RRRubicon Research544578Routine SEBI update

Monitoring Agency Report: no deviation in IPO proceeds use, Board-approved extension of utilisation timeline

Rubicon Research has shared the quarterly Monitoring Agency Report by India Ratings & Research for the quarter ended September 30, 2026, on use of its IPO proceeds.

By ScoutQuest · Thu 5 Nov 2026, 5:19 PM IST · 2 min read

Fresh Issue Size

~1.03 crore Equity Shares (Fresh Issue) 1 each, sized at INR 5,000 Million

Offer for Sale Size

INR 8,775.00 Mn

Total Issue Size

INR 13,775.00 Mn

What this update is

Rubicon Research has submitted the quarterly Monitoring Agency Report prepared by India Ratings & Research Private Limited for the quarter ended September 30, 2026. It covers how the money raised in the company's Initial Public Offer (IPO) has been used. The report was reviewed and taken on record by the Audit Committee and the Board of Directors at their meetings held on November 5, 2026.

What the report says

• There is no deviation from the objects of the issue, based on management representation and a Statutory Auditor Certificate dated 05th November 2026 issued by Deloitte Haskins & Sells LLP.
• All utilisation is stated to be as per the disclosures in the Offer Document, supported by management representation, the auditor certificate, the prospectus and relevant bank statements.
• The means of finance for the disclosed objects has not changed.
• The agency reports no major deviation over earlier monitoring agency reports.
• No favourable or unfavourable events affecting the viability of the objects are reported.
• The questions on shareholder approval for material deviations, government and statutory approvals for the objects, and technical assistance or collaboration arrangements are marked NA.

The one point to note

The Monitoring Agency's comment records that there is an extension of the timeline for utilisation of the issue proceeds, as approved by the Board of the Company. In simple terms, the money is being spent on the stated objects, but over a longer period than originally planned.

Issue details as stated

• Type of issue: Initial Public Offer of ~1.03 crore Equity Shares (Fresh Issue) 1 each
• Fresh issue size: INR 5,000 Million
• Offer for sale: INR 8,775.00 Mn
• Total issue size: INR 13,775.00 Mn
• Issue period: 09th October 2025 to 13th October 2025

How a retail investor can read this

This is a periodic progress report on IPO proceeds. The key takeaways are that the proceeds are being used in line with the disclosed objects, and that the spending schedule has been extended with Board approval. The report is the monitoring agency's view of utilisation; it states that the agency does not perform an audit or independently verify the information and certificates it receives.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.

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