| Rubicon Research IPO Review | Rubicon Research IPO SWOT |
| Rubicon Research Peer Comparison Analysis | Rubicon Research IPO GMP |
1. Rubicon Research IPO Allotment Status – Will You Get Lucky?
Rubicon Research IPO allotment status is now available. Allotment status has been made available on 14 October 2025, as per the timeline provided in the red herring prospectus (RHP) of the IPO. With the IPO closing on 13 October 2025, investor anticipation is at its peak as lakhs await the allotment results.
If you’re allotted shares, they’ll be credited to your demat account by 15 October 2025. If not, refunds will be initiated on the same day. With massive oversubscription and a rising grey market premium, all eyes are now on who gets the allotment — and what kind of listing gains this IPO might deliver.
2. Rubicon Research IPO Allotment – Business Overview & Key Offer Details
- Company background: Established in 1999, Rubicon Research is a specialty pharmaceutical formulations company focusing on regulated markets, especially the United States.
- Growth track record: Between FY 2023 and FY 2025, it achieved a remarkable 75.89% revenue CAGR, one of the fastest among Indian peers, with an 86.4% commercialization rate and over 70 marketed products in the U.S.
- Key fundamentals:
- FY 2025 revenue – INR 1,284.27 cr
- FY 2025 net profit – INR 134.36 cr
- Debt/Equity – 0.73
- EBITDA margin – 20.67%
Key Offer Details
- IPO Dates: 9 – 13 October 2025
- Price Band: INR 461 – 485 per share
- Employee Discount: INR 46 per share
- Lot Size: 30 shares (INR 14,550 minimum investment)
- Issue Size: INR 1,377.5 crore
- Type: Fresh Issue (INR 500 Cr) + Offer for Sale (INR 877.5 Cr)
- Promoter: General Atlantic Singapore RR, Pratibha Pilgaonkar, Sudhir Dhirendra Pilgaonkar, Parag Suganchand Sancheti, Surabhi Parag Sancheti and Sumant Sudhir Pilgaonkar
- Retail Allocation: 10%
3. Subscription Analysis – The Story Behind the Massive Demand
The Rubicon Research IPO witnessed an overwhelming response, particularly from institutional investors. Here’s how the bidding evolved over three days:
| Category | QIB | NII | Retail | Employee | Total |
|---|---|---|---|---|---|
| Shares Offered | 89,52,820 | 44,76,409 | 29,84,273 | 42,168 | 1,64,55,670 |
| 13 Oct 2025 | 130.26 | 97.61 | 35.47 | 16.79 | 103.89 |
| 10 Oct 2025 | 2.11 | 1.82 | 3.94 | 2.21 | 2.37 |
| 9 Oct 2025 | 0.26 | 0.47 | 1.36 | 0.92 | 0.51 |
Anchor investors were allotted 1.28 crore shares before the issue opened — these are excluded from the above calculations.
Key Takeaway:
- The Rubicon Research IPO witnessed a phenomenal surge in demand — from just 0.51× on Day 1 to a massive 103.89× on Day 3.
- QIBs drove the momentum with a staggering 130.26× subscription, signaling strong institutional confidence.
- HNI/NII category followed closely at 97.61×, while retail investors subscribed 35.47×, showing widespread enthusiasm.
- Employee quota also saw solid participation at 16.79×.
- Retail participation was equally robust at 35×, implying a low allotment probability.
- Overall, this robust demand paints a clear picture of strong institutional and retail appetite for Rubicon Research shares.
4. GMP Trend – What the Grey Market Is Signalling
The Grey Market Premium (GMP) — a barometer of investor sentiment before listing — has been buzzing since the issue opened. Here’s the daily trend:
| Date | Day-wise IPO GMP | Subject to Sauda |
| 14 October 2025 | 115 | 2,600 |
| 13 October 2025 | 98 | 2,200 |
| 11 October 2025 | 110 | 2,500 |
| 10 October 2025 | 105 | 2,300 |
| 9 October 2025 | 85 | 2,100 |
| 8 October 2025 | 78 | 1,800 |
| 7 October 2025 | 77 | 1,800 |
| 6 October 2025 | 70 | 1,600 |
- The GMP started at INR 70 and climbed steadily to INR 115 by 14 October, showing strong investor optimism. The “Subject to Sauda” premium also increased from INR 1,600 to INR 2,600, reinforcing high expectations of listing gains.
- The correlation between rising subscription levels and increasing GMP suggests robust demand from both institutional and retail investors.
- A GMP of INR 115 on an upper price band of INR 485 hints at a potential 23–25% listing premium, subject to market conditions.
In short, the grey market remains firmly bullish, aligning with the record subscription numbers.
5. Rubicon Research IPO Allotment Status – How & Where to Check
Investors eager to know their allotment status can use any of the following four verified methods:
1️⃣ Registrar Website (MUFG Intime)
- Visit www.mpms.mufg.com
- Select “Rubicon Research IPO” from the list
- Enter PAN, Application Number, or Demat ID
- Click “Search” to view allotment result
Tip: Registrar servers may slow down on allotment day, but MUFG Intime’s infrastructure is generally stable and quick.
2️⃣ BSE Website
- Go to BSE Allotment Page
- Select “Equity” → Choose “Rubicon Research IPO”
- Enter Application Number and PAN → Submit to view status
3️⃣ Bank Account Debit or Refund
- Check your bank balance for INR 14,550 per lot debit.
- If funds are debited, allotment is successful;
if released, application wasn’t allotted.
4️⃣ Demat Account Credit
- Confirm share credit in your NSDL/CDSL account.
- Shares may reflect on 15 or 16 October 2025, ahead of listing.
Important Dates:
- Allotment Finalization: 14 October 2025
- Refunds & Demat Credit: 15 October 2025
- Listing: 16 October 2025
6. Listing Expectations – What Could Happen Next
With strong institutional demand, 100×+ total subscription, and a consistent GMP above INR 100, Rubicon Research is likely to debut with a healthy premium. Analysts expect a 20–35% upside on listing, depending on overall market sentiment.
However, the IPO is priced aggressively — any post-listing volatility could trigger profit-booking. Investors should track QIB trends and early trading volumes for cues.
7. Conclusion – Awaiting the Verdict
The Rubicon Research IPO has witnessed outstanding investor response, led by record QIB participation and a solid GMP build-up ahead of listing. For retail investors, allotment chances are limited due to heavy oversubscription, but those who get shares are well-placed for a strong listing gain.
Check your allotment today, watch for listing on 16 October, and stay tuned — this could be one of the most talked-about pharma IPO debuts of the year.