Radiowalla Network Limited retains Rs 4.43 crore of IPO funds
Key highlights
- Radiowalla Network had Rs 4.43 crore of IPO proceeds unutilised as of September 30, 2026, representing about 31.1% of the Rs 14.25 crore disclosed corpus.
- The unspent IPO balance was held in fixed deposits of Rs 2.37 crore with ICICI Bank and Rs 2.06 crore with Union Bank of India.
- Working capital and technology accounted for Rs 3.62 crore of the remaining balance, including Rs 1.84 crore and Rs 1.78 crore respectively.
- Radiowalla used Rs 66.86 lakh in IPO proceeds during April-September 2026, down from Rs 2.54 crore in the preceding six-month period.
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Radiowalla Network Limited had Rs 4.43 crore of IPO proceeds unutilised at September 30, 2026, from Rs 14.25 crore disclosed in its offer document. Jain Jagawat Kamdar & Co.’s October 30, 2026 certificate says the balance was held in fixed deposits for future deployment under the objectives set out for the IPO.
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How much of Radiowalla’s IPO proceeds remained unspent?
Radiowalla had Rs 4.43 crore unutilised as of September 30, 2026, after applying Rs 9.82 crore from the Rs 14.25 crore amount disclosed in the offer document. The auditor’s certificate says the amount used through that date was applied in accordance with the objects stated in the prospectus.
The unutilised sum represented about 31.1% of the disclosed IPO corpus, based on the figures in the certificate. The disclosed allocation and utilisation amounts exclude goods and services tax, or GST, meaning the schedule presents spending against the IPO objectives before GST.
The balance was held in two fixed deposits rather than identified as unrestricted cash in the certificate. Radiowalla held Rs 2.37 crore with ICICI Bank Limited and Rs 2.06 crore with Union Bank of India, which together equal the Rs 4.43 crore unutilised amount.
Which Radiowalla IPO objectives had the biggest balances left?
Radiowalla’s largest remaining allocation was Rs 1.84 crore for working-capital requirements, followed by Rs 1.78 crore for investment in technology. These two objectives accounted for Rs 3.62 crore, or about 81.6%, of the Rs 4.43 crore unutilised balance at September 30, 2026.
Technology received an original allocation of Rs 3.10 crore. The schedule shows utilisation of Rs 24.09 lakh in April-September 2024, Rs 25.91 lakh in October 2024-March 2025, Rs 42.65 lakh in April-September 2025, Rs 22.66 lakh in October 2025-March 2026 and Rs 17.15 lakh in April-September 2026.
Those five technology outlays total Rs 1.32 crore, leaving Rs 1.78 crore for that objective. The latest Rs 17.15 lakh technology drawdown was lower than the Rs 22.66 lakh used in the immediately preceding October 2025-March 2026 period.
Working capital had the largest original allocation, at Rs 4.50 crore. Radiowalla used Rs 11.22 lakh in April-September 2024, Rs 89.60 lakh in the next six months, Rs 57.39 lakh in April-September 2025, Rs 58.07 lakh in October 2025-March 2026 and Rs 49.72 lakh in April-September 2026.
The working-capital utilisation total was Rs 2.66 crore by September 30, 2026, compared with Rs 1.84 crore remaining. The latest half-year working-capital use of Rs 49.72 lakh was below Rs 58.07 lakh in the preceding half year.
What IPO allocations had Radiowalla fully used?
Radiowalla had fully used the Rs 1.90 crore allocated to capital expenditure and the Rs 2.13 crore allocated to issue expenses by September 30, 2026. The certificate records no unutilised balance for either object.
Capital expenditure was deployed in the first two periods listed in the schedule: Rs 92.69 lakh in April-September 2024 and Rs 97.31 lakh in October 2024-March 2025. No capital-expenditure use was recorded in the following three six-month periods through September 2026.
Issue expenses of Rs 2.13 crore were recorded entirely in April-September 2024. That first six-month period had total IPO utilisation of Rs 3.48 crore, the highest of the five reporting periods, reflecting the full issue-expense charge alongside spending on the other objectives.
General corporate purposes had an allocation of Rs 2.63 crore and an unutilised balance of Rs 81.53 lakh at September 30, 2026. The schedule records Rs 7.50 lakh used in April-September 2024 and Rs 1.74 crore in October 2025-March 2026, with no listed use in the latest six-month period.
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How did Radiowalla’s latest half-year IPO spending change?
Radiowalla used Rs 66.86 lakh of IPO proceeds in April-September 2026, down from Rs 2.54 crore in October 2025-March 2026. The latest spending comprised Rs 49.72 lakh for working capital and Rs 17.15 lakh for technology.
The decline from the preceding period principally reflects the absence of general-corporate-purpose spending in April-September 2026. In October 2025-March 2026, the schedule included Rs 1.74 crore for general corporate purposes, alongside Rs 58.07 lakh for working capital and Rs 22.66 lakh for technology.
Across the five periods reported, utilisation was Rs 3.48 crore in April-September 2024, Rs 2.13 crore in October 2024-March 2025, Rs 1.00 crore in April-September 2025, Rs 2.54 crore in October 2025-March 2026 and Rs 66.86 lakh in April-September 2026. The spending pattern changed from early issue expenses and capital expenditure to later technology and working-capital deployment.
What does the utilisation certificate say about the remaining money?
Radiowalla’s auditor says the Rs 4.43 crore in fixed deposits is for future deployment in accordance with the IPO objectives. The certificate does not state a deadline for deploying the technology, working-capital or general-corporate-purpose balances.
Jain Jagawat Kamdar & Co. issued the certificate on October 30, 2026, after verifying utilisation as of September 30, 2026 using information and documents provided by Radiowalla. The document was issued for regulatory submissions and states that the auditor’s liability is restricted to the certificate’s reference fees.
Radiowalla’s half-year discussion for the period ended September 30, 2026 separately referred to expanded marketing and technology efforts and continuous technical improvement of its delivery platform. That discussion did not assign a specific amount or timetable to the Rs 1.78 crore technology balance identified in the IPO utilisation certificate.
Conclusion
Radiowalla had applied Rs 9.82 crore of its Rs 14.25 crore IPO allocation by September 30, 2026, while Rs 4.43 crore remained in fixed deposits. Capital expenditure and issue expenses were fully used, whereas working capital, technology and general corporate purposes accounted for the outstanding balances.
The next utilisation disclosure will show whether Radiowalla deploys the Rs 1.84 crore working-capital balance, Rs 1.78 crore technology balance and Rs 81.53 lakh for general corporate purposes. The certificate identifies future use in line with IPO objectives but does not provide a deployment schedule.