Shipwaves Online reports ₹5.03 crore unutilized IPO proceeds

Shipwaves Online Limited reported that ₹5.03 crore of its Initial Public Offer (IPO) proceeds remained unutilized as of March 31, 2026, according to a monitoring agency report submitted to BSE Limited. The company raised ₹56.35 crore through a public issue that listed on December 17, 2025. CARE Ratings Limited, the monitoring agency, noted that the delay in utilizing the full amount may impact the viability of the objects specified in the Red-Herring Prospectus, which had a timeline of March 31, 2026.

The disclosure was made by Jessica Juliana Mendonca, Company Secretary & Compliance Officer, on May 27, 2026, under Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report highlights that ₹7.52 crore was utilized by the company's subsidiary, Shipwaves Online LLC, during the quarter for vendor payments and refund of customer advances. The monitoring agency observed that these payments were made to related parties for invoices dating back to FY23 to FY25.

Utilization of IPO Proceeds

The funds were allocated across working capital, subsidiary investment, debt repayment, and general corporate purposes. The following table details the allocation and utilization as of March 31, 2026.

Object	Original Allocation (₹)	Funds Utilised (₹)
To meet Working Capital Requirements of Issuer Company	17,13,05,000	17,13,05,000
Investment in Subsidiary for funding its working capital requirement	10,00,00,000	9,97,13,900
Repayment and/or pre-payment of certain borrowings availed by the Issuer Company	15,00,00,000	10,00,00,000
General corporate purposes	8,45,28,000	8,45,28,000
Issue Expenses	5,76,87,000	5,76,87,000

The monitoring agency confirmed that ₹5.03 crore is currently deployed in a fixed deposit with HDFC Bank maturing on April 16, 2026, and a balance in a public issue account. The company stated that the matter regarding the extension of the timeline for utilizing the remaining funds will be placed before the upcoming Board meeting.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.51%	+8.29%	-9.68%	-65.61%	-65.61%	-65.61%

Shipwaves Online Limited has filed its quarterly compliance certificate with BSE Limited, confirming adherence to SEBI regulations for share transfer activities during the fourth quarter of fiscal year 2026.

Regulatory Compliance Filing

The company submitted its certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended March 31, 2026. Company Secretary and Compliance Officer Jessica Juliana Mendonca digitally signed and filed the document on April 7, 2026.

Filing Details:	Information
Quarter Period:	March 31, 2026
Filing Date:	April 7, 2026
Regulation:	SEBI Regulation 74(5)
Company Secretary:	Jessica Juliana Mendonca
Membership No.:	A25316

Share Transfer Activity Report

Cameo Corporate Services Limited, serving as the company's Registrar and Share Transfer Agent, issued the compliance certificate confirming operational status during the quarter. The certificate specifically states that no requests for dematerialisation or rematerialisation of shares were received during the quarter ended March 31, 2026.

Regulatory Framework

The SEBI (Depositories and Participants) Regulations, 2018 mandate quarterly reporting of share transfer activities by listed companies. This regulatory requirement ensures transparency in share transfer operations and maintains investor confidence in the securities market infrastructure.

The filing demonstrates Shipwaves Online Limited's commitment to regulatory compliance and transparent reporting practices as required for listed entities on Indian stock exchanges.