Rubicon Research IPO GMP: What Does Grey Market Suggest For The Rs 1000 Crore Public Issue

Pharmaceutical formulation company Rubicon Research Ltd. is set to launch an initial public offering (IPO) today, October 9, to raise over Rs 1,000 crore from the primary market.

Ahead of its launch, the grey market premium (GMP) for the IPO has shown steady gains over the last few days. This will be of keen interest to private market investors who follow the latest GMP trends, which currently point to positive listing gains for the Rubicon Research IPO.

Here's all you need to know about the Rubicon Research IPO including the latest GMP, price band, offer size and important dates.

The GMP for the Rubicon Research IPO was Rs 98 as of 8:05 a.m. on October 9. It indicates a listing price of Rs 583 apiece at a premium of 20.21% on the upper limit of the price band.

The lowest GMP recorded for the IPO was Rs 60 on October 4. Since then the grey market premium has shown steady gains leading to further interest among the grey market investors.

Note: GMP does not represent official data and is based on speculation. GMP data sourced from InvestorGain.

The Rubicon Research IPO is a book-built issue of Rs 1,377.50 crore. It comprises a fresh issue of 1.03 crore shares worth Rs 500 crore and offer-for-sale (OFS) of 1.81 crore shares amounting to Rs 877.50 crore.

The price band for the IPO is set between Rs 461 and Rs 485 per share.

To participate in the IPO, retail investors need to bid for a single lot of 30 shares, requiring an investment of Rs 14,550. Small Non-Institutional Investors need to bid for 14 lots, amounting to an investment of Rs 2,03,700. Big Non-Institutional Investors can participate in the IPO by bidding for a minimum of 69 lots, leading to an investment of Rs 10,03,950.

Axis Capital Ltd. is the book-running lead manager and MUFG Intime India Ltd. is the registrar for the issue.

The subscription window will be open from October 9 to October 13, with the allotment expected to be finalised on October 14. The company will transfer shares to the demat accounts of successful bidders on October 15 and refunds for non-allottees will be done on the same day. 

Shares of the company are scheduled to list on the BSE and NSE on October 16.

The company will use proceeds from the IPO to clear debts and to fund inorganic growth.

Rubicon Research is a pharmaceutical company that manufactures differentiated formulations. It has three manufacturing facilities in India.

The company reported a 47.6% year-on-year (YoY) increase in profit after tax (PAT) to Rs 134.36 crore in FY25 from Rs 91.01  crore in FY24. Total income rose 48.58% YoY to Rs 1,296.22 crore in FY25 from Rs 872.39 crore in FY24. 

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.