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Varanium Cloud - Saga of - Capital Misallocation | IPO Fund Mis-utilization | Discrepancy in Cash Flows | Dividend Saga 1. The company raised 40 crore via IPO in Sept-22 and as of March-23, it has unutilized 15 crore from IPO funds Now again company raised whopping 1250 crores for purpose of some acquisition (not announced yet) 2. Company has given dividend 4 times leading to outgo of INR 16 crore interestingly company has not paid any dividend before IPO. 3. Out of this 3 crores has been paid by March-23 still, there is no record of such payout in Cash Flow Statement (in Lakhs) 4. Company has negligible cash flows from other means and has negative cash flow from operations, so basically they don't have any other cash sources to pay such high amount of dividend apart from utilizing IPO funds. A possible case of IPO fund mis-utilization? Following remain questions: 1. Why company is regularly paying dividend at one side and raising money at other side? 2. Why company wants to raise fund if IPO fund remain unutilized? 3. Why dividend paid till March-23 is not reflecting in Cash flows? 4. How company funding its huge dividend payout? #redflag #corporategovernance #varaniumcloud #varanium