Monitoring Agency Report for the quarter ended March 31, 2026
RUBICON · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
India Ratings & Research, the Monitoring Agency, submitted its Q4 FY2026 report on IPO proceeds utilization for Rubicon Research Limited. The company raised INR 5,000 million via fresh IPO in October 2025 (total issue INR 13,775 million including OFS). Of the INR 5,000 million raised, INR 3,351.45 million has been utilized (67%) with INR 1,648.55 million remaining. The company has deployed INR 1,616.29 million in fixed deposits (HDFC and Axis) and INR 182.25 million remains in escrow and monitoring accounts. The MA noted that the company transferred IPO proceeds from the monitoring account to multiple current accounts and Cash Credit accounts, resulting in commingling of funds. No deviation from stated objects was observed. Under General Corporate Purpose, INR 239.42 million was used for self-assessed tax (INR 165.97 million), salary payments (INR 70 million), and electricity charges (INR 3.45 million).
The filing is largely routine but flags fund commingling as a monitoring concern — proceeds were transferred from the designated monitoring account to operational accounts, making tracking difficult. No deviations from IPO objects were found, suggesting the company is on track with stated objectives.