Rubicon Research Limited IPO is a book-built issue worth ₹1,377.50 crore. The IPO comprises a fresh issue of 1.03 crore shares aggregating to ₹500.00 crore and an offer for sale of 1.81 crore shares aggregating to ₹877.50 crore.
The IPO opens for subscription on October 9, 2025, and closes on October 13, 2025. The basis of allotment is expected on October 14, 2025, and the company will list on BSE and NSE on October 16, 2025.
The issue is priced in the range of ₹461–₹485 per share. Retail investors can start with a minimum investment of ₹14,550 (30 shares), while sNII investors can invest ₹2,03,700 (14 lots) and bNII investors ₹10,03,950 (69 lots).
Axis Capital Ltd. is the book-running lead manager, and MUFG Intime India Pvt. Ltd. is the registrar of the issue.
Industry Outlook
- India’s enterprise software landscape is undergoing a significant transformation, driven by the rapid adoption of cloud-based solutions and the increasing digitalisation of educational and industrial sectors. The Software-as-a-Service (SaaS) model is at the forefront of this evolution, offering scalable, cost-effective, and customisable platforms that cater to diverse operational needs.
- The Indian ERP market, valued at approximately US$0.71 billion in 2024, is projected to reach US$1.04 billion by 2028, growing at a compound annual rate of 10.01%. This growth is underpinned by rising demand for integrated systems that streamline academic administration, industrial operations, and customer relationship management. Educational institutions, in particular, are embracing digital platforms to enhance governance, automate examination processes, and improve student engagement.
- Government initiatives such as the National Education Policy (NEP) 2020, Skill India Digital, and PM eVIDYA are accelerating the digital shift in academia, creating fertile ground for ERP providers. These programmes aim to modernise learning infrastructure, promote digital literacy, and foster inclusive education through technology.
- The competitive landscape is dynamic, with both established IT firms and emerging SaaS providers vying for market share. Key differentiators include domain-specific expertise, data security, and the ability to deliver modular solutions tailored to client requirements. Companies offering secure online examination platforms, AI-driven analytics, and cloud-based ERP systems are particularly well-positioned to capitalise on this momentum.
Rubicon Research IPO Objectives
The company proposes to utilise the net proceeds from the IPO for the following objectives:
- Develop and launch ZEROTOUCH DaaS, a proprietary Device-as-a-Service platform aimed at revolutionising secure document management and examination processes. This includes phased development of modules such as question bank creation, exam scheduling, secure printing, and result processing, with a focus on automation, data security, and operational efficiency.
- Upgrade existing ERP products and technology infrastructure to enhance scalability, performance, and user experience across its education and industrial software solutions. This investment will support the integration of advanced features, including AI-driven analytics and cloud-based deployment.
- Acquire IT hardware and equipment, including servers, laptops, and security devices, to bolster the company’s technological backbone and ensure robust infrastructure for service delivery and product innovation.
- Undertake marketing and promotional activities to strengthen brand visibility, expand market reach, and support customer acquisition across new geographies and industry verticals.
About Rubicon Research Limited
Rubicon Research Limited was originally incorporated as Rubicon Research Private Limited on 10 June 2008 under the Companies Act, 1956. Following shareholder approval at an extraordinary general meeting held on 29 June 2024, the company was converted into a public limited entity and renamed Rubicon Research Limited. A fresh certificate of incorporation was issued by the Registrar of Companies on 6 August 2024.
Headquartered in Rajkot, Gujarat, the company operates as a Software-as-a-Service (SaaS) provider, specialising in customised and integrated online ERP solutions. Its offerings cater to a wide range of sectors including education, manufacturing, retail, construction, supply chain management (SCM), customer relationship management (CRM), and sales force automation.
Rubicon Research’s flagship products include its Campus Management System and Infinity ERP suite, which provide comprehensive digital solutions for academic institutions and enterprises. These platforms enable efficient management of student records, examination schedules, fee collection, human resources, and financial operations. The company’s educational ERP software is widely adopted by universities and schools across India, offering tailored modules for student engagement, performance tracking, and administrative oversight.
With a strong emphasis on innovation and client-centric development, Rubicon Research has built a robust portfolio of services that support operational excellence and digital transformation. Its clientele spans numerous universities, schools, and small businesses, reflecting its commitment to scalable and secure technology solutions.
How To Check the Allotment Status of the Rubicon Research IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for Rubicon Research IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Rubicon Research IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
