Rubicon Research IPO to List Tomorrow; All Eyes on Market Debut After 104× Subscription and Allotment Finalization

Mumbai, October 15, 2025: The highly anticipated ₹1,378-crore initial public offering (IPO) of Rubicon Research Limited will see its stocks listed on the BSE and the NSE tomorrow, October 16, 2025, after a spectacular investor turnout and the end of the allotment process.

The allotment for the Rubicon Research IPO has been finalised, with several investors confirming receipt of their allotment intimation and refunds, marking the conclusion of this highly oversubscribed issue. The IPO attracted bids exceeding ₹82,000 crore, achieving an overall subscription of 103.9×, making it one of the most successful pharmaceutical IPOs of the year.

Rubicon Research Limited was established in 1999. It is a pharmaceutical formulation and a development firm that specializes in complex generics, drug delivery patterns and proprietary technologies. It has USFDA-licensed manufacturing centers in India and Canada that are accredited by WHO-GMP and Health Canada. The portfolio of Rubicon includes 55 commercialized formulations in oral, topical, ophthalmic, and liquid dosage forms. It supplies regulated markets such as the US, Europe, and several emerging markets by combining innovation-led R&D and global scale and compliance.

Rubicon Research A Heavily Oversubscribed Issue

The initial public offer of Rubicon Research Limited, launched between October 9 and October 13, 2025, was highly subscribed by the investor community across all categories. The issue received bids for 170.97 lakh shares against the offer of 16.46 lakh shares, and the overall subscription was103.90×.

Among the segments, Qualified Institutional Buyers (QIBs) led the rally with a staggering 130.26× subscription, followed by Non-Institutional Investors (NIIs) at 97.61×, and Retail Individual Investors (RIIs) at 35.47×. The employee portion also saw robust participation, with 16.80× subscriptions, highlighting widespread enthusiasm for the issue. The massive oversubscription reflected strong confidence from both institutional and retail investors, cementing Rubicon Research’s reputation as one of the most anticipated IPOs of FY26.

How to Check Your Rubicon Research IPO Allotment Status?

Allotment of IPO has been completed, and investors can find out whether they have received the shares or otherwise by entering their PAN/ Application Number/ DPID/ Client ID on the websites of BSE/NSE or the registrar, MUFG (earlier Link Intime India Pvt Ltd).

To Check Rubicon Research IPO Allotment Status on BSE

• Visit https://www.bseindia.com/investors/appli_check.aspx
• Choose Equity Under Issue Type.
• Select the option “Rubicon Research Limited”.
• Enter Your Application Number or PAN.
• Do the CAPTCHA verification and type Search.

The page will display your allotment result and the number of shares credited in your demat account.

Verify Rubicon Research IPO Allotment Status on NSE

• Go to https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
• Select Equity & SME IPO Bid Details.
• Select Rubicon Research Limited from the drop-down.
• Please enter your PAN and Application Number.
• Click Submit to see your IPO bid and allotment details.

The NSE portal retains allotment data for 10 days post-issue closure, allowing investors to verify their application and check the final outcome.

Verify Rubicon Research IPO Allotment Status from Registrar’s Website (MUFG – Link Intime)

• Visit https://in.mpms.mufg.com/Initial_Offer/public-issues.html
• Choose Rubicon Research Limited from the drop-down.
• Select your preferred search option – Application Number, DPID/Client ID or PAN.
• Put in your details and the captcha code.
• Choose Search to see your allotment information.

Successful shareholders will have the stocks credited to their demat accounts before tomorrow’s listing, and refunds for unallotted applications will also be processed through ASBA/UPI.

Rubicon Research Anchor Allocation

Before the IPO’s opening for the public subscription, Rubicon Research had raised ₹619.08 crore from 38 marquee anchor investors by issuing 1,27,64,691 shares at ₹485 per share. Leading brands on the anchor list included HDFC Mutual Fund, ICICI Prudential MF, Kotak MF, Goldman Sachs Funds, Amansa Holdings, and Aranda Investments. The domestic mutual funds took up 38.83% of the anchor book, spread over 18 schemes, highlighting strong institutional demand.

What to Expect on Listing Day?

The Rubicon Research IPO, which saw a robust subscription of 103.9×, has set high market expectations ahead of its listing. Strong demand across institutional, non-institutional, and retail investors underscores widespread interest in the company’s offering.

However, the actual listing performance will depend on market sentiment, supply-demand dynamics, and investor participation during opening trades. Despite the strong subscription, the stock’s debut is expected to be active, with the final listing price determined purely by market forces when trading begins.

Market watchers, analysts, and investors will closely monitor the stock’s performance as Rubicon Research goes public for the first time on October 16, 2025.

Rubicon Research Lead Managers & Registrar

The IPO was managed by Book Running Lead Managers Axis Capital Limited, IIFL Capital Services Limited, JM Financial Limited, and SBI Capital Markets Limited. Registrar to the issue was MUFG (formerly Link Intime India Private Limited).

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