Rubicon Research IPO Opens for Subscription; Raises ₹619.08 Crore from Anchor Investors

Mumbai | October 9, 2025: Pharma formulations company Rubicon Research Limited IPO launched its ₹1,378 crore initial public offer (IPO) for subscribers today, after garnering massive responses from anchor investors in the anchor book portion.

The ₹1,378 crore IPO is a fresh issue of ₹500 crore and an offer-for-sale of ₹878 crore by the promoter General Atlantic Singapore RR Pte Ltd. The net proceeds of such a fresh issue would largely remain reserved for repayment of debts, strategic acquisitions, and general corporate purposes.

The IPO opens for subscription today, October 9, 2025, and will remain available until October 13, 2025, with listing scheduled for October 16, 2025. The price band is set between ₹461 and ₹485 per share, translating to a total issue size of ₹1,378 crore. Investors can apply for a minimum lot of 30 shares, requiring an investment of ₹14,550 at the upper price band.

Rubicon Research Limited was incorporated in 1999 as a drug-formulating company specialising in innovative drug delivery solutions. It operates two R&D centers and plant locations in Canada and India, and is also compliant with USFDA, WHO-GMP, and Health Canada regulations. It owns a pipeline of 55 products that were launched in regulated markets, including Europe and the Americas, with a predominance of oral solid, liquid, topical, and ophthalmic products.

Rubicon Research IPO Anchor Book Allocation

Ahead of its initial public offering, Rubicon Research Limited allotted 1,27,64,691 equity shares to 38 anchor investors, raising ₹619.08 crore at the offer price of ₹485 per share. The domestic mutual funds subscribed for 38.83% of the total anchor allotment, subscribing through 18 schemes.

Among the largest subscribers, HDFC Mutual Fund subscribed for ₹49.45 crore for over 10.31 lakh shares, ICICI Prudential Mutual Fund and Kotak Mutual Fund acquired 10.30 lakh shares each, subscribing for ₹50 crore each. Goldman Sachs Funds – India Equity Portfolio, Amansa Holdings Pvt Ltd, and Aranda Investments Pte Ltd acquired 10.30 lakh shares each, subscribing for ₹50 crore each. PGIM India Mutual Fund acquired over 9.63 lakh shares for ₹48.68 crore, while Canara Robeco Mutual Fund acquired 7.45 lakh shares for ₹36.85 crore.

Other well-known global and domestic investors, including Fidelity, Nomura Funds Ireland, Bajaj Finserv, Kotak Mahindra Trustee, and Societe Generale ODI, joined the anchor round as well.

Rubicon Research IPO Lead Managers and Registrar

The Book-Running Lead Managers for the issuance are Axis Capital Limited, IIFL Capital Services Limited, JM Financial Limited, and SBI Capital Markets Limited. The registrar of the issue is Link Intime India Private Limited.

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