Pramodini Medicare deploys Rs 20 crore, parks Rs 36.03 crore

Pramodini Medicare had deployed Rs 20 crore of its Rs 56.03 crore net initial public offering proceeds by September 30, 2026, while Rs 36.03 crore remained in Kotak Bank fixed deposits and accounts. The company raised Rs 69.04 crore in its August 19, 2026 IPO before offer-for-sale payments and issue expenses.

How much of Pramodini Medicare's IPO proceeds were used?

Pramodini Medicare used Rs 20 crore of net IPO proceeds as of September 30, 2026, leaving Rs 36.03 crore to be utilised. The certified statement starts with total IPO proceeds of Rs 69.04 crore, deducts Rs 4.95 crore of paid offer-for-sale proceeds and Rs 8.06 crore of issue expenses, including taxes, to calculate net proceeds of Rs 56.03 crore.

The company’s half-year financial-results note reports the same broad position, although with more precise figures stated in lakh. It says Rs 69.04 crore was raised on August 19, 2026, Rs 20 crore was used for the objects of the issue, and Rs 36.03 crore was unutilised at September 30, 2026.

The disclosed deployment represented about 36% of the Rs 56.03 crore net proceeds, based on the certificate’s rounded figures. The unutilised balance was therefore about 64% of net proceeds at the September 30 reporting date, less than seven weeks after the IPO date.

What did Pramodini Medicare spend the IPO money on?

Pramodini Medicare deployed Rs 14.61 crore for medical equipment for existing and proposed diagnostic centres and Rs 5.39 crore for general corporate purposes and unidentified inorganic acquisition. These two uses total the Rs 20 crore reported as utilisation of net IPO proceeds through September 30, 2026.

Medical equipment received the larger allocation, accounting for Rs 14.61 crore of the Rs 20 crore deployed, compared with Rs 5.39 crore for corporate purposes and acquisitions. Against the offer-document allocation, Rs 30.54 crore remained for medical equipment, while the certificate showed Rs 5.36 crore remaining for general corporate purposes and unidentified inorganic acquisition.

The utilisation schedule separately records Rs 8.07 crore of fresh-offer-related expenses, compared with a proposed Rs 7.23 crore. That was Rs 83 lakh above the expense amount stated in the offer-document objectives schedule, while the company’s net-proceeds calculation used Rs 8.06 crore of issue expenses, including taxes.

The Rs 28.07 crore total in the objectives schedule is not the same measure as the Rs 20 crore net-proceeds utilisation figure. The former includes Rs 8.07 crore of fresh-offer-related expenses, whereas the latter is presented after deduction of issue expenses from gross proceeds and covers utilisation of the resulting Rs 56.03 crore net proceeds.

Where was Pramodini Medicare's unutilised IPO money held?

Pramodini Medicare held Rs 25 crore of the Rs 36.03 crore unutilised balance in three Kotak Bank fixed deposits at September 30, 2026. The deposits comprised Rs 10 crore maturing on December 21, 2026 at a 5.85% return, Rs 5 crore maturing on March 20, 2027 at 6.00%, and Rs 10 crore maturing on March 20, 2027 at 6.30%.

A further Rs 9.11 crore was held in a Kotak Bank sweep account with flexible maturity and a stated 4.00% return. The fixed deposits and sweep account together accounted for Rs 34.11 crore, or most of the Rs 36.03 crore balance reported by the certificate.

The remaining funds were in designated bank accounts: Rs 1.15 crore in an escrow account, Rs 50 lakh in a monitoring account and Rs 27 lakh in a current account. The certificate did not state maturity dates or returns for those three accounts, and it marked the quarter-end market value as not applicable for all listed instruments.

The company’s cash-flow statement also reported a Rs 34.12 crore increase in other bank balances during the half year ended September 30, 2026. That cash-flow line is not identified as IPO funds, but its timing coincides with the August 19, 2026 IPO and the September 30 bank-instrument schedule.

Why do Pramodini Medicare's IPO utilisation schedules differ?

Pramodini Medicare’s Rs 20 crore net-proceeds figure differs from the Rs 28.07 crore objectives-schedule figure because the latter includes Rs 8.07 crore of fresh-offer-related expenses. The certificate’s net-proceeds calculation first deducts Rs 8.06 crore of issue expenses from gross proceeds, while the objective schedule displays the expense category alongside equipment and corporate-purpose spending.

The chartered accountant also limited the certified utilisation figure to actual payments through the designated IPO monitoring account as of September 30, 2026. Tax deducted at source liabilities that remained payable and payments made through other bank accounts were excluded from the utilisation reported in that certificate.

There was also an unsettled offer-for-sale expense component at the certificate date of November 12, 2026. Of total offer-for-sale proceeds of Rs 5.90 crore, Rs 4.95 crore had been paid to participating shareholders, while Rs 95 lakh representing their proportionate share of IPO expenses remained unsettled.

The separate half-year cash-flow statement cannot be treated as a direct IPO deployment schedule. It recorded net purchases of property, plant, equipment and intangible assets of Rs 4.17 crore for the half year ended September 30, 2026, compared with Rs 29.81 crore for the year ended March 31, 2026, without identifying the funding source for those purchases.

Conclusion

Pramodini Medicare had used Rs 20 crore of net IPO proceeds by September 30, 2026, led by Rs 14.61 crore for medical equipment and Rs 5.39 crore for general corporate purposes and unidentified inorganic acquisition. The remaining Rs 36.03 crore was primarily held in Rs 25 crore of fixed deposits and Rs 9.11 crore in a sweep account.

The next reported deployment will show whether Pramodini Medicare uses the Rs 30.54 crore remaining medical-equipment allocation and the Rs 5.36 crore balance for corporate purposes and acquisitions. The disclosed bank placements also have scheduled fixed-deposit maturities on December 21, 2026 and March 20, 2027, while Rs 95 lakh of offer-for-sale expense sharing remained unsettled on November 12, 2026.