The security of an enterprise is fundamental for its healthy development. Thecash reserves of the enterprise can be analyzed to assess its cash security ability. Similarly, the current ratio can be analyzed to evaluate the enterprise's ability andrisk of sustainable operation. By examining these two indices, we could uncoverthe principle governing IPO issue prices, which are influenced by various factors. This study investigated the relationship between the current liquidity ratio, cashper share and IPO issue price for 135 companies listed on the STAR Marketconfirmed by the China Science and Technology Innovation Commission andconfirmed the mediating role of the company's R&D capabilities. The study resultsconfirmed a positive correlation between the current ratio, cash per share andIPO issue price. The higher the liquidity level, the higher the IPO issue price andthe increase in R&D and manpower investment showed a positive correlation withthe stock price rise. In addition, it was confirmed that a company's R&Dcapability mediates between liquidity and issue price.