Last day! Rubicon Research IPO ends today; subscription up 28x, NIIs lead

Rubicon Research IPO subscription status Day 3: The subscription window for Rubicon Research’s initial public offering (IPO), a pharmaceutical company, is set to close today, October 13, 2025, after a three-day bidding period that began on October 9, 2025. So far, the IPO has attracted strong interest from investors.

 

Data from the National Stock Exchange (NSE) shows that by 2:00 PM on the final day, bids had been placed for 437.16 million shares, compared to the 16.45 million shares available, resulting in an overall subscription rate of approximately 27.78 times.

 

Among investor categories, Non-Institutional Investors (NIIs) demonstrated the highest demand, oversubscribing their allocated quota by 60.64 times. Retail investors also showed robust interest, with their segment subscribed 21.7 times. The Qualified Institutional Buyers (QIBs) category witnessed a subscription of 13.46 times, while the employees’ portion was booked at 11.04 times.

 

Rubicon Research IPO GMP

According to sources tracking unofficial markets. Rubicon Research’s unlisted shares were trading at ₹580, reflecting a grey market premium of ₹95 or 19.6 per cent above the issue price of ₹485.  ALSO READ | Tata Capital debuts flat on D-street; should you buy, sell or hold?

Rubicon Research IPO review

Analysts at Arihant Capital have recommended that investors subscribe to the Rubicon Research IPO. Kabir Sharma, research analyst at SMIFS, has recommended investors to subscribe to the issue from a long-term investment perspective, citing Rubicon’s strong US market leadership, high-margin speciality portfolio, and expanding presence across regulated markets.

Rubicon Research IPO details

Rubicon Research aims to raise ₹1,377.5 crore through a fresh issue of 10.3 million equity shares and an offer for sale (OFS) of 18.1 million shares. The public offering is available at a price band of ₹461 to ₹485, with a lot size of 30 shares. A retail investor can bid for a minimum of one lot with an investment amount of ₹14,550 (at the upper end of the IPO price) and in multiples thereof.

 

As the subscription window concludes today, the basis of allotment for Rubicon Research IPO shares is likely to be finalised on Tuesday, October 14, 2025. The successful allottees will receive the company's shares in their demat accounts by Wednesday, October 15, 2025.  ALSO READ | Midwest IPO: Leading granite player, hidden risks; what you should know 

Rubicon Research shares are slated to list on the NSE and BSE, tentatively on Thursday, October 16, 2025.

 

MUFG Intime India serves as the registrar for the public issue. Axis Capital, IIFL Capital Services, JM Financial, and SBI Capital Markets are the book-running lead managers.

 

According to the RHP, the company plans to utilise the net fresh issue proceeds for repayment of debt availed by the company, fund inorganic growth through unidentified acquisitions, and other strategic initiatives. The remaining funds will be used for general corporate purposes.