Bumper debut! Rubicon Research lists at 29% premium, beats GMP estimates

Ahead of the IPO, the company had allotted over 12.7 million equity shares to 32 funds at ₹485 per share to raise ₹619 crore

Rubicon Research IPO listing, Rubicon Research share price: Shares of Rubicon Research, a pharmaceutical company, made a solid debut on the Dalal Street on Thursday, October 16, 2025. The company's stock opened at ₹420, reflecting a premium of 29 per cent over the issue price of ₹485. After listing, the stock was trading almost flat at ₹621.

 

Similarly on the BSE, the stock opened at ₹620.1, up 29 per cent from the issue price. Post-listing, the stock was trading at ₹621.85, up nearly 0.5 per cent from the listing price. 

 

The listing price of Rubicon Research was slightly above the grey market estimates. Ahead of the listing, unlisted shares of Rubicon Research were trading at ₹605, commanding a premium of ₹120 or 25 per cent, according to sources tracking unofficial markets. 

 

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Ahead of the IPO, the company had alloted over 12.7 million equity shares to 32 funds at ₹485 per share to raise ₹619 crore. The anchor book attracted participation from both foreign and domestic institutional investors, including Goldman Sachs, HDFC Mutual Fund, Fidelity Funds, ICICI Prudential MF, Kotak Mahindra MF, Amansa Holdings, and Aranda Investments Pte, as per a circular on the BSE website. 

Rubicon Research IPO subscription details

The public offering received a solid response from investors and was subscribed nearly 104 times. The demand was led by Qualified Institutional Buyers (QIBs), who subscribed to their reserved portion 130.26 times, followed by  Non-Institutional Investors at 97.61 times. The portion reserved for retail investors was subscribed 35.47 times. 

Rubicon Research IPO details

Rubicon Research IPO comprised a fresh issue of 10.3 million equity shares worth ₹500 crore, and an offer for sale of 18.1 million equity shares worth ₹877.5 crore. The public issue was available for subscription from October 9 to October 13. The issue was offered at a price band of ₹461 to ₹485 per share with a lot size of 30 shares.  

Rubicon Research will not receive any proceeds from the offer for sale, as those funds will go to the selling shareholders after deducting relevant taxes and offer-related expenses. However, 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.