TechD Cybersecurity has Rs 25.38 crore IPO funds unspent

Techd Cybersecurity Limited had utilised Rs 13.61 crore of its Rs 38.99 crore fresh-issue IPO proceeds by September 30, 2026, leaving Rs 25.38 crore unutilised. TechD Cybersecurity held Rs 7.38 crore in a DBS Bank account and Rs 18.00 crore in two fixed deposits, while human-resources spending accounted for only Rs 3.32 crore of its Rs 26.09 crore allocation.

How much of TechD Cybersecurity's IPO money remained unutilised?

TechD Cybersecurity reported Rs 25.38 crore of unutilised IPO proceeds as at September 30, 2026, compared with Rs 13.61 crore cumulatively utilised from the Rs 38.99 crore fresh issue. The company’s IPO opened for subscription from September 15, 2025 to September 17, 2025, and its shares were listed on September 22, 2025.

The certified annexure records Rs 5.59 crore of utilisation during the quarter ended September 30, 2026, following Rs 8.02 crore shown as utilised at the quarter’s beginning. Those total figures add to the reported Rs 13.61 crore at quarter-end, and the quarter’s deployment was split between human resources, the Ahmedabad Global Security Operation Centre and general corporate purposes.

The Rs 25.38 crore remaining balance represented the majority of the Rs 38.99 crore proceeds at September 30, 2026. The utilisation certificate, dated October 29, 2026, states that T R S & Associates found the annexure to be in agreement in all material respects with TechD Cybersecurity’s unaudited books and records for the quarter ended September 30, 2026.

Which IPO objects had TechD Cybersecurity funded by September 2026?

TechD Cybersecurity reported Rs 3.32 crore of cumulative spending on investment in human resources against an original Rs 26.09 crore allocation at September 30, 2026. This left Rs 22.77 crore unutilised for that object, the largest unspent balance among the four IPO purposes.

Capital expenditure for the Global Security Operation Centre, or GSOC, at Ahmedabad had received Rs 3.35 crore against an allocation of Rs 5.89 crore. General corporate purposes had received Rs 3.54 crore from Rs 3.61 crore allocated, leaving Rs 7 lakh, while IPO-related expenses had been fully used at Rs 3.40 crore.

The quarter’s Rs 5.59 crore deployment included Rs 3.35 crore for the Ahmedabad GSOC, Rs 1.89 crore for human resources and Rs 35 lakh for general corporate purposes. No further IPO-related expenses were reported during the quarter, after the full Rs 3.40 crore allocation had already been used.

Do the reported quarterly figures reconcile across TechD Cybersecurity's tables?

TechD Cybersecurity’s certified annexure contains a human-resources figure that does not reconcile with its other reported amounts. The annexure shows Rs 7.43 crore utilised at the quarter’s beginning and Rs 1.89 crore used during the quarter, but reports cumulative human-resources utilisation of Rs 3.32 crore at September 30, 2026.

The company’s Regulation 32 statement for the half year ended September 30, 2026 instead reports Rs 3.3237 crore utilised and Rs 22.7686 crore unutilised for human resources. Its more detailed figures support the rounded Rs 3.32 crore and Rs 22.77 crore amounts in the quarter-end utilisation column, rather than the Rs 7.43 crore beginning-of-quarter figure in the certified annexure.

The total figures nevertheless reconcile arithmetically: Rs 8.02 crore at the start of the quarter plus Rs 5.59 crore during the quarter equals Rs 13.61 crore at its end. T R S & Associates stated that it verified arithmetic accuracy and traced payments from the relevant DBS Bank account to ledger accounts and supporting records, but the filing does not explain the human-resources row discrepancy.

Where did TechD Cybersecurity hold the unspent IPO proceeds?

TechD Cybersecurity held the full Rs 25.38 crore unutilised balance in one DBS Bank account and two DBS Bank fixed deposits at September 30, 2026. The designated monitoring agency account held Rs 7.38 crore, and the two fixed deposits held Rs 9.00 crore each.

The three reported holdings reconcile to the unutilised total because Rs 7.38 crore plus Rs 18.00 crore in deposits equals Rs 25.38 crore. The entire Rs 38.99 crore fresh-issue proceeds had initially been credited to the company’s designated public offer account with DBS Bank.

T R S & Associates said its procedures included obtaining bank balance confirmations, bank statements and reconciliations for the fixed deposits and bank balances as at September 30, 2026. The accountant also obtained information on the deposits’ maturity dates, earnings, returns and book or market values, although the filed annexure does not disclose those details.

Did TechD Cybersecurity report a change in use of IPO proceeds?

TechD Cybersecurity reported no deviation or variation in the use of its IPO proceeds in its Regulation 32 disclosure for the half year ended September 30, 2026. The statement records no modified object or allocation for human resources, the Ahmedabad GSOC, general corporate purposes or IPO-related expenses.

The Regulation 32 statement lists Rs 38.9899 crore as the amount raised, compared with the rounded Rs 38.99 crore total in the utilisation certificate. It records Rs 3.5397 crore spent for general corporate purposes and Rs 6.97 lakh remaining, which round to the certificate’s Rs 3.54 crore spent and Rs 7 lakh unutilised.

The filing records no comments from the audit committee and no comments from auditors on deviation or variation. Its monitoring-agency field says “Not Applicable”, while the agency-name field names Care Edge Rating Ltd; separately, the certificate says it was issued for submission to the National Stock Exchange and CARE Ratings Limited.

Conclusion

TechD Cybersecurity had used Rs 13.61 crore of Rs 38.99 crore in fresh-issue IPO proceeds by September 30, 2026, with Rs 25.38 crore still held in bank balances and fixed deposits. The dominant remaining allocation was Rs 22.77 crore for human resources, while Rs 2.54 crore remained for the Ahmedabad GSOC and general corporate purposes were nearly exhausted.

The next utilisation disclosure should show whether TechD Cybersecurity deploys the remaining Rs 22.77 crore human-resources allocation and Rs 2.54 crore GSOC allocation without changing the original objects. It should also clarify the annexure’s Rs 7.43 crore human-resources beginning-of-quarter figure, which conflicts with the Rs 3.32 crore cumulative utilisation reported at September 30, 2026.