Rubicon Research IPO Day 1 Live: Here's GMP, subscription status, other key details - apply or not?

Rubicon Research's initial public offering (IPO) opened for subscription today, October 9. The mainboard issue will be available for bidding till Monday, October 13.

Rubicon Research is a pharmaceutical formulation company that emphasises research, development, and innovation. Its portfolio features an expanding range of specialty medicines and drug-device combination products, with a strong focus on regulated markets, particularly the United States.

Rubicon Research IPO subscription status

The Rubicon Research IPO was subscribed 0.24 times on the first day of bidding, as of 2:03 pm.

The retail category was subscribed 0.92 times. Meanwhile, non-institutional investor (NII) was subscribed 0.26 times and qualified institutional buyer (QIB) quota remained unsubscribed.

Rubicon Research IPO Review

Brokerage firm Arihant Capital has given a ‘subscribe’ rating to the Rubicon Research IPO.

“With over 65 commercialised products, a deep development pipeline, and manufacturing facilities in India serving global markets, Rubicon combines innovation with cost efficiency. Its recent entry into the specialty branded space through the Validus acquisition enhances growth visibility, while its data-driven portfolio strategy and integrated supply chain ensure sustainable profitability and scalability. At the upper band of INR 485, the issue is valued at a P/E ratio of ~60x, based on annualised PAT of FY25 EPS of INR 8.2. OFS of INR 8,775 Mn (18.09 Mn shares) and a Fresh Issue of INR 5,000 Mn (10.31 Mn shares). We are recommending a “Subscribe” rating for this issue,” the brokerage said.

Rubicon Research IPO GMP today

Rubicon Research’s IPO grey market premium (GMP) stood at ₹98 on Thursday, as per investorgain.com, suggesting that the company’s shares were trading ₹98 higher than the IPO price in the unofficial market.

Based on the upper end of the IPO price band and the prevailing GMP, the estimated listing price for Rubicon Research shares is projected at ₹583 apiece — about 20.21 per cent higher than the IPO price of ₹485.

Experts noted that over the past seven sessions, the GMP has shown an upward trend, signalling strong listing expectations. During this period, the GMP has ranged from a low of ₹0.00 to a high of ₹98.

Rubicon Research IPO details

Rubicon Research IPO is a book-build issue of ₹1,377.50 crore. It is a combination of fresh issue of 1.03 crore shares, aggregating to ₹500 crore, and an offer for sale (OFS) of 1.81 crore shares, aggregating to ₹877.50 crore.

The IPO price band has been set between ₹461 and ₹485 per equity share with a face value of Re 1. The minimum lot size is 30 equity shares, with bids allowed in multiples of 30 thereafter.

Funds amounting to ₹310 crore from the new issue will be utilised for repaying debts, while a part will be dedicated to pursuing inorganic growth through acquisitions, strategic endeavours, and general corporate needs.

Tentatively, Rubicon Research IPO basis of allotment of shares will be finalised on Tuesday, October 14, and the company will initiate refunds on Wednesday, October 15, while the shares will be credited to the demat account of allottees on Wednesday. Rubicon IPO shares are likely to be listed on BSE and NSE on Thursday, October 16.

Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.