Dhaka, April 4 -- At least four listed companies have failed to utilise the IPO (initial public offering) funds within the time mentioned in their prospectuses, depriving general shareholders of their timely benefits.

While there were excuses that the business climate has been adverse, there were motives too to take undue advantages in violation of the securities rules.

The firms that came under regulatory scrutiny recently are Aman Cotton Fibrous, Acme Pesticides, Associated Oxygen, and Silva Pharmaceuticals, as revealed by their auditors last week. Although they raised money between 2018 and 2021, they are yet to ensure complete utilization of the funds.

Investors usually decide to invest in new stocks, having analyzed the IPO prospe...