Rubicon Research IPO
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Rubicon Research IPO details
Schedule of Rubicon Research
| Issue open date | 09 Oct 2025 |
| Issue close date | 13 Oct 2025 |
| UPI mandate deadline | 13 Oct 2025 (5 PM) |
| Allotment finalization | 14 Oct 2025 |
| Refund initiation | 15 Oct 2025 |
| Share credit | 15 Oct 2025 |
| Listing date | 16 Oct 2025 |
| Mandate end date | 28 Oct 2025 |
| Lock-in end date for anchor investors (50%) | 13 Nov 2025 |
| Lock-in end date for anchor investors (remaining) | 12 Jan 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Rubicon Research
Rubicon Research Limited, established in 1999, is a pharmaceutical formulation company focused on innovation through research and development, with a strong presence in regulated markets, particularly the United States.
The company operates two R&D facilities inspected by the USFDA (United States Food and Drug Administration) in India and Canada, along with two manufacturing plants in India. It holds accreditations from global regulatory bodies like the USFDA, WHO-GMP (World Health Organisation – Good Manufacturing Practices), and Health Canada. Rubicon’s portfolio includes 55 commercialised formulations in the U.S., highlighting its focus on regulated markets.
Financials of Rubicon Research
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹1377.50 crores |
| Fresh Issue | ₹500 crores |
| Offer for sale | ₹877.50 crores |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Repayment of Borrowings | 310.00 (62.00%) |
| Funding acquisitions and general corporate purposes | 190.00 (38.00%) |
Strengths
- Holds a strong portfolio of commercialised products, maintaining a market share of over 25% for seven products in the US market.
- R&D capabilities in India and Canada enable product innovation and development, reducing reliance on third parties.
- Established US sales and distribution platform through subsidiaries, covering both non-branded and branded product markets.
- Demonstrates regulatory compliance with US FDA inspections and approvals from international bodies.
Risks
- The company heavily relies on the US market, making it vulnerable to adverse developments in that region.
- Operating in a highly regulated industry, any product recalls, inspection failures, or facility shutdowns could negatively impact operations.
- R&D efforts may not always lead to successful marketable products, posing risks to revenue growth.
- Intense competition within the pharmaceutical industry may affect margins and hinder future growth prospects.
- Fluctuations in foreign currency exchange rates could negatively impact the company’s financial performance.
- Debt agreements, including unsecured loans, impose restrictive covenants, and any non-compliance could lead to accelerated repayment obligations.
Allotment Status for Rubicon Research
To check your allotment status – click here.
Subscription Figures for Rubicon Research
As per media reports (Link), the Grey Market Premium (GMP) of Rubicon Research is reported at ₹94 over the IPO price. This metric is not reliable, and to track IPO interest, it is better to check subscription numbers published by exchanges, which are considered more reliable indicators.
Subscription numbers as of 5:00 PM on October 13, 2025:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 85.07 | 11661.68 | 137.09x |
| NII | 42.54 | 4369.34 | 102.7x |
| Retail | 28.36 | 1060.67 | 37.4x |
| Employees | 0.40 | 7.08 | 17.68x |
| Total | 156.37 | 17098.76 | 109.35x |