Rubicon Research IPO opened for subscription today, October 9. The company set the IPO price band at Rs 461 -485 per equity share. The last day to subscribe to the issue is October 13. Rubicon Research will be mopping up Rs 1,377.50 crore. The issue is a combination of 1.03 crore fresh shares and an offer for sale of 1.81 crore shares. 

Rubicon Research IPO: GMP

The shares of Rubicon Research were fetching a premium of over 20%, above the issue price, in the grey market. The stocks were changing hands at a price of Rs 583.  

However, the grey market is an unofficial place where people trade shares illegally. The market participants track GMP to estimate the listing price. 

Rubicon Research IPO: Allotment and listing

The allotment for the IPO is expected to be finalised on October 14, while the listing of the shares on the exchanges, NSE and BSE, is likely to be on October 16, as per the tentative schedule.

Rubicon Research IPO: Lot size

A retail buyer needs to apply for a minimum of 30 shares in a lot that amounts to Rs 14,550. The lot size investment for a small non-institutional investor (NII) is 14 lots of 420 shares, summing up to Rs 2 lakh, and for a big NII, it is 69 lots of 2,070 shares, aggregating to Rs 10 lakh.

Rubicon Research IPO: BRLM and registrar

Axis Capital is the book-running lead manager for the IPO, and MUFG Intime India is the registrar of the issue.

About Rubicon Research

Rubicon Research is a pharmaceutical company engaged in the development, manufacturing, and commercialisation of differentiated formulations. As of June 2025, Rubicon Research had a portfolio of 72 active Abbreviated New Drug Application (ANDA) and New Drug Application (NDA) products approved by the US FDA. The company’s portfolio includes 66 commercialised products, with a US generic pharmaceutical market size of $2,455.7 million, of which Rubicon Research contributed $195 million in FY24.

As of June 2025, the company has 17 new products awaiting US FDA ANDA approval and 63 products at various stages of development. The company marketed over 350 SKUs to 96 customers, including three major wholesalers who account for more than 90% of wholesale drug distribution in the US.