Rubicon Research Makes Blockbuster Debut On NSE, BSE, Shares List At 28% Premium Over IPO Price

Rubicon Research share price made a blockbuster debut on the bourses on October 16, listing at a premium of nearly 28 per cent over its issue price of Rs 485 per share. The Thane-based pharmaceutical company had priced its initial public offering (IPO) in the range of Rs 461 to Rs 485 per share.

On the NSE, the stock opened at Rs 620 per share, a premium of 27.84 per cent, while on the BSE, it debuted at Rs 620.10 apiece, up 27.86 per cent from the IPO price.

Ahead of the listing, Rubicon Research shares were trading at a grey market premium (GMP) of Rs 145, showing strong listing prospects. Rubicon Research IPO had opened for subscription on October 9 and closed on October 13.

The Thane-based Rubicon Research manufactures differentiated pharmaceutical formulations. Its portfolio includes 72 Abbreviated New Drug Application (ANDA) and New Drug Application (NDA) products, and the company markets more than 350 stock-keeping units (SKUs) to 96 customers as of June 30, 2025.

Rubicon Research IPO Subscription Details

Rubicon Research IPO had received an encouraging response from investors across categories.

The issue received an overall subscription of 103.90 times the shares on offer. The qualified institutional buyers (QIBs) subscribed 130.26 times their quota, the non-institutional investors (NIIs) category saw 97.61 times subscription, and the retail investors portion was booked 35.47 times.

The employees of the company, which were offered shares at a discount of Rs 46 per share, booked 16.80 times their quota.

Rubicon Research IPO Issue Size

Rubicon Research IPO comprised 28.40 million shares worth Rs 1,377.50 crore, through a combination of 10.31 million fresh shares worth Rs 500 crore, and 18.09 million offer for sale shares worth Rs 877.50 crore.

Of this, 74.89 per cent were reserved for QIBs, including 44.94 per cent for anchor investors, 14.98 per cent for NIIs, and 9.99 per cent for retail investors.

Rubicon Research IPO Objective

According to its red herring prospectus (RHP), Rubicon Research plans to use the net proceeds raised from its IPO to repay outstanding borrowings and to finance potential acquisitions and general corporate purposes.

Rubicon Research: Financial Performance

Rubicon Research reported a total income of Rs 356.95 crore and a net profit of Rs 43.3 crore in the June quarter of FY26.

In FY25, revenue rose 48 per cent year-on-year (YoY) to Rs 1,296.22 crore, while net profit increased 47 per cent to Rs 134.36 crore.

The company’s net worth stood at Rs 593.67 crore, as of June 2025, increasing from Rs 385 crore in FY24.