Rubicon Research IPO allotment date today: GMP at Rs 95; How to check status on BSE and MUFG Intime

Rubicon Research has closed its IPO with robust investor response and now moves to the allotment phase. The Rs 1,377 crore issue, which comprised both a fresh issue and an offer for sale, will have its share allotment finalised on October 14 while the listing is scheduled for October 16 on the BSE and NSE.

How to check allotment status

Applicants can verify their allotment status in two simple ways — through the registrar’s portal or on the BSE website once the allocation is finalised.


Via Registrar (https://mufgintime.com/ipo)

Select Rubicon Research Ltd IPO from the dropdown.

Enter your PAN, application number, or DP/Client ID.

Click on Submit to view allotment status.

Via BSE

Go to https://www.bseindia.com/investors/appli_check.aspx

Select Equity under issue type.

Choose Rubicon Research Ltd from the dropdown menu.

Enter your application number and PAN, then click Search.

IPO and subscription details

The Rubicon Research IPO was oversubscribed 109.35 times, reflecting strong demand from all investor segments. The Qualified Institutional Buyer (QIB) portion led with an astounding 137.09 times subscription, followed by Non-Institutional Investors (NII) at 102.70 times, and Retail Investors at 37.40 times. The company also raised Rs 619 crore from anchor investors a day before opening the issue.

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The IPO was priced in the range of Rs 461–485 per share, with a lot size of 30 shares, translating to a minimum investment of Rs 14,550 for retail investors.

Company background and financials

Rubicon Research is a fast-growing pharmaceutical firm focused on the development and manufacturing of complex generic formulations and specialty drugs. It has over 72 approved products in the US market, with operations spanning India, the US, and Canada.

The company reported a 49% rise in FY25 revenue to Rs 1,296 crore and a 48% jump in net profit to Rs 134 crore, backed by strong exports and margin improvement. With a robust ROE of 29% and EBITDA margin of 20.7%, the company is positioned as a niche player among India’s mid-sized pharma exporters.

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GMP and Expected Listing Gains

The grey market premium (GMP) for Rubicon Research currently stands at around Rs 125, indicating an expected listing price of roughly Rs 610, or about 26% above the issue price. Market watchers say strong QIB interest, improving profitability, and the company’s differentiated product portfolio may help sustain post-listing gains.

Analysts, however, caution that valuations are already rich, and sustained performance in the US market will be key to long-term upside. For now, sentiment around the issue remains positive, and the stock is expected to see an enthusiastic debut.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)