Rubicon Research’s SME IPO saw a muted response, with total subscription at 0.21× as of 1:30 PM. The retail portion was subscribed 0.83×, while the QIB category remained unsubscribed. Market observers attributed the tepid demand to valuation concerns and a narrow investor base, despite the company’s focus on pharmaceutical R&D and contract manufacturing. Analysts expect improved traction in later sessions as institutional investors assess sectoral prospects and listing potential.