Rubicon Research came to market through an IPO that opened on 9 October 2025 and closed on 13 October 2025, and the shares listed on 16 October 2025 on BSE, NSE. The price band was ₹461 to ₹485 per share and one lot was 30 shares, so the minimum application was ₹14,550. The issue size was ₹1377.5 crore. It combined a fresh issue of new shares with an offer for sale by existing shareholders.
MUFG Intime India Private Limited (Link Intime) was the registrar to the issue, and MUFG Intime India Pvt.Ltd was the lead manager.
As of 13 October 2025.
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Founded in 1999, Rubicon Research Limited is a pharmaceutical organization that deals with the development, manufacturing, and marketing of differentiated formulation. As of March 31, 2024, Rubicon Research Limited had an approved portfolio of 69 active Abbreviated New Drug Application (ANDA) and New Drug Application (NDA) products of the US FDA.
The portfolio comprises 55 commercialized products of which the US generic pharmaceutical market size is USD 2,386.6 million and which has contributed USD 154.3 million by Rubicon Research Limited during Fiscal 2024.
As described in the offer document.
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Rubicon Research raises Rs 619 crore from 32 anchor investors prior to Rs 1,377 crore IPO. International marquee investors such as Goldman Sachs, Fidelity, Nomura Funds, Amansa Holdings, Societe Generale, University of Notre Dame, and GP Emerging Markets Strategies. Rubicon Research in its exchange filing on Wednesday reported that it has completed allotment of 1,27,64,691 equity shares to anchor investors at Rs 485 per share.
Out of this, 49.56 lakh shares (38.83 percent of the anchor allotment) valued at Rs 240.4 crore went to eight domestic mutual funds such as PGIM India, Mirae Asset, Bajaj Finserv, Kotak Mahindra AMC, HDFC AMC, and ICICI Prudential Mutual Fund.
General Atlantic Singapore RR Pte. Ltd., Pratibha Pilgaonkar, Sudhir Dhirendra Pilgaonkar, Parag Suganchand Sancheti, Surabhi Parag Sancheti, Sumant Sudhir Pilgaonkar. Promoter holding 77.67% before the issue.
Work out the listing gain for this IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
Rubicon Research IPO was a ₹1,377.5 crore book-built issue, comprising a fresh issue of ₹500 crore and an offer for sale of ₹877.5 crore. It was priced at ₹461–₹485 per share with a lot size of 30 shares (₹14,550). The IPO was open from October 9 to October 13, 2025 and was subscribed 109.33x. Shares listed on BSE and NSE on October 16, 2025 at ₹620, a 27.8% premium to the issue price of ₹485.
Axis Capital Ltd IIFL Capital Services Ltd JM Financial Ltd SBI Capital Markets Ltd is the registrar. Axis Capital Ltd and 3 other book running lead managers manage the issue.
The price band of Rubicon Research IPO is ₹461 to ₹485 per share.
The lot size of Rubicon Research IPO is 30 shares.
The minimum investment for Rubicon Research IPO is approximately ₹14,550 based on the upper price band.
The allotment date of Rubicon Research IPO is Oct 14, 2025.
Rubicon Research IPO's final recorded GMP before listing was ₹140 per share (a 29% premium over the ₹485 upper price band). The shares listed at ₹620. GMP is unofficial and does not forecast or guarantee the actual listing price.
Rubicon Research IPO listed on Oct 16, 2025. It was issued at ₹620.0(NSE) and is currently around ₹1669.80 as on 2-Nov-2026 3:30 PM, which is approximately 244.3% versus issue price. The 52-week high is ₹1,899.00.
You can check Rubicon Research IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Rubicon Research IPO allotment status on Rupix for quick and easy access.
₹461 to ₹485 per share, against a face value of ₹1. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 30 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹14,550.
₹14,550, for one lot of 30 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 9 October 2025 and closed on 13 October 2025.
The basis of allotment was published on 14 October 2025 by MUFG Intime India Private Limited (Link Intime), and allotted shares were credited to demat accounts before listing.
The shares listed on 16 October 2025 on BSE, NSE.
The issue size was ₹1377.5 crore. The fresh issue was 1,03,09,278 shares (aggregating up to ₹500 crore). The offer for sale was 1,80,92,762 shares (aggregating up to ₹877.5 crore).