S.K. Offset’s Rs 29.06 crore IPO proceeds remained unspent

S.K. Offset Limited had not deployed any of its Rs 29.06 crore initial public offering (IPO) proceeds by September 30, 2026, and the entire fresh-issue amount remained in its designated bank account. The company’s utilisation statement and an auditor’s certificate both recorded nil spending across working capital, plant and machinery, general corporate purposes and issue-related expenses.

How much of S.K. Offset’s IPO money was used by September 30, 2026?

S.K. Offset used nil of the Rs 29.06 crore raised through its fresh IPO issue by September 30, 2026. Its statement under Regulation 32 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations recorded no deviation or variation in the use of the funds.

The fresh issue comprised 23.25 lakh equity shares of face value Rs 10 each, issued at Rs 125 per share, including a premium of Rs 115 per share. The company reported that the fresh issue raised Rs 29.06 crore, while the Regulation 32 statement gave September 28, 2026 as the allotment date and date of raising funds.

Ravindra Aggarwal & Co., Chartered Accountants, certified on November 12, 2026 that the full Rs 29.06 crore had been credited to S.K. Offset’s designated public-issue account with a scheduled bank. Following examination of bank statements and supporting records, the firm reported that no portion of the proceeds had been used as of September 30, 2026.

Where did S.K. Offset plan to use its IPO proceeds?

S.K. Offset allocated Rs 18.66 crore, the largest part of the Rs 29.06 crore issue, to incremental working-capital requirements. It allocated Rs 4.30 crore to IPO expenses, Rs 3.99 crore to general corporate purposes and Rs 2.11 crore to capital expenditure on plant and machinery for a manufacturing facility.

The reporting-date position was the same across all four objects: each allocation was fully unutilised. Working capital accounted for Rs 18.66 crore of the total allocation, compared with Rs 2.11 crore for manufacturing-facility plant and machinery, but neither category recorded expenditure by September 30, 2026.

S.K. Offset did not report a modified object or modified allocation for any of the four categories. The company marked modifications as not applicable and deviations or variations as nil, indicating that the nil utilisation was not the result of a reported transfer between the original objects.

Why had S.K. Offset not spent the funds by September 30, 2026?

S.K. Offset said its Audit Committee noted that it was listed on September 30, 2026, the last day of the half-year, and consequently no IPO proceeds had been utilised by that date. The auditor’s utilisation certificate also identifies September 30, 2026 as the date when the equity shares were listed on the SME Platform of BSE Limited.

The filing contains a different date in its half-year financial-results note, which says the shares were listed on the SME Platform of BSE Limited on September 28, 2026. The Regulation 32 statement likewise identifies September 28, 2026 as the allotment date, but both the utilisation statement and the auditor’s certificate use September 30, 2026 as the cut-off for confirming nil spending.

The auditor’s certificate states that the IPO was open for subscription from September 23, 2026 to September 25, 2026. S.K. Offset did not disclose a future date for beginning expenditure on the Rs 18.66 crore working-capital object, the Rs 2.11 crore capital-expenditure object, or the other two stated objects.

What did S.K. Offset disclose about IPO expenses?

S.K. Offset reported Rs 4.30 crore as the original allocation for IPO expenses, with nil utilised and Rs 4.30 crore unutilised as of September 30, 2026. The same Rs 4.30 crore allocation and nil spending appear in the company’s Regulation 32 statement and the auditor’s utilisation certificate.

The half-year financial-results note separately says that Rs 1.58 crore of share-issue expenses attributable to the fresh issue was adjusted against securities premium under Section 52 of the Companies Act, 2013. This accounting treatment was disclosed alongside the statement that the entire Rs 29.06 crore fresh-issue proceeds were unutilised at September 30, 2026.

The supplied filing does not explain the relationship between the Rs 1.58 crore adjustment against securities premium and the Rs 4.30 crore IPO-expense allocation reported as unutilised. It does state, however, that the full Rs 29.06 crore raised through the IPO remained in the designated bank account at the reporting date.

What did the auditor verify on S.K. Offset’s unspent balance?

Ravindra Aggarwal & Co. verified that S.K. Offset had not used any part of the Rs 29.06 crore IPO proceeds by September 30, 2026. The firm said it examined relevant bank statements and supporting documents before certifying that the unutilised balance was held in the designated bank account.

The certificate was issued on November 12, 2026 for submission to BSE Limited’s SME Platform and other regulatory authorities as required under the SEBI regulations. It reported that the Rs 29.06 crore proceeds were credited to the designated public-issue account and had not been applied for any purpose through September 30, 2026.

Separately, the limited-review report on the unaudited financial results for the half-year ended September 30, 2026 said nothing had come to the reviewer’s attention to suggest a material misstatement. The report explained that a limited review provides moderate assurance and has a narrower scope than an audit conducted under Standards on Auditing.

Conclusion

S.K. Offset’s disclosure shows that the Rs 29.06 crore fresh-issue proceeds were wholly unspent at September 30, 2026, despite defined allocations across four objects. The result was consistent in the Regulation 32 statement and the auditor’s certificate: nil utilisation, no reported modification of objects and no reported deviation or variation.

The next utilisation disclosure will indicate whether S.K. Offset begins applying the Rs 18.66 crore working-capital allocation, Rs 2.11 crore plant-and-machinery allocation, Rs 3.99 crore general-corporate allocation and Rs 4.30 crore IPO-expense allocation. Readers can also watch for any company clarification on the Rs 1.58 crore share-issue-expense adjustment against securities premium disclosed for the half-year ended September 30, 2026.