A rare three-way IPO week on Dalal Street
The Indian primary market is witnessing one of its busiest weeks of the year as three big IPOs — Rubicon Research, Canara Robeco AMC, and LG Electronics India — opened for public subscription. Each belongs to a completely different sector, yet all three have captured investor attention for their scale, brand value, and listing potential.
While Rubicon represents India’s growing pharmaceutical innovation, Canara Robeco stands for trust and legacy in financial services. LG Electronics India, on the other hand, brings a global consumer electronics brand into the spotlight with one of the largest IPOs of the season.
Investors are now trying to figure out which one among these could offer the best combination of safety, growth, and short-term listing gains.
Rubicon Research IPO: Playing on R&D and export strength
Rubicon Research’s ₹1,377 crore IPO opened on October 9 and will close on October 13. The issue consists of a fresh share sale of ₹500 crore and an offer for sale worth ₹877 crore. The price band has been fixed between ₹461 and ₹485 per share.
The company’s business model revolves around contract development and manufacturing services, with a strong focus on the US market. Nearly 98 percent of its revenue comes from the United States, which makes Rubicon highly dependent on regulatory and pricing trends there.
On the first day of bidding, the issue was subscribed around seven percent, showing a measured start. Analysts expect the demand to pick up in the final phase as institutional investors join in.
According to market trackers, Rubicon’s grey market premium is hovering around ₹80 per share, suggesting a possible 16 percent upside over the upper price band. That puts its estimated listing range near ₹565 if the momentum holds.
Brokerages describe Rubicon as a high-potential but high-risk play. The company’s growing pipeline, consistent R&D spending, and relationships with large pharma players are seen as positives. However, the heavy dependence on the US market and a limited domestic footprint remain key concerns.
“Rubicon’s numbers look impressive, but a single-market dependency can be tricky. Any regulatory or pricing disruption in the US can hit earnings hard,” said a Mumbai-based market analyst.
Still, given its strong fundamentals and consistent margins, the issue may offer decent listing gains for short-term investors willing to take moderate risk.
Canara Robeco AMC IPO: A quiet but confident move
Canara Robeco Asset Management Company, India’s second-oldest fund house, is also open for subscription from October 9 to 13. The company aims to raise about ₹1,326 crore entirely through an offer for sale. No new shares will be issued, which means the proceeds will go to existing shareholders rather than the company.
The price band has been set between ₹253 and ₹266 per share. The IPO has so far seen moderate subscription, particularly from institutional investors. Retail participation has been lukewarm compared to other high-profile issues, reflecting a cautious mood.
The grey market premium is modest, around ₹35, hinting at a potential listing around ₹300. Analysts believe Canara Robeco’s strength lies in its brand reputation, steady financial performance, and distribution network supported by Canara Bank’s presence across India.
For conservative investors, this IPO might feel more comfortable compared to Rubicon or LG. However, experts say it may not generate very high listing gains because AMC businesses depend heavily on market cycles and investor sentiment.
“Canara Robeco is built on reliability and stable returns. It’s not a flashy IPO, but it’s ideal for investors who prefer slow and steady over short-term excitement,” said an investment strategist covering the issue.
The AMC’s consistent profits, asset growth and brand value make it a credible long-term bet, even if the immediate grey market buzz is limited.
LG Electronics India IPO: The big showstopper
The biggest of the three is undoubtedly LG Electronics India. The company opened its ₹15,000 crore IPO on October 7 and it was fully subscribed within hours of launch.
The issue is a complete offer for sale, where the Korean parent company is divesting a small portion of its stake while retaining around 85 percent even after listing. The price band has been set between ₹1,080 and ₹1,140 per share.
Investor response has been phenomenal. The non-institutional investor portion was subscribed over twice on the very first day, while the retail quota was subscribed around 80 percent. Institutional demand has been strong as well.
The grey market premium for LG is among the highest this season, around 20 to 22 percent, suggesting a potential listing range between ₹1,300 and ₹1,380.
However, the IPO has not been free from questions. Governance advisory firm InGovern recently raised concerns about possible tax and royalty-related obligations of nearly ₹4,700 crore. The report urged investors to evaluate the disclosures carefully before applying.
“LG’s fundamentals are solid and its brand power in India is unmatched, but regulatory and governance transparency will be watched closely after listing,” said an independent analyst familiar with large-cap IPOs.
Despite the concerns, most market participants believe LG could make a strong debut because of its brand value, scale, and India-focused manufacturing strategy.
Which IPO stands out?
Each of these IPOs caters to a different kind of investor. Rubicon Research appeals to those who believe in the long-term potential of Indian pharma exports and are willing to stomach short-term volatility.
Canara Robeco AMC is for investors who prefer established names with predictable earnings and lower risk, even if the listing pop is smaller.
LG Electronics India looks like the headline act for traders seeking large-cap excitement and possible double-digit listing gains. Its early subscription numbers already signal strong demand, though the company’s large issue size could bring some volatility after listing.
The bottom line
Rubicon, Canara Robeco and LG Electronics have made this week one of the most action-packed in the IPO space. Each offers a unique story, distinct sector exposure, and different risk profiles.
If market sentiment remains positive and institutional interest continues, LG and Rubicon could deliver notable short-term gains. Canara Robeco, though quieter, provides a more defensive play for those who prefer stability over speculation.
Experts, however, remind investors that grey market premium is only an indicator, not a guarantee. What matters ultimately is how the market perceives the company’s fundamentals once trading begins.
The next few days will decide whether this trio turns into a blockbuster lineup for investors or just another crowded week in India’s IPO calendar.