Pharmaceutical company Rubicon Research saw strong investor participation for its initial public offering.
On the final day of subscription, the IPO was subscribed a staggering 93.94 times, according to BSE data. The issue received bids for 154.59 crore shares against an offer of 1.65 crore shares. Retail investors applied 30.39 times the shares of offer, non-institutional investors 93.72 times, and Qualified Institutional Buyers (QIBs) 115.62 times.
The ₹1,377.5-crore IPO comprises a fresh equity issue of ₹500 crore and an Offer For Sale (OFS) of ₹877.5 crore by promoter General Atlantic Singapore RR Pte Ltd, whose stake is expected to fall to over 35% post-IPO.
Rubicon Research IPO has a price band between ₹461 to ₹485 per share.
Proceeds from the fresh issue, around ₹310 crore, will be used for debt repayment and strategic initiatives, including acquisitions and general corporate purposes. Anchor investors, including Kotak Mutual Fund and Motilal Mutual Fund, have committed around ₹169 crore.
GMP Indicates Firm Listing
According to reports, the company’s shares are available at a substantial premium of ₹110 in the grey market on Monday.
Analyst Verdict: Apply
Rubicon’s strengths include a strong portfolio with over 25% market share in seven US products, advanced R&D centres in India and Canada, and a well-established US distribution network, said SEBI-registered analyst Aditya Hujband.
However, risks include heavy reliance on the US market, regulatory uncertainties, competitive pressures, and foreign exchange volatility, he added.
Overall, the IPO appears promising for long-term investors, and Hujband recommends applying for it.
Company Details
Founded in 1999, Rubicon Research is a pharmaceutical company specializing in the development, manufacturing, and commercialization of differentiated formulations. As of June 2025, the company had 72 ANDA and NDA approvals from the US FDA, with 66 already commercialized. It also has 17 new products awaiting approval and 63 under development, serving 96 customers, including the top three US wholesalers.
Beyond the US, Rubicon holds 48 product registrations across Australia, the UK, Singapore, Saudi Arabia, and the UAE, with plans to begin operations once approvals are received. The company also provides contract manufacturing services in Australia and New Zealand.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<