B Mirror Report:  Listed company Best Holdings PLC has utilised Tk 324.13 crore from the proceeds of its initial public offering (IPO), according to an audit report prepared by FAMES & R Chartered Accountants.

The company raised a total of Tk 350 crore through its IPO between January 14 and January 18, 2024. As of the ninth quarterly period ending March 31, 2026, a significant portion of the funds has been spent across different project and repayment areas, while Tk 30.68 crore remains unutilised.

According to the audit report, the largest share of the IPO proceeds was allocated to the “Luxury Collection” project, including building construction and civil works. Out of the allocated Tk 176.92 crore, the company has spent Tk 172.50 crore so far, including Tk 3.12 crore in the latest quarter.

For local machinery and equipment under the same project, Tk 45 crore was allocated, of which Tk 21.50 crore has been utilised. The audit noted that the full allocated amount was spent during the ninth quarter.

In addition, the company allocated Tk 115.60 crore for repayment of existing liabilities. Of this, Tk 113.66 crore has already been used to settle loans from various financial institutions, including Bangladesh Infrastructure Finance Fund, Strategic Finance and Investment, IDLC, IPDC, Mercantile Bank, and Agrani Bank.

The report also noted that Tk 14.05 crore was spent on IPO-related expenses, exceeding the prospectus-approved allocation of Tk 13.30 crore by Tk 75.66 lakh. Auditors said the variance resulted from higher spending in some areas and lower costs in others.

The audit further stated that Best Holdings complied with Bangladesh Securities and Exchange Commission (BSEC) requirements in utilising IPO funds and maintained proper documentation for expenditures.

Auditors concluded that the IPO fund utilisation up to March 31, 2026, has been fairly presented and is largely consistent with the purposes stated in the company’s prospectus.