Rubicon Research
MAINBOARD
Listed
Price Band
₹461 - ₹485
Lot Size
30 Shares
Issue Size
₹4,754.34 Cr
Fresh Issue
₹3,565.76 Cr
OFS
₹1,188.58 Cr
Registrar
MUFG Intime India Private Limited
AI Sentiment Score
Listing Price
₹620.00
vs Issue: ₹485 (+27.84%)
📅 IPO Timeline
✓
Open
Oct 9, 2025
✓
Close
Oct 13, 2025
✓
Allotment
Oct 14, 2025
✓
Refund
Oct 15, 2025
✓
Demat
Oct 15, 2025
✓
Listing
Oct 16, 2025
📈 Grey Market Premium (GMP) Trendline
Daily consensus GMP movement (₹) recorded across market sources
✨ AI Analysis & Prediction
🔒 Final Reconciled Estimate
Locked post-listing with actual debut performance
Rubicon Research displays an established operational footprint with expanding revenue streams (64.5% CAGR) and a defensible value proposition.
💪 Strengths
- Demonstrated operational revenue trajectory with resilient top-line growth (64.5% CAGR).
- Established customer relationships and market position across target industry sectors.
- Sound operational capital returns with Return on Capital Employed (ROCE) at 28.4%.
⚠️ Weaknesses
- Exposure to input cost fluctuations and broader macroeconomic supply chain cycles.
- Working capital requirements to support continuous capacity expansion.
- Competitive landscape from both established incumbents and specialized regional players.
🚀 Opportunities
- Industry tailwinds from rising domestic capex and infrastructure spending.
- Operating leverage potential allowing margin expansion as manufacturing utilization rises.
- Geographic diversification and entry into higher-margin specialized product lines.
🛡️ Threats
- Sectoral regulatory shifts and evolving statutory compliance requirements.
- Aggressive pricing actions by domestic competitors impacting gross margins.
- Broader market equity volatility and liquidity fluctuations.
📊 Financial Overview & Growth Trajectory
Multi-year operational scale & net profitability trajectory
| Metric | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue (₹ Cr) | Rs 394.00 Cr | Rs 854.00 Cr | Rs 1,284.00 Cr | Rs 1,754.00 Cr |
| Net Profit / PAT (₹ Cr) | Rs -17.00 Cr | Rs 91.00 Cr | Rs 134.00 Cr | Rs 247.00 Cr |
| EBITDA / Op. Profit (₹ Cr) | Rs 18.00 Cr | Rs 155.00 Cr | Rs 264.00 Cr | Rs 400.00 Cr |
| Borrowings (₹ Cr) | Rs 320.00 Cr | Rs 425.00 Cr | Rs 418.00 Cr | Rs 311.00 Cr |
| Total Assets (₹ Cr) | Rs 750.00 Cr | Rs 1,109.00 Cr | Rs 1,451.00 Cr | Rs 2,327.00 Cr |
| ROE % | 0.00% | 0.00% | 0.00% | 0.00% |
| ROCE % | 28.40% | 28.40% | 28.40% | 28.40% |
| Debt / Equity | 0.00 | 0.00 | 0.00 | 0.00 |
Company P/E
91.6x
Industry P/E
105.3x
Debt/Equity
0.24
⚖️ Valuation Benchmark Range
🟢 Attractively Priced vs Industry Peers
Industry 105.3x
IPO 91.6x
0x (Deep Value)
142x (High Multiple)
📋 Live Subscription Status
QIB
130.26x
NII
111.93x
Retail
35.47x
Total
103.90x
🎯 Retail Allotment Probability
2.8% Odds
1 in 35.5 chance (~2.8% probability per PAN)
SEBI Rule: Under SEBI lottery allotment rules, applying for multiple lots under Retail does NOT increase your lottery odds. All valid retail applicants have identical 1-lot odds per PAN.
Updated: Sep 12, 2026 2:35 PM
💼 Issue Structure & Reservation Quota
Capital Structure
₹4,754.3 Cr
Issue Size
Fresh (75%)
OFS (25%)
Reservation Quota
100%
Allocation
QIB (50%)
NII (15%)
Retail (35%)
QIB
50.00%
Retail
35.00%
NII
15.00%
🔗 Important Links & Lead Managers
- SEBI Filings (DRHP)View on SEBI →
- SEBI Filings (RHP)View on SEBI →
Disclaimer: The information provided on this page is for educational and informational purposes only and does not constitute financial advice. IPO investments are subject to market risks. AI-generated analysis is based on publicly available data and may not be accurate. Grey Market Premium (GMP) is unofficial and highly speculative. Always consult a qualified financial advisor and read the DRHP/RHP carefully before making investment decisions.