• Price Band fixed at ₹ 461 per equity share of face value ₹1 each to ₹ 485 per equity share of the face value of ₹1 each (“Equity Shares”) of Rubicon Research Limited (the “Company”)
  • Anchor Investor Bidding Date – Wednesday, October 08, 2025
  • Bid /Offer Opening Date – Thursday, October 09, 2025, and Bid/ Offer Closing Date –Monday, October 13, 2025
  • Bids can be made for a minimum of 30 Equity Shares and in multiples of 30 Equity Shares thereafter
  • Red Herring Prospectus (“RHP”) link: https://www.rubicon.co.in/pdf/RHP.pdf

National : Rubicon Research Limited (the “Company”) proposes to open an initial public offering (“Offer”) of its equity shares of face value of ₹1 each (“Equity Shares”) on Thursday, October 09, 2025. The Anchor Investor Bidding Date is one Working Day prior to Bid/Offer Opening Date, being Wednesday, October 08, 2025. The Bid/ Offer Closing Date is Monday, October 13, 2025.

The Price Band of the Offer has been fixed from ₹ 461 per Equity Share of face value ₹1 each to ₹ 485 per Equity Share of face value ₹1 each. Bids can be made for a minimum of 30 Equity Shares of face value ₹1 each and multiples of 30 Equity Shares of face value ₹1 each thereafter.

The company’s initial public offering comprises a fresh issue of up to ₹ 500 crore and an offer for sale aggregating up to ₹ 877.5 crore on by the promoter selling shareholder, General Atlantic Singapore RR Pte Limited.

The Offer includes a reservation of Equity Shares of face value of ₹1 each, aggregating up to ₹ 17.50 million for subscription by Eligible Employees (the “Employee Reservation Portion”). The Offer less the Employee Reservation Portion is hereinafter referred to as the “Net Offer”. A discount of ₹46 per Equity Share is being offered to Eligible Employees bidding in the Employee Reservation Portion (“Employee Discount”).

The company proposes to utilize the Net Proceeds from the fresh issue offer towards prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the company, funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes. The proceeds from the offer for sale shall be received by the selling shareholder, General Atlantic Singapore RR Pte Limited.

This is an Offer in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”), read with Regulation 31 of the SEBI ICDR Regulations. The Offer is being made through the Book Building Process in terms of Regulation 6(2) of the SEBI ICDR Regulations, wherein in terms of Regulation 32(2) of the SEBI ICDR Regulations, not less than 75% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”, and such portion, the “QIB Portion”) provided that our Company in consultation with the BRLMs, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (“Anchor Investor Portion”), of which at least one-third shall be reserved for allocation to domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB portion excluding the Anchor Investor Portion (“Net QIB Portion”). Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis only to Mutual Funds and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors) including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining QIB Portion for proportionate allocation to QIBs.

Further, not more than 15% of the Net Offer shall be available for allocation to Non-Institutional Bidders out of which (a) one-third of such portion shall be reserved for applicants with application size of more than ₹200,000 and up to ₹1,000,000; and (b) two-third of such portion shall be reserved for applicants with application size of more than ₹1,000,000, provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of Non-Institutional Bidders and not more than 10% of the Net Offer shall be available for allocation to Retail Individual Bidders (“RIBs”) in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price.

Further, Equity Shares will be allocated on a proportionate basis to Eligible Employees applying under the Employee Reservation Portion, subject to valid Bids received from them at or above the Offer Price. All potential Bidders (except Anchor Investors) are required to mandatorily utilise the Application Supported by Blocked Amount (“ASBA”) process by providing details of their respective bank accounts (including UPI ID for UPI Bidders using UPI Mechanism) (as defined hereinafter) in which the Bid amount will be blocked by the SCSBs or the Sponsor Banks, as applicable, to participate in the Offer.

The Equity Shares of the Company are proposed to be listed on BSE Limited (“BSE“)and the National Stock Exchange of India Limited (“NSE”) (BSE and NSE together, the “Stock Exchanges”).  

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

All capitalised terms not defined herein would have the same meaning as attributed to them in the RHP.