13.07 lakh; neither of these two objects recorded fresh utilisation in the half year ended September 30, 2026.

Why is the LED-screen allocation the largest unutilised amount?

Connplex Cinemas’ Rs 14.73 crore unutilised balance for LED screens and projectors was the largest remaining amount among the five IPO objects at September 30, 2026. It represented most of the company’s total reported unutilised IPO proceeds of Rs 17.66 crore.

By comparison, the remaining balances for working capital and the corporate-office purchase were Rs 75.16 lakh and Rs 75.82 lakh, respectively. The lower spend on LED screens and projectors relative to its Rs 24.44 crore allocation explains why equipment remained the principal outstanding IPO use.

Connplex Cinemas reported that its business falls within a single primary business segment, so Accounting Standard 17 segment reporting was not applicable. The filing therefore did not identify particular cinema sites, screen installations, equipment orders or completion dates linked to the Rs 14.73 crore balance.

Where is Connplex Cinemas keeping the unutilised IPO money?

Connplex Cinemas reported Rs 18.65 crore in various fixed deposits with scheduled banks, Rs 92.75 lakh in its monitoring account and Rs 65.26 lakh in its current account. These balances totalled Rs 20.23 crore before the company deducted Rs 2.57 crore of fixed-deposit interest received, net of expenses paid.

After that interest adjustment, the company reported total unutilised IPO funds of Rs 17.66 crore. The disclosure does not specify the banks holding the fixed deposits, their maturities, their interest rates or the timetable for applying the equipment allocation.

The September 30, 2026 balance sheet separately reported Rs 32.16 crore of cash and cash equivalents and Rs 18.65 crore of bank balances other than cash and cash equivalents. Those balance-sheet categories are not stated to consist entirely of IPO proceeds and therefore are distinct from the IPO-fund reconciliation.

Did Connplex Cinemas change an IPO use-of-funds object?

Connplex Cinemas reported a variation in use of funds because shareholders approved a change in the proposed corporate-office premises on February 5, 2026. The Rs 14.79 crore allocation for the corporate-office purchase did not change despite the approved change in location.

The company said the office proposal changed from offices at Mondeal Two near Antriksh Colony BRTS in Bopal, Gujarat, to offices at Sakar One on Thaltej-Shilaj Main Road in Ahmedabad. The approval was granted through a special resolution passed by postal ballot on February 5, 2026.

Its Regulation 32 statement marked deviation or variation in fund use as “Yes”, because of the shareholder-approved change in the office premise. However, the same statement recorded nil deviation or variation for the quarter for each of the five allocation heads, and said the audit committee and auditors had no comments.

Connplex Cinemas also reported revenue from operations of Rs 98.54 crore for the half year ended September 30, 2026, compared with Rs 64.06 crore in the corresponding half year a year earlier. Profit for the period increased to Rs 17.02 crore from Rs 13.05 crore, figures that are separate from the IPO-proceeds utilisation disclosure.

Conclusion

Connplex Cinemas had deployed Rs 72.61 crore of its Rs 90.27 crore IPO proceeds by September 30, 2026, with working capital absorbing Rs 36.88 crore and the corporate-office purchase absorbing Rs 14.03 crore. The remaining balance was concentrated in the Rs 14.73 crore allocation for LED screens and projectors, while the reported unutilised funds were held largely in fixed deposits after accounting for net fixed-deposit interest.

The next disclosed date is November 18, 2026, the record date for an interim dividend of Rs 0.50 per equity share declared on November 4, 2026. For IPO-fund tracking, the principal unresolved item is the schedule for the remaining LED-screen and projector deployment, which Connplex Cinemas did not disclose in its September 2026 filing.