Rubicon Research IPO
Rubicon Research Limited (RUBICON) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 16 October 2025.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +52.2% (likely range +27% to +56%), day's high +52.2%, chance of a gain 95%. Actual: +27.8% at the open, +31.8% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 89,52,820 | 1,16,61,67,740 | 130x | |
| NII (HNI) total | 44,76,409 | 43,69,39,170 | 97.6x | |
| Big NII (above ₹10 lakh) | 29,84,273 | 33,40,22,190 | 112x | |
| Small NII (₹2-10 lakh) | 14,92,136 | 10,29,16,980 | 69.0x | |
| Retail | 29,84,273 | 10,58,65,470 | 35.5x | |
| Employees | 42,168 | 7,08,240 | 16.8x | |
| Total | 1,64,55,670 | 1,70,96,80,620 | 104x |
Bids on NSE and BSE together, as published by NSE, as of 13 Oct 2025, 07:00 PM. Shares offered exclude the anchor portion. 5% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Rubicon Research's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Urban CompanySep 2025 | 140x | 74.0x | 39.2x | 104x | ₹1,997 Cr | +57.5% | +73.8% |
| Aditya InfotechJul 2025 | 133x | 72.0x | 50.9x | 101x | ₹1,372 Cr | +50.4% | +63.6% |
| DAM Capital AdvisorsDec 2024 | 166x | 98.6x | 27.1x | 82.1x | ₹840 Cr | +38.9% | +61.5% |
| Le Travenues TechnologyJun 2024 | 107x | 111x | 54.8x | 98.3x | ₹740 Cr | +48.5% | +78.2% |
| Azad EngineeringDec 2023 | 180x | 87.6x | 23.8x | 80.7x | ₹751 Cr | +37.4% | +38.7% |
| Awfis Space SolutionsMay 2024 | 117x | 130x | 54.6x | 109x | ₹599 Cr | +13.6% | +17.9% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Axis Capital | 107 | +20.4% | 73% |
| IIFL Capital Services | 94 | +19.3% | 71% |
| JM Financial | 109 | +22.8% | 75% |
| SBI Capital Markets | 56 | +16.7% | 61% |
Offer documents (NSE)
Frequently asked
What is the Rubicon Research IPO price band and lot size? ₹461–485 per share, with a lot of 30 shares, so the smallest retail bid is ₹14,550.
How many times has it been subscribed? 104x overall: QIB 130x, NII 97.6x, retail 35.5x, employees 16.8x.
How did it list? It opened at ₹620, +27.8% against the issue price of ₹485, and closed its first day +29.5%.
