Description

BSE announces the listing of 16,47,50,309 equity shares of Rubicon Research Limited with various lock-in periods following their IPO.

Summary

BSE has listed 16,47,50,309 equity shares of Rubicon Research Limited (Registered Office: MedOne House, B-75, Road No. 33, Wagle Estate, Thane West- 400 604, Maharashtra) on October 14, 2025. The shares are categorized with various lock-in periods applicable to different shareholder groups including anchor investors, promoters, and AIFs.

Key Points

  • Total equity shares listed: 16,47,50,309 shares
  • All shares are in dematerialized (demat) form
  • Multiple lock-in categories with varying durations (30 days to 3 years)
  • 63,82,345 equity shares allotted to Anchor Investors locked-in for 30 days until November 12, 2025
  • 63,82,346 equity shares allotted to Anchor Investors locked-in for 90 days until January 11, 2026
  • 1,55,91,143 equity shares are fully paid-up and not under lock-in
  • 9,95,94,234 equity shares under lock-in until April 14, 2026 (1 year)
  • 3,31,73,856 equity shares under lock-in until April 15, 2027 (3 years)
  • 360 ONE Special Opportunities Fund holdings (103,205 + 825,645 + 309,617 shares) locked-in until March 18, 2026
  • Company Secretary and Compliance Officer: Deepashree Tanksale (Membership No.: A28132)

Lock-in Details

Anchor Investors (30-day lock-in until November 12, 2025):

  • 12,50,820 shares (Distinctive Nos. 1 to 12,50,820)
  • 49,45,135 shares (Distinctive Nos. 15,44,37,252 to 15,93,82,386)
  • 1,86,390 shares (Distinctive Nos. 16,43,27,523 to 16,45,13,912)

Anchor Investors (90-day lock-in until January 11, 2026):

  • 12,50,820 shares (Distinctive Nos. 12,50,821 to 25,01,640)
  • 49,45,136 shares (Distinctive Nos. 15,93,82,387 to 16,43,27,522)
  • 1,86,390 shares (Distinctive Nos. 16,45,13,913 to 16,47,00,302)

Promoter/Other Categories (1-year lock-in until April 14, 2026):

  • 9,95,94,234 shares (Distinctive Nos. 1,80,92,784 to 11,76,87,017)

Promoter/Other Categories (3-year lock-in until April 15, 2027):

  • 3,31,73,856 shares (Distinctive Nos. 11,76,87,018 to 15,08,60,873)

AIF Lock-in (until March 18, 2026):

  • 12,38,467 shares (Distinctive Nos. 15,08,60,874 to 15,20,99,340) held by 360 ONE Special Opportunities Funds

Not Under Lock-in:

  • 1,55,91,143 shares (Distinctive Nos. 25,01,641 to 1,80,92,783)
  • 23,37,911 shares (Distinctive Nos. 15,20,99,341 to 15,44,37,251)
  • 50,007 shares (Distinctive Nos. 16,47,00,303 to 16,47,50,309)

Regulatory Changes

No regulatory changes. This is a standard listing notification following IPO completion in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

Compliance Requirements

  • Lock-in requirements as per Regulation 17(c) of SEBI (ICDR) Regulations, 2018 applicable to AIFs
  • Lock-in details provided on pages 124-127 of the Company’s Prospectus
  • Distinctive numbers are for presentation purposes only as all shares are in demat form
  • Shareholders must comply with respective lock-in periods before trading locked-in shares

Important Dates

  • Listing Date: October 14, 2025
  • Prospectus Date: October 13, 2025
  • 30-day Anchor Lock-in Expiry: November 12, 2025
  • 90-day Anchor Lock-in Expiry: January 11, 2026
  • AIF Lock-in Expiry (360 ONE Funds): March 18, 2026
  • 1-year Lock-in Expiry: April 14, 2026
  • 3-year Lock-in Expiry: April 15, 2027

Impact Assessment

Market Impact: Medium - The listing adds a new stock to BSE with a substantial number of shares. However, approximately 14.67 crore shares (89%) are under various lock-in periods, limiting immediate free float and potential volatility.

Liquidity Impact: Only approximately 1.8 crore shares (11%) are available for immediate trading without lock-in restrictions, which may result in lower liquidity initially.

Investor Categories Affected:

  • Anchor investors with staggered release (30/90 days)
  • Promoters/strategic investors with long-term lock-ins (1-3 years)
  • Alternative Investment Funds (360 ONE group) with specific lock-in until March 2026
  • Public investors with shares not under lock-in
  • ESOP holders

Impact Justification

Standard IPO listing circular affecting a single company with detailed lock-in schedules for various shareholder categories