The IPO of Rubicon Research Ltd opened for bidding from October 9 to October 13, 2025. The ₹1,377.50 crore mainboard issue included a fresh issue of ₹500 crore and an offer-for-sale of ₹877.5 crore by General Atlantic Singapore RR Pte Ltd. The price band of ₹461 to ₹485 per equity share, and the market lot was 30 shares (minimum investment of ₹14,550 on the higher band). The stocks have been listed on both BSE and NSE platforms. Investors from all categories expressed tremendous interest, leading to a subscription level of 103.90× in aggregate, with qualified institutional bids going as high as 130.26×, and those from retail investors at 35.02×.
Specialty and generic pharmaceuticals company Rubicon Research has been recording steady financial growth in the last few years. In FY25, the firm reported sales of ₹1,284 crore compared to ₹854 crore in FY24. Operating profit was at ₹256 crore, with profit before tax at ₹195 crore. Earnings per share (EPS) were at ₹8.72 for the year through March 2025, and the company demonstrated healthy operating margins, with OPM at 20%, depicting strong profitability and operational efficiency. Rubicon's bold forays into U.S. and regulated export markets, supported by several FDA approvals and strategic deals, have facilitated its expansion.
The allotment basis was finalised on October 14, and the shares are to be be credited to the demat accounts of investors today on October 15. The IPO's GMP rose to ₹128, reflecting positive investor enthusiasm and predicting a significant listing premium. The GMP indicates a possible listing price of about ₹613 (up price band ₹485 + GMP ₹128), which signals a potential gain of more than 26% for successful allottees. Refunds to unsuccessful applicants are being done on the allotment date.
Shares of Rubicon Research are expected to list on the BSE and NSE tomorrow on October 16, 2025. With the extremely high oversubscription, robust GMP, and good financial underpinnings, market analysts expect aggressive listing day action and upbeat medium-term momentum. Market observers and investors expect Rubicon to generate huge institutional and retail buying interest on debut, considering its robust pipeline and export orientation.
Rubicon's IPO therefore presents a promising debut for growth-focused investors within the pharmaceutical industry, with strong initial returns anticipated if listing keeps pace with grey market sentiment.
