Rubicon Research Ltd.

Rubicon Research Ltd, is a pharmaceutical company specialization in the research, development and manufacture of medical formulations. It has about 72 Abbreviated New Drug Applications (ANDAs) approved by the US FDA. In the pipeline, it has another 17 such products that are awaiting approval of the US FDA, while another 63 products are at various stages of development. It has a total of 96 wholesale customers in the US. 

The IPO is a combination of a fresh issue and an offer for sale (OFS) by General Atlantic Singapore. The IPO will be lead-managed by Axis Capital, IIFL Capital, JM Financial, and SBI Capital Markets; while MUFG Intime India Private Ltd will be the registrar. The company is headquartered at Thane in Maharashtra. Rubicon Research was promoted by General Atlantic Singapore, Pratibha Pilgaonkar, Sudhir Pilgaonkar, Parag Sancheti, Surabhi Sancheti, and Sumant Sancheti. 

Highlights of the IPO Issue

Here are the key highlights of the public issue of Rubicon Research Ltd. 

1. The IPO of will be open from October 09th, 2025 to October 13th, 2025. It has a face value of ₹1 per share and IPO price band is set in range of ₹461 to ₹485 per share.
2. The IPO of Rubicon Research Ltd will be a combination of a fresh issue and an offer for sale of shares by one of the early promoters, General Atlantic Singapore.
3. The fresh portion comprises the issue of 1,03,09,278 shares (103.09 lakh shares), which at the upper price band of ₹485 per share translates into ₹500 crore.
4. The OFS of the IPO comprises the sale of 1,80,92,762 shares (180.93 lakh shares), which at the upper price band of ₹485 per share translates into ₹877.50 crore.
5. The overall IPO will comprise of a fresh issue and an OFS of 2,84,04,040 shares (284.04 lakh shares) worth ₹1,377.50 crore at the upper band price of ₹485 per share. 

The IPO of Rubicon Research Ltd will be listed on the NSE and the BSE on the IPO mainboard. 

Key Dates, Investor Allocation, And Lot Sizes

Here are the key dates pertaining to the IPO of Rubicon Research Ltd 

Data Source: Company RHP 

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).  

The table below captures the gist of the allocation to various categories. 

Data Source: Security Parameters Filing (NSE) 

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Rubicon Research Ltd for various categories of investors. 

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 30 shares) 

Financial Highlights

The table captures the key financials of Rubicon Research Ltd for last 3 financial years.  

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period) 

Despite frenetic growth in top line sales, the company has managed to maintain its PAT margins at above 10%. If you ignore FY23, which was a year of losses, the ROE in the last two years has also been around 24% on an average. 

Valuation Metrics

At the current issue price of ₹485 per share, the valuation of the company is at a P/E ratio of 55.9X in terms of latest year EPS of ₹8.68. While the financials of the company are fairly healthy, including the PAT margins and the ROE, there are also other intangibles that the company brings to the table in its specific business. 

Its combination of R&D facilities and data driven framework has given the ability to price their products profitably in the market. It has a strong track record of compliance which is evident from its ANDAs filed and the ANDAs in the pipeline. The one risk that the company does run is its nearly 99% dependence on the US markets, which may be exposed to risks with the tariff overhang on the pharma sector! 

A Brief on the Anchor Allocation

The anchor issue of Rubicon Research Ltd saw a very strong response on 08th October 2025 with 43.68% of the IPO size absorbed by anchors. Out of 2,92,20,361 shares (292.20 lakh shares) on offer in the IPO, anchors picked up 1,27,64,691 shares (127.65 lakh shares) accounting for 43.68 of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹485 per share. This includes the face value of ₹1 per share plus a share premium of ₹484 per share. The anchor bidding process opened and closed on 08th October 2025.  

Key Points to Note in the Anchor Allocation Process

Here are the key details pertaining to the anchor bidding of Rubicon Research Ltd 

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery. 

Anchor Allocation Investors

On 08th October 2025, Rubicon Research Ltd allotted 1,27,64,691 shares to 32 anchor investors. The allocation was done at the upper IPO price band of ₹485 per share which resulted in overall anchor allocation of ₹619.09 crore. The anchors have already absorbed 43.68% of the total issue size of ₹1,417.19 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹375.01 crores, or, 60.58% of anchor allocation. 

Data Source: BSE Filings (Value Allocated in ₹ in Crore) 

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below. 

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20251008-64&attachedId=a28e3647-e180-4709-a9fb-7a76c7fc1708 

Out of the 1,27,64,691 shares allocated to the anchors in the IPO, there were a total of 49,56,750 shares allocated to mutual funds registered with SEBI. The allocation was made to 18 mutual fund schemes across 8 AMCs. Mutual funds accounted for 38.83% of the total anchor allocation of the IPO. Global FPIs, sovereign funds, and insurance companies were very active in participating in the anchor allocation of Rubicon Research Ltd. 

Next Step in the IPO

Post the closure of the IPO subscription on 13th October 2025, the basis of allotment will be finalized on 14th October 2025 and the refunds will be initiated on 15th October 2025. In addition, the demat credits are expected to also happen on 15th October 2025 and the stock will list on 16th October 2025 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 15th October 2025 under ISIN (INE506V01022). 

IPO Subscription Status On Day-1

As of 5.15 pm on 09th October 2025, out of the 164.56 lakh shares on offer in the IPO (excluding anchor portion), Rubicon Research Ltd saw bids for 84.62 lakh shares. This implies an overall subscription of 0.51X at a macro level. The granular break-up of subscriptions as of the close of Day-1 of the IPO of Rubicon Research Ltd was as under: 

The subscriptions were led by the Retail Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had a strong anchor portion response a day ahead of the opening of the IPO. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-1 of the IPO) 

The IPO is open up to October 13, 2025, at which point we will know the final subscription status of the IPO. 

IPO Subscription Status On Day-2

As of 5.25 pm on 10th October 2025, out of the 164.56 lakh shares on offer in the IPO (excluding anchor portion), Rubicon Research Ltd saw bids for 389.29 lakh shares. This implies an overall subscription of 2.37X at a macro level. The granular break-up of subscriptions as of the close of Day-2 of the IPO of Rubicon Research Ltd was as under: 

The subscriptions were led by the Retail Investors followed by the QIB investors and the HNI / NII investors in that order. QIB bids and NII bids typically gather most of the momentum on the last day, and that would be the case in this issue also. Both the QIB and the NII bids pick up momentum on the last day since that is when the bulk HNI funding bids, corporate bids, and the bulk QIB bids come in. The company had a strong anchor portion response a day ahead of the opening of the IPO. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion. 

Data Source: NSE / BSE (as of close of Day-2 of the IPO) 

The IPO is open up to October 13, 2025, at which point we will know the final subscription status of the IPO. 

About the Rubicon Research Ltd

The IPO of Rubicon Research Ltd opened on October 09th, 2025 and closed on October 13th, 2025. The overall IPO comprised of a fresh issue and an offer for sale (OFS) of 2,92,20,361 shares (292.20 lakh shares) worth ₹1,417.19 crore at the upper price band of ₹485 per share. The allotment status will be finalized by end of day (EOD) of October 14, 2025. Here is how to check your allotment status for the IPO of Rubicon Research Ltd. You can check IPO status on the BSE website or on the NSE website or on the IPO Registrar website (MUFG Intime India Private Ltd). 

Checking The Allotment Status of IPO on BSE Website

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.  

https://www.bseindia.com/investors/appli_check.aspx 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity Option 
2. Under Issue Name – Select Rubicon Research Ltd   from the drop-down box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip OR 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once this is done, you need to click on the Captcha to verify you are not a robot 
6. Finally click on the Search Button 

You can use either of the parameters to query; Application / CAF number or Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Rubicon Research Ltd allotted into your demat account. You can save a screenshot of the allotment status output for subsequently verifying with the demat account credits. 

Checking The Allotment Status of IPO on NSE Website

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.  

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids 

Once you reach the page, here are the steps to follow. 

1. Under Issue Type – Select Equity & SME IPO Details Option 
2. Under SELECT SYMBOL – Select RUBICON from the dropdown box 
3. Enter the Application Number / CAF exactly as in the acknowledgement slip AND 
4. Enter your PAN (10-digit alphanumeric) number 
5. Once both are entered, click on the Submit Button 

You must input the Application / CAF number and the Investor PAN. 

The allotment status will be displayed on the screen in front of you informing about the number of shares of Rubicon Research Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits. 

Checking Allotment Status of IPO on MUFG Intime India Private Limited

Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below: 

https://in.mpms.mufg.com/Initial_Offer/public-issues.html 

There are 4 options available to you to access the allotment status, and you can use any of these options to query.   

1. You can use PAN access. Enter the 10-character alphanumeric income tax permanent account number (PAN). Make it a point to verify your PAN before entering.
2. The second option is to use Application Number / CAF to query the allotment status in the IPO. The application / CAF number is available on the acknowledgement slip.
3. You can use DPID-Client ID combination. For NSDL combination is alphanumeric, while for CDSL, combination is numeric. This is available in your demat statement.
4. You can also query by the combination of your bank account number and IFSC number provided as the IPO mandate bank. It is available on your cheque book. 

Finally, click on the SUBMIT button.  

In case, you have any issues with the output, register an investor query with Link Intime India Private Ltd. You can either send an email with all requisite details and problem to [email protected] or you can call on (0)-81081-14949 for voice call. 

Robust Listing For Rubicon Research Ltd

Rubicon Research Ltd had a robust listing on 16th October 2025. On the NSE, the stock of Rubicon Research Ltd listed at ₹620, a smart premium of 27.84% to the IPO issue price of ₹485 per share. The issue was subscribed just 103.90 times overall at the close of the IPO, so opening sentiments being robust was along expected lines. However, had the market sentiments been stronger, even the post listing performance could have been better. 

On the BSE also, the listing of Rubicon Research Ltd was at a robust premium. Against the issue price of ₹485 per share, the stock listed at ₹620.10, a premium of 27.86% to the issue price. The stock of Rubicon Research Ltd is on T+1 rolling settlement system. 

How The Stock of Rubicon Research Ltd Moved During the Day?

After opening sharply higher at ₹620 per share on the NSE, the stock traded above the listing price for a better part of the trading day, although it was also volatile for the day. During the day, the stock of Rubicon Research Ltd touched a high of ₹639 and an intraday low of ₹587.35. On the NSE, the upper circuit band of the stock is set at ₹744 while the lower circuit band is set at ₹496 per share. Effectively, the stock managed to display strength during the trading day. 

What about the BSE? After opening sharply higher at ₹620.10 per share on the BSE, the stock hovered in a broad range around the listing price. During the day, the stock of Rubicon Research Ltd touched a high of ₹639 and an intraday low of ₹590. On the BSE, the upper circuit band of the stock is set at ₹744.10 while the lower circuit band is set at ₹496.10 per share. Even on BSE, the stock largely hovered in a range around the listing price. 

How Did the Stock of Rubicon Research Ltd Close on Listing Day?

Here is how the stock of Rubicon Research Ltd closed on the NSE. The closing price of ₹632 per share is at a premium of 30.31% to the IPO issue price and also at a premium of 1.94% to the listing price of ₹620 per share on the NSE. The company had a market cap of ₹10,412 crore at close. During the day, the stock of Rubicon Research Ltd traded 246.88 lakh shares on the NSE, with total traded value of ₹1,518.67 crore. Deliveries were 55.24% of the total volumes on NSE. 

Here is how the stock of Rubicon Research Ltd closed on the BSE. The closing price of ₹627.45 per share is at a premium of 29.37% to the IPO issue price and a premium of 1.19% to the listing price of ͭ₹620.10 on the BSE. The company had a market cap of ₹10,337 crore as of close. During the day, the stock of Rubicon Research Ltd traded 21.55 lakh shares on the BSE, having a total traded value of ₹132.06 crore. Deliveries were 53.36% on the BSE. 

The stock trades under the codes: NSE (RUBICON), BSE (544578), ISIN (INE506V01022).