Rubicon Research IPO Opens to Positive Retail Response; Book Half Subscribed on Day 1

Mumbai, October 9, 2025: The Initial Public Offering (IPO) of Rubicon Research Limited, valued at ₹1,378 crore, opened for subscription today, October 9, 2025, and received a positive response, with nearly 50% subscription by the end of Day 1. The issue attracted interest across all investor categories, particularly retail investors. The company had previously raised funds through an anchor allotment.

Founded in 1999, Rubicon Research Limited operates in pharmaceutical formulation and development across India, Canada, and the US. The company specialises in complex generics, novel drug delivery systems, and proprietary technologies, with a portfolio of 55 commercialised formulations.

Rubicon Research IPO Day 1 Subscription Status

On Day 1, the IPO was subscribed 0.54 times overall, receiving 1,08,722 applications. The retail category led with 1.43x subscription, followed by employees at 0.97x, and non-institutional investors (NII) at 0.49x. Within the NII segment, smaller bids (sNII, below ₹10 lakh) were at 0.66x, while larger bids (bNII, above ₹10 lakh) stood at 0.40x. The QIB (Ex-Anchor) portion saw muted demand at 0.27x. Overall, 84.8 lakh shares were bid for against 1.56 crore shares offered, amounting to ₹411.3 crore, reflecting modest demand led primarily by retail participation.

Rubicon Research IPO Strong Anchor Investor Participation

Before the IPO, Rubicon Research raised ₹619.08 crore from anchor investors, allocating 1,27,64,691 shares at ₹485 each. Notable anchor investors included HDFC Mutual Fund, ICICI Prudential MF, Kotak MF, Goldman Sachs Funds, Amansa Holdings, and Aranda Investments, with domestic mutual funds accounting for 38.83% of the anchor allocation.

IRubicon Research IPO Overview

Rubicon Research IPO is valued at ₹1,378 crore, comprising a fresh issue of ₹500 crore and an Offer for Sale (OFS) of ₹878 crore by General Atlantic Singapore RR Pte Ltd. The price band is ₹461–₹485 per share, with a minimum application size of 30 shares.

Rubicon Research IPO Lead Managers and Registrar

The issue is jointly managed by Axis Capital, IIFL Capital Services, JM Financial, and SBI Capital Markets. Link Intime India Private Limited is the registrar for the IPO.

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