Rubicon Research IPO Day 2: Strong Demand, GMP Up 20%

The Rubicon Research IPO has entered its second day of subscription (October 10, 2025) with a strong market response. The issue, which opened on October 9, will close on October 13, 2025.

As per market experts, the Rubicon Research IPO Grey Market Premium (GMP) is around ₹100 per share, reflecting an estimated 20% premium over the upper issue price of ₹485 apiece.

Rubicon Research IPO Key Details

Particulars Details
Price Band ₹461 – ₹485 per share
IPO Open Date October 9, 2025
IPO Close Date October 13, 2025
GMP (Today) ₹100 (≈20% premium)
Allotment Date October 14, 2025
Listing Date October 16, 2025
Lot Size 30 shares per lot
Total Issue Size ₹1,377.50 crore
Fresh Issue ₹500 crore
Offer for Sale (OFS) ₹877.50 crore
Lead Manager Axis Capital Ltd.
Registrar MUFG Intime India Pvt. Ltd.

Rubicon Research IPO Issue Details

Rubicon Research aims to raise ₹1,377.50 crore through a mix of:

  • Fresh Issue: ₹500 crore (1.03 crore shares)

  • Offer for Sale (OFS): ₹877.50 crore (1.81 crore shares)

The company has already secured ₹619 crore from anchor investors ahead of its IPO.

Rubicon Research IPO Timeline

  • Opens: October 9, 2025

  • Closes: October 13, 2025

  • Allotment: October 14, 2025

  • Listing: October 16, 2025 (BSE & NSE)

Rubicon Research IPO GMP Today

According to market reports, Rubicon Research IPO GMP stands at ₹100 per share, indicating that shares are trading near ₹585 in the grey market — around 20% above the upper price band of ₹485.

This shows strong investor confidence and expectations of solid listing gains.


Note: Grey market prices are unofficial and speculative; actual listing gains may vary.

About Rubicon Research Ltd

Rubicon Research is a pharmaceutical formulations company focused on innovation and research-driven products. It specializes in specialty formulations and drug-device combination products, targeting regulated markets — especially the United States.

The company is the only Indian pharma player fully focused on regulated markets, positioning it uniquely among peers.

Rubicon Research Financial Performance (FY23–FY25)

Fiscal Year Revenue (₹ crore) PAT (₹ crore)
FY23 393 -17
FY25 1,284 134

Rubicon has shown an impressive CAGR of 80% in revenue growth and a turnaround from losses to profitability within two years.

Expert Review & Analysis

According to Canara Bank Securities:

“Rubicon Research IPO is overvalued at 55x PE and 14x PB, compared to peer averages of 24x PE and 8x PB. However, its strong presence in the US market, increasing specialty product portfolio, and high commercialization rate (86.4%) highlight its growth potential.”

Positives:

  • Exclusive focus on regulated markets (mainly the US)

  • Strong R&D and product pipeline

  • High growth and profitability turnaround

Concerns:

  • High valuation compared to peers

  • 71% revenue concentration from top 5 customers

  • Dependence on US market and global tariff risks

Recommendation:
✔Subscribe for investors with a high-risk, long-term outlook.

Summary

The Rubicon Research IPO is attracting strong interest with a GMP near ₹100 and 51% subscription on Day 2. While valuations appear stretched, the company’s focused strategy, strong financial growth, and US market exposure make it a potential high-risk, high-reward investment.

Quick Takeaway

  • IPO Opens: Oct 9, 2025

  • IPO Closes: Oct 13, 2025

  • Price Band: ₹461–₹485

  • GMP: ₹100 (20% premium)

  • Verdict: Subscribe with caution; long-term potential