Rubicon Research shares make a strong stock market debut; share list at 28% premium

Shares of Rubicon Research made a strong Dalal Street debut on Thursday, October 16 as the pharmaceuticals player settled at Rs 620.10 on BSE, a premium of 27.86 per cent over its issue price of Rs 485. Similarly, the stock kicked-off its maiden trading session with a premium of 27.84 per cent over the given issue price at Rs 620 on NSE.

Listing on Rubicon Research has been on the expected lines. Ahead of its listing, Rubicon Research was commanding a grey market premium (GMP) of Rs 150-155 the unofficial market, suggesting a listing pop of 30-32 per cent for the investors. Its GMP saw a sharp rise after bumper bidding for the issue.

As of the listing price, retail investors made a profit of Rs 4,053 on each lot of 30 equity shares, worth Rs 14,550. Similarly, HNI investors, who received 14 lots consisting of 420 equity shares, made a profit of Rs 56,742 on their investment of Rs 2,03,700.

The IPO of Rubicon Research ran for subscription between October 09-13. It had offered its shares in the price band of Rs 461-485 per share with a lot size of 30 shares. The company raised a total of Rs 1,377.50 crore from its IPO, which included a fresh share sale of Rs 500 crore and offer-for-sale (OFS) of up to 1,80,92,762 equity shares worth Rs 877.50 crore.

The issue was overall subscribed 103.90 times, fetching more than 31.42 lakh applications, attracting bids over Rs 82,900 crore. The portion for qualified-institutional bidders (QIBs) was subscribed 130.26 times, while non-institutional investors (NIIs) quota was booked 97.61 times. The allocations for retail investors and employees were subscribed 35.47 times and 16.80 times, respectively.

Incorporated in 1999, Thane-based Rubicon Research is a pharmaceutical company engaged in the development, manufacturing, and commercialization of differentiated formulations. Rubicon had a portfolio of 72 active abbreviated new drug application (ANDA) and new drug application (NDA) products approved by the USFDA as of June 30, 2025.

Brokerage firms were mostly positive on the issue and suggested to subscribe to this IPO. Axis Capital, JM Financial and IIFL Capital Services was the book running lead managers for the Rubicon Research IPO and MUFG Intime India served as the registrar of the issue.