Rubicon Research IPO opened on October 9, 2025. The subscription closed on October 13, 2025. The listing is scheduled for October 16, 2025.

Rubicon Research Limited is a pharma company based in India. It was founded in 1999. The company develops and manufactures special drug formulations. It also sells these products in the U.S. and other global markets. As of June 2025, Rubicon had 72 approved drug products by the U.S. FDA. It also had 17 new products waiting for approval.

The IPO is worth ₹1,377.50 crore. It includes a fresh issue of 1.03 crore shares. There is also an offer for sale of 1.81 crore shares. The price band is ₹461 to ₹485 per share. The shares will be listed on NSE and BSE. The expected listing date is October 16, 2025 .

Rubicon Research is backed by strong promoters. These include General Atlantic Singapore RR Pte. Ltd. and several individual investors. Axis Capital is the lead manager for the IPO. MUFG Intime India is the registrar.

Now, let’s look at five important topics related to this IPO:

1. Strong U.S. Market Presence

Rubicon Research has a solid footprint in the U.S. generic drug market. In FY24, it earned $195 million from this market. The total market size is $2,455.7 million. Rubicon’s share is significant. It sells over 350 product types (SKUs) to 96 customers. Three major wholesalers handle 90% of its U.S. distribution .

2. Product Portfolio and Innovation

The company has 66 commercialized products. It also has 63 products in development. These include tablets, capsules, and other drug forms. Rubicon focuses on innovation. It creates drugs that are easier to use and more effective. This gives it an edge over competitors.

3. Financial Strength

Rubicon’s IPO will raise funds for growth. The fresh issue will help expand manufacturing and R&D. The company plans to invest in new technologies. It also wants to enter new markets. This financial boost will support long-term goals.

4. Grey Market Premium (GMP)

Before the IPO opened, Rubicon’s shares were trading at a 20% premium in the grey market. This means investors expect a strong listing. GMP is not official, but it shows market interest. The shares were trading at ₹583, which is above the issue price .

5. Retail and Institutional Interest

Retail investors can apply for a minimum of 30 shares. This costs ₹14,550. Small non-institutional investors (NIIs) can apply for 420 shares. Big NIIs can go for 2,070 shares. This wide range allows many types of investors to participate. It also shows the company’s confidence in attracting funds .

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