Pharma/CDMO - Listed on 16 October 2025
Rubicon Research (Pharma/CDMO) closed its IPO window in 2025 and listed on NSE and BSE on 16 October 2025 at an upper band issue price of Rs 485, opening at Rs 620 for a listing gain of +27.8% and closing day one at Rs 628.2 (+29.5% on closing basis). The IPO was subscribed 103.89x overall - QIB 130.26x, HNI/NII 97.61x, Retail 35.47x. The total issue size was Rs 1,377.5 Cr (Fresh Issue Rs 500 Cr, OFS Rs 877.5 Cr). IPO GMP data, subscription trends across Day 1 - Day 3 and Nifty performance around the listing window are detailed below.
Pharma/CDMO
Rubicon Research operates in the Pharma/CDMO space. The company’s listed profile is shaped by its operating niche, customer demand and ability to convert that demand into steady cash flows. Investors should read its exchange filings alongside the headline listing numbers for a fuller view of the business.
Issue structure, listing outcome and context
The Rubicon Research issue was offered at an upper price of Rs 485 and raised approximately Rs 1,377.5 crore. The final outcome reflected a mix of subscription demand, valuation, market conditions and the company’s own operating story. Fresh issue and offer-for-sale details, where available, are shown in the issue metrics below.
Number of times each investor category subscribed by close of Day 3.
How overall subscription built up across the three-day issue window.
Grey market premium (GMP) tracked day-by-day across the IPO window. Absolute GMP is the premium in rupees over the upper issue price; GMP % is that premium as a percent of the issue price.
| Day | GMP (Rs) | GMP % |
|---|---|---|
| Day 1 | Rs 77 | +15.88% |
| Day 2 | Rs 78 | +16.08% |
| Day 3 | Rs 85 | +17.53% |
| Day 4 | Rs 105 | +21.65% |
| Day 5 | Rs 98 | +20.21% |
Comparison between market-based GMP prediction and IPOGyani's AI-powered listing gain prediction.
How the broader market moved around the Rubicon Research IPO window. Helpful for isolating how much of the listing gain came from company fundamentals vs. market tailwind.
Rubicon Research IPO listed at +27.8% versus the upper issue price of Rs 485 on 16 October 2025.
Rubicon Research IPO was subscribed 103.89x overall. QIB portion was subscribed 130.26x, HNI / NII 97.61x and Retail 35.47x.
IPO GMP started at Rs 77 on Day 1 and moved to Rs 98 by the close of the issue window. See the day-by-day GMP table above for the full trajectory.