According to market watchers, Rubicon Research is commanding a grey market premium (GMP) of Rs 90—about 19% above the upper end of the price band—suggesting strong listing expectations fueled by investor interest in the healthcare and pharmaceutical sector.
Rubicon Research, a specialty and generics-focused pharma manufacturer, has set the price band at Rs 461–485 per share, which pegs its valuation at approximately Rs 7,990 crore. The IPO includes a fresh issue worth Rs 500 crore and an offer for sale (OFS) of Rs 877 crore.
Rubicon Research IPO Subscription Status: Day 1 Update
As of 10:55 AM on Day 1, the Rubicon Research IPO was subscribed 7% overall.
Retail Individual Investors (RIIs) subscribed 29% of the 29.84 lakh shares reserved for them.
Non-Institutional Investors (NIIs) bid for 7% of their allotted 44.76 lakh shares.
Qualified Institutional Buyers (QIBs) have yet to place any bids for their quota of 89.52 lakh shares.
Rubicon Research GMP
As per market observers, Rubicon Research is commanding a grey market premium (GMP) of Rs 90, which is approximately 19% above the IPO’s upper price band. This reflects strong investor sentiment and expectations of a solid listing, largely driven by interest in the healthcare and pharmaceutical space.
Brokerage Review
Arihant Capital has given the Rubicon Research IPO a “Subscribe” rating, highlighting the company’s strong growth trajectory and diversified product pipeline.
“Rubicon Research is an integrated pharmaceutical product development firm with a significant presence in the US generics and specialty markets. Its leadership in the US generics segment, coupled with its expansion into specialty pharmaceuticals through the acquisition of Validus, positions the company well for sustainable long-term growth,” the brokerage noted in its IPO report.
The IPO is fairly valued, trading at a price-to-earnings (P/E) ratio of about 60 times FY25 earnings, while offering scalability and visibility in global markets.
Company Overview
Rubicon operates across the US, Canada, and India, delivering differentiated formulations in both generics and specialty drugs. As of June 2025, the company has 72 US FDA-approved products, 17 awaiting approval, and 63 more in development. It runs three manufacturing plants in India along with two R&D centers located in India and Canada.
The acquisition of Validus Pharmaceuticals in the US marks a strategic entry into branded specialty drugs, providing direct access to prescribers in 44 states.
Financials
Rubicon has shown a remarkable financial turnaround. Its revenue soared from Rs 4,190 crore in FY23 to Rs 12,962 crore in FY25, while net profit rose to Rs 1,344 crore from a loss of Rs 169 crore two years prior. EBITDA margins improved significantly to 21% in FY25 from 10% in FY23, reflecting enhanced operational efficiency.
Analysts suggest the IPO could attract both institutional and retail investors seeking exposure to a rapidly scaling mid-sized pharmaceutical exporter. With improving profitability, expanding global footprint, and strategic US market entry, the company is well-positioned for long-term value creation.
The IPO will be listed on both the NSE and BSE, with Axis Capital acting as the lead manager and MUFG Intime India as the registrar.
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