The IPO bidding for Rubicon Research Limited started on October 9, 2025, and will close on October 13, leaving investors with just one day to apply. The IPO price band is set between ₹461 and ₹485 per share. The issue has garnered a strong response from investors in India’s primary market, with the company aiming to raise ₹1,377.50 crore through a Fresh Capital-cum-Offer for Sale, planned for listing on both BSE and NSE.
Market watchers report that Rubicon Research shares are trading at a significant ₹110 premium in the grey market today, reflecting the strong subscription and a positive shift in market sentiment. By the afternoon of the third day, the IPO was subscribed 103.37 times overall, with retail investors at 33.01 times, non-institutional investors at 97.32 times, and qualified institutional buyers at 130.26 times.
Arihant Capital has given the IPO a “subscribe” rating, valuing it at a P/E of about 60x at the upper price band. Kunvarji Finstock also recommends subscribing for medium to long-term, praising Rubicon’s R&D focus and strong US market presence, while noting potential trade policy risks.
