Rubicon Research IPO Opens: GMP Surges, What Investors Should Know

The Rubicon Research IPO has officially opened for subscription today, October 9, 2025, creating a buzz in the stock market. The company has priced the IPO between Rs 461 and Rs 485 per equity share, and the subscription window will remain open until October 13, 2025. Through this IPO, Rubicon Research aims to raise Rs 1,377.50 crore, combining 1.03 crore fresh shares and an offer for sale of 1.81 crore shares.

The IPO has already attracted attention in the grey market, where shares are trading at a premium of over 20%, indicating strong investor sentiment. Grey market participants are unofficially tracking the Grey Market Premium (GMP), which currently prices Rubicon shares around Rs 583, above the issue band. While the grey market offers a rough estimate of listing performance, it is not a legal trading platform.

Allotment and Listing Schedule

Investors eagerly awaiting their share allocation can expect IPO allotment results on October 14, 2025. Following allotment, the shares are expected to list on the NSE and BSE on October 16, 2025, based on the tentative schedule.

Lot Size and Investment Details

The IPO has clearly defined lot sizes to guide investors. Retail investors need to apply for a minimum of 30 shares, which corresponds to an investment of around Rs 14,550 at the upper price band.

For small non-institutional investors (NII), the lot size is 14 lots of 420 shares, aggregating to Rs 2 lakh, while large NII investors must apply for 69 lots of 2,070 shares, totaling Rs 10 lakh.

These lot sizes ensure a structured participation framework, catering to both small and large investors while maintaining regulatory compliance.

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Book Running Lead Manager and Registrar

Axis Capital is serving as the Book Running Lead Manager (BRLM) for the IPO, while MUFG Intime India is the registrar of the issue. The involvement of reputed entities aims to ensure smooth execution and investor confidence during the subscription process.

About Rubicon Research

Rubicon Research is a pharmaceutical company focusing on the development, manufacturing, and commercialization of differentiated formulations. As of June 2025, the company had a portfolio of 72 active ANDA (Abbreviated New Drug Application) and NDA (New Drug Application) products approved by the US FDA.

Of these, 66 products are commercialized, serving the US generic pharmaceutical market, which has a total size of $2,455.7 million, with Rubicon contributing $195 million in FY24.

The company is also actively expanding its portfolio, with 17 products awaiting US FDA ANDA approval and 63 products under various stages of development. Rubicon markets over 350 SKUs to 96 customers, including three major wholesalers who account for more than 90% of wholesale drug distribution in the US.

Rubicon’s strong US market presence and product pipeline make this IPO highly anticipated, especially among investors eyeing the pharmaceutical and healthcare sector.

Investor Takeaways

• Rubicon Research IPO opens today at Rs 461-485 per share

• Grey market premium is 20% above the issue price

• Allotment expected on October 14, listing on October 16

• Retail lot size: 30 shares (Rs 14,550)

• Axis Capital as BRLM and MUFG Intime as registrar

Investors should weigh the company’s strong US FDA-approved portfolio, supply chain, and growth prospects while considering subscription, keeping in mind market volatility.

Click here to explore: Rubicon Research IPO