Rubicon Research Limited has announced the launch of its initial public offering (IPO) of equity shares with a face value of INR 1 each, opening on 9 October 2025. The Anchor Investor bidding date is set for 8 October 2025, while the offer will close on 13 October 2025.

The price band for the issue has been fixed between INR 461 and INR 485 per equity share. Investors can bid for a minimum of 30 equity shares and in multiples of 30 thereafter.

The IPO comprises a fresh issue aggregating up to INR 500 crore and an offer for sale (OFS) of up to INR 877.5 crore by the promoter selling shareholder, General Atlantic Singapore RR Pte Limited.

A portion of equity shares amounting to INR 17.50 million has been reserved for subscription by eligible employees under the Employee Reservation Portion, with a discount of INR 46 per share offered to employees participating in this category. The remaining shares constitute the Net Offer.

The company intends to utilise the net proceeds from the fresh issue to prepay or repay certain borrowings, fund inorganic growth through potential acquisitions and other strategic initiatives, and for general corporate purposes. Proceeds from the OFS will go to the selling shareholder, General Atlantic Singapore RR Pte Limited.

The IPO is being made in accordance with Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, read with Regulation 31 of the SEBI ICDR Regulations, and will be conducted through the book building process. At least 75% of the Net Offer will be allocated to Qualified Institutional Buyers (QIBs), up to 60% of which may be allocated to Anchor Investors on a discretionary basis, with one-third reserved for domestic mutual funds.

Additionally, not more than 15% of the Net Offer will be available for Non-Institutional Bidders (NIBs), with one-third reserved for applicants bidding between INR 200,000 and INR 1,000,000 and two-thirds for those above INR 1,000,000. Up to 10% of the Net Offer will be available for Retail Individual Bidders (RIBs). Allocation to eligible employees under the Employee Reservation Portion will also be on a proportionate basis.

All bidders, except Anchor Investors, are required to participate through the Application Supported by Blocked Amount (ASBA) process by providing their bank account details (including UPI ID for UPI bidders).

The equity shares of Rubicon Research are proposed to be listed on both BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE).

Axis Capital Limited, IIFL Capital Services Limited, JM Financial Limited, and SBI Capital Markets Limited are acting as the Book Running Lead Managers (BRLMs) to the issue.