Rubicon Research Limited (formerly Rubicon Research Private Limited) has submitted its Monitoring Agency Report for the quarter ended December 31, 2025. The report, issued by India Ratings and Research Private Limited, confirms that the utilization of proceeds from the company's Initial Public Offering (IPO) has been in line with the stated objects. The IPO, which occurred between October 9, 2025, and October 13, 2025, raised a total of ₹13,775 million (approximately ₹1377.5 crore), comprising a fresh issue of ₹5,000 million (₹500 crore) and an offer for sale of ₹8,775 million (₹877.5 crore). The proceeds from the fresh issue were intended for specific purposes, including ₹3,100 million (₹310 crore) for prepayment of outstanding borrowings and ₹1,612.74 million (₹161.27 crore) for funding inorganic growth, acquisitions, and general corporate purposes. An additional ₹287.26 million (₹28.73 crore) was allocated for offer-related expenses. As of December 31, 2025, a total of ₹2,975 million (₹297.5 crore) of the IPO proceeds had been utilized. Specifically, ₹2,521.38 million (₹252.14 crore) was used for debt prepayment, ₹350.63 million (₹35.06 crore) for inorganic growth and general corporate purposes, and ₹102.99 million (₹10.30 crore) for offer-related expenses. The unutilized amount stands at ₹2,025 million (₹202.5 crore), which was deployed in various fixed deposits and maintained in escrow and monitoring accounts. The report also details the utilization of ₹260.90 million (₹26.09 crore) for general corporate purposes, including self-assessed tax payments, salary payments, and operational expenditures. The Monitoring Agency has confirmed no deviation from the objects as per the management representation and the statutory auditor's certificate dated February 2, 2026, issued by Deloitte Haskins & Sells LLP. The Audit Committee and the Board of Directors reviewed and took on record this report on February 3, 2026.
