Rubicon Research IPO Opens On Oct. 9: Latest GMP Signals Over 16% Listing Gain, Check Key Details

Pharmaceutical formulation company Rubicon Research Ltd. is set to launch an initial public offering (IPO) on Oct. 9 to raise over Rs 1,000 crore from the primary market. Ahead of its listing, the grey market premium (GMP) indicated a premium of over 16% for the issue. Investors who want to bid for shares in the IPO must check the following details before making an investment call.

According to InvestorGain, the GMP for the Rubicon Research IPO stood at Rs 80 as of 9:35 a.m. on Oct. 8. It indicates a listing price of Rs 565 apiece at a premium of 16.49% on the upper limit of the price band. 

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

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.

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.

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

The subscription window will be open from Oct. 9 to Oct. 13, with the allotment expected to be finalised on Oct. 14. The company will transfer shares to the demat accounts of successful bidders on Oct. 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 Oct. 16.

Qualified Institutional Buyers (QIBs) will be offered a minimum of 75% of the net offer. Retail investors will be allocated a maximum of 10% of the issue and a maximum of 15% will be reserved for Non-Institutional Investors. 

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

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.