Rubicon Research IPO is a book-built issue IPO, aiming to raise ₹1,377.50 crore. It comprises a fresh issue of 1.03 crore equity shares aggregating to ₹500.00 crore and an offer for sale of 1.81 crore equity shares amounting to ₹877.50 crore. The bidding window was open from October 9, 2025, to October 13, 2025, with the IPO allotment to be finalised on October 14, 2025. Rubicon Research is scheduled to list on BSE and NSE on October 16, 2025.
The IPO was priced at ₹461–₹485 per share with a lot size of 30 shares. The public issue received bids for 1,70,98,76,370 shares against 1,56,37,349 shares available, resulting in an overall subscription of 109.35 times. QIBs led the response, subscribing 137.09 times their quota, followed by NIIs at 102.70 times and retail investors at 37.40 times.
Rubicon Research’s ₹1,377.50 crore IPO, priced at ₹461–₹485 per share, was subscribed 109.35 times overall. The IPO includes a fresh issue of 1.03 crore equity shares aggregating to ₹500.00 crore and an offer for sale of 1.81 crore equity shares amounting to ₹877.50 crore. Bidding took place from October 9 to October 13, 2025, with the Rubicon Research IPO allotment status on October 14, 2025. Retail investors subscribed 37.40 times, NIIs 102.70 times, and QIBs 137.09 times. Listing is expected on October 16, 2025.
The table below breaks down the Rubicon Research share allocation for different categories, highlighting the number of shares and their percentage of the total issue. However, the key focus remains on the quotas allocated to retail investors and HNIs, as they are the most relevant for individual investors.
| Investor Category | Shares Offered |
| QIB Shares Offered | 2,12,71,495 (74.89%) |
| − Anchor Investor Shares Offered | 1,27,64,691 (44.94%) |
| − QIB (Ex. Anchor) Shares Offered | 85,06,804 (29.95%) |
| NII (HNI) Shares Offered | 42,54,299 (14.98%) |
| − bNII > ₹10L | 28,36,200 (9.99%) |
| − sNII < ₹10L | 14,18,100 (4.99%) |
| Retail Shares Offered | 28,36,200 (9.99%) |
| Employee Shares Offered | 40,046 (0.14%) |
| Total Shares Offered | 2,84,02,040 (100.00%) |
Data Source: NSE
| Category | Subscription (times) |
| Qualified Institutional Buyers | 137.09 |
| Non-Institutional Investors | 102.7 |
| Retail Individual Investors | 37.4 |
| Employees | 17.68 |
| Total shares | 109.35 |
Note: The subscription details are as of October 13, 2025
Rubicon Research Limited was incorporated in 1999 and operates as a pharmaceutical company engaged in the development, manufacturing, and commercialisation of differentiated formulations. The company has built a strong presence in the US generics market and continues to expand into other regulated and semi-regulated markets.
As of June 30, 2025, Rubicon Research had a portfolio of 72 active Abbreviated New Drug Application (ANDA) and New Drug Application (NDA) products approved by the US FDA. Of these, 66 products were commercialised, contributing to a US generic pharmaceutical market size of USD 2,455.7 million, where Rubicon’s share stood at USD 195 million in Fiscal 2024.
The company has 17 new products awaiting US FDA approval and 63 products under development. Rubicon Research markets more than 350 Stock Keeping Units (SKUs) to 96 customers, including three major wholesalers who account for over 90% of US wholesale drug distribution. The company also supplies to group purchasing organisations, national and regional pharmacy chains, and managed care organisations.
Outside the US, Rubicon Research has filed 48 product applications across countries including Australia, the United Kingdom, Singapore, Saudi Arabia, and the United Arab Emirates. The company plans to begin commercial activities in these markets following regulatory approvals. It also provides contract manufacturing services to clients in India, Australia, and New Zealand.
Know more about IPO allotment status and check your application details online for the latest updates on share allocation.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Oct 13, 2025, 7:19 PM IST
Akshay Shivalkar
Akshay Shivalkar is a financial content specialist who strategises and creates SEO-optimised content on the stock market, mutual funds, and other investment products. With experience in fintech and mutual funds, he simplifies complex financial concepts to help investors make informed decisions through his writing.
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