Revised Monitoring Agency Report for Q2: corrected IPO proceeds utilisation at Rs. 4,329.07 million
Rubicon Research has shared a revised Monitoring Agency Report for the quarter ended September 30, 2026, on how the money raised in its IPO has been used.
By ScoutQuest · · 2 min read
- Corrected amount utilised
- Rs. 4,329.07 million
- Previously reported amount utilised
- Rs. 4,169.33 million
- Deviation from objects of the issue
- no deviation from the objects of the issue
A revised report on how the IPO money was used
Rubicon Research has shared a revised Monitoring Agency Report prepared by India Ratings & Research Private Limited for the quarter ended September 30, 2026. The report covers the utilisation of proceeds raised through the company's Initial Public Offering.
The correction
- The report submitted earlier showed the total amount utilised as at the end of the quarter as Rs. 4,169.33 million.
- The company states this was a calculation error; the correct amount utilised is Rs. 4,329.07 million.
- The revised report carrying the corrected amount has been submitted to BSE and NSE in place of the earlier one.
What the monitoring agency says
- No deviation from the objects of the issue, based on management representation and a statutory auditor certificate dated November 5, 2026 issued by Deloitte Haskins & Sells LLP, Chartered Accountants.
- Range of deviation: not applicable.
- All utilisation is stated to be as per the disclosures in the Offer Document.
- The means of finance for the disclosed objects has not changed.
- No major deviation observed over earlier monitoring agency reports.
- No unfavourable events affecting the viability of the objects, and no other information flagged that may materially affect investors' decision making.
Point to note on timeline
- The report records that the Board of Directors of the company has approved an extension of the timeline for utilisation of the issue proceeds.
IPO details, for context
- Type of issue: Initial Public Offer; issue period October 9, 2025 to October 13, 2025.
- Fresh issue: ~1.03 crore equity shares of Re. 1 each, fresh issue size INR 5,000 Million.
- Offer for sale: INR 8,775.00 Mn.
- Total issue size, combining both: INR 13,775.00 Mn.
- Monitoring agency: India Ratings & Research Private Limited; sector: pharmaceutical.
What this means for a retail reader
- A monitoring agency report is a periodic check on whether IPO money is being spent the way the company said it would. Here, the agency records no deviation from the stated objects.
- The revision is limited to the quantum of money shown as utilised: Rs. 4,169.33 million is replaced by Rs. 4,329.07 million.
- The report also notes a Board-approved extension of the timeline for spending the proceeds, which a reader may want to track in later quarterly reports.
Also from Rubicon Research
Monitoring Agency Report: no deviation in IPO proceeds use, Board-approved extension of utilisation timeline
5 Nov 2026
Rubicon Research Q2 FY27 investor presentation: revenue up 39.9%, PAT up 67.9%
5 Nov 2026
Board approves Q2 and H1 results; auditor review conclusion unmodified
5 Nov 2026
More numbers
- Amount utilised as at quarter end, as earlier statedRs. 4,169.33 million
- Amount utilised as at quarter end, correctedRs. 4,329.07 million
- Fresh issue sizeINR 5,000 Million
- Offer for sale sizeINR 8,775.00 Mn
- Total issue size (fresh issue plus offer for sale)INR 13,775.00 Mn
- Fresh issue equity shares1,03,13,058 Equity Shares
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