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Rubicon Research IPO Listing: The stock is listed at a price of Rs 620 apiece on the NSE, compared with its IPO issue price of Rs 485.
Rubicon Research’s market capitalisation (mcap) stood at Rs 9,902.32 crore.
Rubicon Research IPO Listing: Pharmaceutical company Rubicon Research Ltd on Thursday made a strong stock market debut, with its shares listing at a premium of 27.8% over its issue price. The stock is listed at a price of Rs 620 apiece on the NSE, compared with its IPO issue price of Rs 485. The shares finally ended the day at Rs 628.20 apiece on the NSE, which is 29.53% higher than the issue price.
On the BSE, the stock was listed at Rs 620.2 apiece on the BSE.
The company’s market capitalisation (mcap) stood at Rs 9,902.32 crore.
Rubicon Research IPO: What Analysts Say
JM Financial in its IPO note said, “The turnaround in revenue and profitability demonstrates Rubicon’s operational leverage, cost optimization, and value-driven export strategy. R&D expense remains a double-digit percentage of revenue, fueling its strong pipeline.”
Key Strengths
- Leadership in high-value U.S. generic and specialty pharma markets
- Integrated R&D, manufacturing, and regulatory expertise
- Improving margins, efficiency, and direct access to prescribers after U.S. Validus acquisition
- Strong product pipeline and consistent FDA approvals.
Risks
- High valuation (~60× FY25 P/E), reflecting strong future growth assumptions
- 98%+ revenue from U.S.—market concentration risk
- Pure play exporter—exposed to currency, regulatory, and U.S. competition volatility
- Ongoing need for high R&D investments and margin stability in generics.
The Rs 1,377.5-crore IPO received bids for 1,70,96,76,420 shares against 1,64,55,670 shares on offer, according to NSE data.
The Rubicon Research IPO had garnered 103.90 times subscription on the closing day of bidding on Monday. The Rs 1,377.5-crore IPO received bids for 1,70,96,76,420 shares against 1,64,55,670 shares on offer, according to NSE data.
The portion for Qualified Institutional Buyers (QIBs) attracted 130.26 times subscription. The category for non-institutional investors got subscribed 97.61 times and Retail Individual Investors (RIIs) received 35.47 times subscription.
Proceeds from the fresh issue to the tune of Rs 310 crore would be used for debt repayment, and a portion would be allocated for inorganic growth through acquisitions, strategic initiatives, and general corporate purposes.
Rubicon Research is a pharmaceutical formulation company with a strong focus on R&D and innovation. Its portfolio includes an increasing number of speciality products and drug-device combination products targeting regulated markets, particularly the United States.
The company has also been expanding its manufacturing footprint. In June, it acquired Alkem Laboratories’ formulations facility in Pithampur, Madhya Pradesh, in an all-cash deal worth Rs 149 crore.
It currently operates two US FDA-inspected R&D facilities — one in India and another in Canada — along with two manufacturing plants in India accredited by multiple regulatory authorities, including USFDA, Maharashtra FDA (WHO-GMP), and Health Canada.
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h…Read More
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h… Read More
October 16, 2025, 10:20 IST
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