Shipwaves Online Limited Submits Q3FY26 IPO Proceeds Monitoring Report to BSE

Shipwaves Online Limited has submitted its quarterly monitoring agency report for the quarter ended December 31, 2025, to BSE under Regulation 32(6) of SEBI listing regulations. The report, prepared by CARE Ratings Limited as the monitoring agency, provides a comprehensive overview of how the company has utilized proceeds from its ₹56.35 crore IPO. IPO Proceeds Utilization Overview The company has utilized ₹36.29 crore during Q3FY26 across its stated objectives, leaving ₹20.06 crore unutilized as of December 31, 2025. The IPO, which was conducted from December 10-12, 2025, raised funds for specific purposes outlined in the offer document. Utilization Category Allocated Amount (₹ crore) Utilized Amount (₹ crore) Remaining (₹ crore) Working Capital Requirements 17.13 17.13 - Subsidiary Investment 10.00 2.45 7.55 Debt Repayment 15.00 2.50 12.50 General Corporate Expenses 8.45 8.45 - Issue Expenses 5.77 5.77 - Total 56.35 36.29 20.06 Key Utilization Details Working Capital Requirements: The company fully utilized ₹17.13 crore for working capital needs, including ₹16.96 crore transferred to cash credit accounts for vendor payments (₹7.17 crore), tax payments (₹1.23 crore), and salary payments (₹0.29 crore). Additionally, ₹8.44 crore was transferred as advance to a vendor. Subsidiary Investment: ₹2.45 crore was utilized through a loan of AED 40,37,000 to subsidiary Shipwaves Online LLC. The loan carries 8% annual interest with a 5-year tenor. The subsidiary used ₹2.45 crore for working capital payments to vendors, while ₹7.52 crore remains in the subsidiary's current account. Debt Repayment: The company utilized ₹2.50 crore for partial repayment of HDFC cash credit facilities, as specified in the offer document. General Corporate Expenses: The entire allocated amount of ₹8.45 crore was spent on software development charges for digital infrastructure enhancement. Deployment of Unutilized Funds The remaining ₹20.06 crore is deployed across various instruments: Investment Type Amount (₹ crore) Interest Rate (%) Maturity HDFC Bank FD 5.00 4.75 January 16, 2026 Axis Bank FDs 7.50 3.00-4.90 January-March 2026 Abu Dhabi Commercial Bank 7.53 - - Axis Public Issue Account 0.03 - - Monitoring Agency Observations CARE Ratings Limited noted several concerns in their assessment: Fund Commingling: The company transferred funds from monitoring accounts to cash credit and current accounts with multiple banks, resulting in commingling of IPO proceeds with other funds Missing Board Approval: The monitoring agency did not receive board approval defining quantum of funds for heads under general corporate purposes, though the company later clarified that board resolution was passed on December 15, 2025 Share Price Decline: The company's share price declined to ₹7.22 per share as of December 31, 2025, approximately 40% lower than the issue price Company Background Shipwaves Online Limited operates as a logistics solution provider with promoters including Kalandan Mohammed Haris, Kalandan Mohammed Althaf, Kalandan Mohammad Arif, Abid Ali, Bibi Hajira, and Mohammed Sahim Haris. The company is based in Mangalore, Karnataka. Compliance Status The monitoring agency confirmed that all government and statutory approvals related to the IPO objectives have been obtained. The report indicates no material deviations from the offer document disclosures, and most utilization timelines are on track with completion dates set for March 31, 2026. Shipwaves Online Limited has announced receiving a significant international purchase order worth USD 27,000 from M/s. Ananta Ocean Shipping Line LLC. The order, disclosed under Regulation 30 of SEBI listing requirements on February 9, 2026, involves deployment of the company's Shipment Orchestrator Platform for Classic Fashion Apparel Industry Ltd. Co. Order Details and Scope The purchase order encompasses deployment of Shipwaves' Shipment Orchestrator Platform at Classic Fashion to enable and support end-to-end logistics management across sourcing and freight operations. This comprehensive logistics solution will serve M/s. Ananta Ocean Shipping Line LLC's operations on behalf of Classic Fashion Apparel Industry Ltd. Co. Parameter: Details Order Value: USD 27,000 (Rs. 24,49,170 approx.) Client: M/s. Ananta Ocean Shipping Line LLC End Beneficiary: Classic Fashion Apparel Industry Ltd. Co. Contract Type: International Execution Period: Two Years Platform: Shipment Orchestrator Platform Contract Specifications The international contract spans a two-year execution period, providing Shipwaves with a structured timeline for platform deployment and implementation. The Shipment Orchestrator Platform will facilitate comprehensive logistics management capabilities, covering both sourcing and freight operations for the client. Regulatory Compliance Shipwaves Online Limited has confirmed that the order does not involve any related party transactions and maintains arm's length dealing principles. The company's promoters and group companies have no interest in the entity awarding the contract, ensuring transparent business operations. The disclosure was made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, demonstrating the company's commitment to regulatory transparency and investor communication. We’re building Scanx - to help you express your trading & investing idea, to help you analyse the markets better. Stock Markets are the true indicator of the growth of any country's economy. We are bullish on India, we are bullish on India's prospects to be one of largest economies of the world. We believe that Stock Markets provide an unique opportunity for all Indians to participate in the growth story of India. We are enabling the same for Indians. As financial services are becoming more accessible, there is now a large set of Indians today who are financially aware and literate. 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