Rubicon Research is scheduled to finalize the basis of allotment of its shares on Tuesday, October 14. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate latest by Wednesday, October 15. The pharmaceuticals saw a bumper response from the investors during the three-day bidding process.
The IPO of Rubicon Research was open for subscription between October 09-13. It had offered its shares in the price band of Rs 461-485 per share with a lot size of 30 shares. The company raised a total of Rs 1,377.50 crore from its IPO, which included a fresh share sale of Rs 500 crore and offer-for-sale (OFS) of up to 1,80,92,762 equity shares worth Rs 877.50 crore.
The issue was overall subscribed a whopping 103.90 times, fetching more than 31.42 lakh applications, attracting bids over Rs 82,900 crore. The portion for qualified-institutional bidders (QIBs) was subscribed 130.26 times, while non-institutional investors (NIIs) quota was booked 97.61 times. The allocations for retail investors and employees were subscribed 35.47 times and 16.80 times, respectively.
Based on the bidding, here are the odds of allotment for IPO of Rubicon Research:
- Big HNI category: 1 investor out of 23 investors will get 420 shares (Probability: 4.35 per cent)
- Small HNI category: 1 investor out of 69 investors will get 420 shares (Probability: 1.45 per cent)
- Retail category: 1 investor out of 29 investors will get 30 shares. (Probability: 2.17 per cent)
The grey market premium (GMP) of Rubicon Research has seen a sharp rebound despite volatile market sentiments. Last heard, the company was commanding a premium of Rs 115-120 in the unofficial market, suggesting a listing pop of 24-25 per cent for the investors. The GMP stood around Rs 95-100 a day ago.
Incorporated in 1999, Thane-based Rubicon Research is a pharmaceutical company engaged in the development, manufacturing, and commercialization of differentiated formulations. Rubicon had a portfolio of 72 active abbreviated new drug application (ANDA) and new drug application (NDA) products approved by the USFDA as of June 30, 2025.
Axis Capital, JM Financial and IIFL Capital Services are the book running lead managers for the Rubicon Research IPO and MUFG Intime India is the registrar of the issue. Refund initiations and credit of shares is likely to be done by Wednesday, October 15. Shares of the company shall be listed on both BSE and NSE on Thursday, October 16.
- Investors, who had bid for the issue of Rubicon Research, can check the allotment status on the Bombay Stock Exchange (BSE) website:
- Visit https://www.bseindia.com/investors/appli_check.aspx
- Under the issue type, click Equity
- Under the issue name, select Rubicon Research Limited in the dropbox
- Write the application number
- Add the PAN card ID
- Click on ‘I am not a Robot’ and hit search button
Investors can also check the allotment status on the online portal of MUFG Intime India (https://in.mpms.mufg.com/Initial_Offer/public-issues.html), the registrar to the issue.
The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. It is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries post issue.
- Go to the web portal of MUFG Intime India Limited
- Select the IPO/FPO in dropbox whose name will be populated only if the allotment is finalized
- You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID
- In application type, select between ASBA and non-ASBA
- Enter the details of the mode you selected in Step 2
- For security purposes, fill the captcha accurately
- Hit submit.