Updater Services Limited has released its Monitoring Agency Report for the quarter ending September 30, 2025, confirming that there has been no deviation in the utilization of funds raised from its Initial Public Offering (IPO). The report, prepared by ICRA Limited, was mandated under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, to ensure compliance with the expenditure outlined in the IPO prospectus. The monitoring agency's analysis indicates that the proceeds of the IPO, amounting to INR 377.870 crores, have been utilized precisely as intended, with no discrepancies noted in the reported spending.

The IPO, which opened on September 25, 2023, and closed on September 27, 2023, raised a total of INR 640 crores, including an Offer for Sale (OFS) component. However, the net proceeds available for the company, after excluding issuance-related expenses, were INR 377.870 crores. This amount is slightly lower than the actual proceeds transferred to the monitoring account, which was reported at INR 377.760 crores, with a minor amount of INR 0.11 retained in the public issue account. ICRA's report affirms that the company has adhered to all disclosures made in the offer document and that there have been no changes in the financing arrangements for the disclosed objectives of the IPO.

The report also emphasizes that Updater Services Limited has maintained compliance with all necessary regulatory approvals and financial arrangements related to the use of IPO proceeds. It confirms that there have been no major deviations from prior monitoring reports and that no unfavorable events affecting the viability of the project have been reported. The findings provide a clear assurance to investors regarding the responsible management of the funds raised, fostering confidence in the company's financial governance and operational transparency.