Rubicon Research IPO Fully Subscribed by Midday on Day 2; Retail Bids Near 3×

Mumbai, October 10, 2025 – Rubicon Research Limited’s ₹1,378-crore initial public offering (IPO) received strong interest, being fully subscribed a little past noon on the second day of the bidding process. After 3:00 p.m., the offering received a total subscription of 1.25 times, bolstered by significant interest from retail and non-institutional investors.

Rubicon Research, established in 1999, specialises in complex generics and drug delivery innovation. The company has USFDA-approved manufacturing capabilities in India and Canada and currently markets 55 formulations in major regulated markets worldwide, including the US and EU.

Rubicon Research IPO Strong Retail Participation

Retail investors again led the bid, subscribing at 2.91 times their allocated quota. Such interest indicated the retail confidence in Rubicon Research’s model and the opportunities present in the pharmaceutical formulation business.

Rubicon Research IPO Steady NII Demand, Awaited QIB Response

The Non-Institutional Investor (NII) portion of the offering was oversubscribed at 1.14x, reflecting good demand from high-net-worth investors. Meanwhile, Qualified Institutional Buyers (QIBs) have bid for 38% of their allocation, and analysts anticipate increased institutional demand as the October 13, 2025, closing date approaches.

Rubicon Research IPO Price Trend Shows Strong Upper-Band Preference

Investor interest continued to be centered around the upper end of the ₹461–₹485 range. Total bids at ₹485 per share had a volume of 1.57 crore shares, while the cut-off bids totaled 70.4 lakh shares, indicating investor confidence in the company’s valuation.

Rubicon Research IPO Anchor Book Reflects Institutional Trust

Before the IPO launch, Rubicon raised ₹619.08 crore through its anchor book from 38 marquee investors, including HDFC Mutual Fund, ICICI Prudential MF, Kotak MF, and Goldman Sachs Funds. Nearly 39% of the allocation was invested by domestic mutual funds, underscoring strong institutional credibility.

Outlook

Rubicon Research has a great chance of success in its IPO because of strong market confidence from robust retail and institutional involvement. The international nature of the company, its progressive drug delivery solutions, and strong regulatory adherence should result in consistent post-listing performance and investor attention.

Disclaimer: At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur.

If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.

Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations