Rubicon Research made a significant market entrance on Indian stock exchanges Thursday, debuting at a nearly 28 percent premium above its issue price of ₹485. The stock opened at ₹620.10 on the Bombay Stock Exchange (BSE) and ₹620 on the National Stock Exchange (NSE), reflecting gains of ₹135.10 and ₹135, respectively.
Nonetheless, the shares retraced some of their initial gains during early trading. As of 12:50 PM, the stock was valued at ₹614.35 on the NSE, marking a 0.91 percent decrease from its opening price, while it traded at ₹614.10 on the BSE, down 0.97 percent. The stock reached an intraday high of ₹636.90 on the NSE and ₹636.15 on the BSE before pulling back.
The listing was largely consistent with prior grey market expectations, where the premium was reportedly around ₹145 prior to the stock’s debut. Investors allocated shares in the retail category saw profits of ₹4,050 per lot, whereas high net-worth individuals realized gains of ₹56,700 per lot.
The ₹1,377.5-crore initial public offering (IPO) took place from October 9 to 13 and attracted substantial interest, evidenced by an overall subscription rate of 103.90 times. The portion reserved for qualified institutional buyers was subscribed 130.26 times, while the retail investor segment was oversubscribed by 35.47 times.
The IPO consisted of a fresh issue amounting to ₹500 crore and an offer for sale of ₹877.5 crore from promoter General Atlantic Singapore. Of the funds raised through the fresh issue, the company intends to allocate ₹310 crore for debt repayment, with the remainder designated for acquisitions and general corporate uses.
Rubicon Research specializes in pharmaceutical formulations, particularly focusing on specialty products and drug-device combinations intended for regulated markets, such as the United States. Recently, the company acquired Alkem Laboratories’ formulations facility in Madhya Pradesh for ₹149 crore.
Published on October 16, 2025.
