News ArticleRubicon Research Confirms No Deviation in IPO Fund Usage for Quarter Ended September 30, 2026
India Ratings & Research validates INR 5,000 million fresh issue proceeds utilized as per IPO disclosures with no deviations, report reviewed by Audit Committee and Board
Rubicon Research Limited's monitoring agency India Ratings & Research confirms no deviation in utilization of INR 5,000 million IPO proceeds for quarter ended September 30, 2026, aligned with disclosed IPO objectives. Company disclosed status in compliance report dated November 5, 2026.
Rubicon Research Limited
Legal / Regulatory
Rubicon Research Limited announced that its monitoring agency, India Ratings & Research Private Limited, has confirmed no deviation from intended use of INR 5,000 million IPO proceeds for the quarter ending September 30, 2026. This monitoring report was taken on record by the company's Audit Committee and Board of Directors on November 5, 2026.
The report covers the utilization of the fresh equity issue proceeds raised through the company's Initial Public Offering conducted in October 2025. The fresh issue size was INR 5,000 million, forming part of the total combined issue size of INR 13,775 million.
The monitoring agency reviewed management representations, a statutory auditor certificate issued by Deloitte Haskins & Sells LLP, and relevant bank statements to validate expenditure against the stated IPO objectives.
The confirmed objectives for the issue proceeds included prepayment or scheduled repayment of borrowings amounting to INR 3,100 million, and funding inorganic growth and strategic initiatives with INR 1,612.74 million, alongside offer-related expenses of INR 287.26 million.
No deviations from the objects of the issue were found, and no material changes or risks affecting the viability of the use of funds were reported.
The company's deployment of unutilized IPO funds as of the quarter end included fixed deposits with HDFC, Axis, and HSBC banks totaling INR 670.93 million, earning annualized returns between 2.65% and 7.05%. The company also maintains INR 32.33 million in an escrow account.
Highlights
- No deviation observed in utilization of INR 5,000 million IPO fresh issue proceeds for Q2 FY2026-27.
- Issue objectives include INR 3,100 million debt repayment and INR 1,612.74 million for inorganic growth and strategic initiatives.
- Audit verification by Deloitte and monitoring report by India Ratings & Research confirm compliance.
- Unutilized proceeds of INR 670.93 million invested in bank fixed deposits generating returns up to 7.05%.
- Report was reviewed and approved by the company's Audit Committee and Board of Directors on November 5, 2026.
Key Data Snapshot
What happened
- Rubicon Research Limited disclosed the monitoring report from India Ratings & Research on IPO proceeds utilization for the quarter ended September 30, 2026.
- The monitoring agency confirmed no deviation from the stated use of INR 5,000 million raised through the fresh IPO.
- The report was reviewed and approved by the company's Audit Committee and Board of Directors on November 5, 2026.
Key details
- IPO Fresh Issue size was INR 5,000 million out of total issue size INR 13,775 million including offer for sale.
- The purpose of IPO proceeds includes repayment of INR 3,100 million borrowings and funding inorganic growth with INR 1,612.74 million.
- Offer related expenses accounted for INR 287.26 million as per disclosures.
- Unutilized proceeds of INR 670.93 million are placed in fixed deposits across HDFC, Axis, and HSBC banks with maturity dates ranging from October 2026 to March 2027.
- No cost revision or timeline changes for objects were reported beyond an extension approved by Board for utilization timeline.
Regulatory and governance context
- The monitoring agency report was prepared in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- Utilization is based on management representation and validated by Deloitte Haskins & Sells LLP statutory auditor certificate with UDIN 26113918EDTEFG3000.
- No conflict of interest was reported involving the monitoring agency India Ratings & Research.
- The report clarifies that monitoring agency does not perform independent audit but relies on information provided by the issuer and auditors.
Highlights
- No deviation observed in utilization of INR 5,000 million IPO fresh issue proceeds for Q2 FY2026-27.
- Issue objectives include INR 3,100 million debt repayment and INR 1,612.74 million for inorganic growth and strategic initiatives.
- Audit verification by Deloitte and monitoring report by India Ratings & Research confirm compliance.
- Unutilized proceeds of INR 670.93 million invested in bank fixed deposits generating returns up to 7.05%.
- Report was reviewed and approved by the company's Audit Committee and Board of Directors on November 5, 2026.
Disclosures
- SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
- Companies Act, 2013 Section 2(38)
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