GMP buzz builds for Rubicon Research IPO: Should you apply? Reviews inside

Analysts have also shared favourable views on the IPO, boosting investor sentiment ahead of the launch of the offering

Pharmaceuticals player Rubicon Research is all set to launch its much-anticipated initial public offering (IPO) on Thursday, October 9, 2025. The company aims to raise ₹1,377.50 crore from the public markets through its maiden share sale.

 

Early signals from the grey markets suggest a positive sentiment for the IPO. Sources tracking unofficial market activities have revealed that Rubicon Research’s unlisted shares are being traded at ₹565 per share, reflecting a grey market premium (GMP) of 16.49 per cent over the upper price band of ₹485 per share.

 

Analysts have also shared favourable views on the IPO, boosting investor sentiment ahead of the offering. However, before delving into the brokerage calls and recommendations, let’s take a closer look at the key details of the Rubicon Research IPO.

 

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Rubicon Research IPO details

The Rubicon Research IPO consists of a fresh issue of 1.3 million shares worth ₹500 crore and an offer for sale (OFS) of up to 18.1 million shares by promoter General Atlantic Singapore, amounting to ₹877.50 crore.

 

The company has set the price band for the IPO at ₹461–₹485 per share, with a minimum lot size of 30 shares. Therefore, investors can bid for a minimum of 30 shares and in multiples thereof.

 

The IPO will remain open for subscription until October 13, 2025, with the basis of allotment expected to be finalized on October 14. Rubicon Research’s shares are tentatively slated to make their debut on the stock exchanges on October 16, 2025.

 

Notably, Rubicon Research will not receive any proceeds from the OFS portion of the issue, as the funds will be directed to General Atlantic Singapore for the sale of its equity stake. From the fresh issue portion, the company plans to utilise the funds for the prepayment or scheduled repayment of outstanding borrowings, as well as for funding inorganic growth through acquisitions and other strategic initiatives. A portion of the funds will also be allocated for general corporate purposes.

Should you subscribe to the Rubicon Research IPO?

Arihant Capital – Subscribe

Analysts at Arihant Capital have recommended investors to subscribe to the public issue of Rubicon Research. With over 65 commercialised products, a deep development pipeline, and manufacturing facilities in India serving global markets, Rubicon, analysts said, combines innovation with cost efficiency.

 

Its recent entry into the specialty branded space through the Validus acquisition enhances growth visibility, while its data-driven portfolio strategy and integrated supply chain ensure sustainable profitability and scalability.

 

“At the upper band of ₹485, the issue is valued at a P/E ratio of 60x, based on annualised PAT of FY25 EPS of ₹8.2. The issue includes an OFS of ₹877.5 crore (18.09 million shares) and a fresh issue of ₹500 crore (10.31 million shares). We are recommending a ‘Subscribe’ rating for this issue,” the analysts wrote in their research note.

SMIFS – Subscribe for long term

Kabir Sharma, research analyst at SMIFS, has recommended investors to subscribe to the public offering of Rubicon Research from a long-term investment perspective, citing that the company has established a dominant presence in the US market, which contributes 93–98 per cent of revenues. It has achieved a revenue CAGR of 80.7 per cent with 66 products in the US and holds over 25 per cent market share in nine products, reflecting deep penetration in the world’s largest pharmaceutical market.

 

“We recommend subscribing to the issue as a good long-term investment, backed by Rubicon’s strong US market leadership, high-margin specialty portfolio, and expanding presence across regulated markets. Capacity utilisation is expected to ramp up as new products receive regulatory approvals, potentially enabling revenue to double over the next two to three years,” Sharma wrote in a research note.

About Rubicon Research

Rubicon Research Ltd (RRL) is an innovation-driven and R&D-focused pharmaceutical formulations company with an expanding portfolio of specialty products and drug-device combination products concentrated in the USA (accounting for 99.6 per cent of 1QFY26 revenue). As of June 2025, its product portfolio included 72 active Abbreviated New Drug Applications (ANDAs), 9 active New Drug Applications (NDAs) and 1 Over-the-Counter (OTC) monograph listed with the United States Food & Drug Administration (USFDA), which includes 16 specialty products. During FY25, RRL held a market share of more than 25 per cent by value for 9 of its 66 commercialised products in the US.