Rubicon Research IPO
Open MainLineCurrent GMP
₹120 (+24.74%)
Price Band
₹ 461 – 485
Lot Size
30
Issue Size
₹1377.5 Cr
Minimum Investment
₹14550 (30 Shares)
Listing Date
16 October 2025
Subscription
103.9x
About the Company
Incorporated in 1999, Rubicon Research Limited is a pharmaceutical company engaged in the development, manufacturing, and commercialization of differentiated formulations.
As of June 30, 2025, the company had a portfolio of 72 active Abbreviated New Drug Application (ANDA) and New Drug Application (NDA) products approved by the US FDA. Out of these, 66 products were commercialized, catering to a US generic pharmaceutical market valued at USD 2,455.7 million, with Rubicon Research contributing USD 195 million in revenue during Fiscal 2024.
The company also has 17 new products awaiting US FDA ANDA approval and 63 additional products under various stages of development as of the same date.
Rubicon Research markets over 350 SKUs to 96 customers, including three major US wholesalers that collectively account for more than 90% of wholesale drug distribution in the country. Its customer base also includes group purchasing organizations (GPOs), national and regional pharmacy chains, and managed care organizations.
Beyond the US, Rubicon Research has registered or filed 48 product applications across Australia, the United Kingdom, Singapore, Saudi Arabia, and the United Arab Emirates, through direct operations or third-party distribution partners, with commercial launches expected upon regulatory approvals. The company additionally provides contract manufacturing services to select customers in India, Australia, and New Zealand.
Rubicon Research operates three manufacturing facilities in India and two US FDA-inspected R&D centers, located in India and Canada.
Promoters
- General Atlantic Singapore RR Pte. Ltd.
- Pratibha Pilgaonkar
- Sudhir Dhirendra Pilgaonkar
- Parag Suganchand Sancheti
- Surabhi Parag Sancheti
- Sumant Sudhir Pilgaonkar
Promoters Holding
Holding Pre Issue
77.67%
Holding Post Issue
0.00%
Objects of the Issue
The Company Rubicon Research IPO proposes to utilise the Net Proceeds from the Issue towards the following objects.
- Prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by our Company
- Funding inorganic growth through unidentified acquisitions and other strategic initiatives and General corporate purposes
Address / Contact Info
Rubicon Research Ltd.
MedOne House, B-75,
Road No. 33, Wagle Estate,
Thane, Maharashtra, 400604
Phone: 022 61414000
Email: investors@rubicon.co.in
Website: https://www.rubicon.co.in/
IPO Snapshot
IPO Timeline (Tentative)
IPO Open Date
Thursday, 09 October 2025
IPO Close Date
Monday, 13 October 2025
Basis of Allotment
Tuesday, 14 October 2025
Initiation of Refunds
Wednesday, 15 October 2025
Credit of Shares to Demat
Wednesday, 15 October 2025
Listing Date
Thursday, 16 October 2025 — NSE & BSE
Important Dates
Open Date
09 October 2025
Close Date
13 October 2025
Basis Of Allotment
14 October 2025
Listing Date
16 October 2025
Financial Performance (₹ in Crores)
| Particular | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 1647.6 | 1451.43 | 1109.49 | 749.7 |
| Revenue | 356.95 | 1296.22 | 872.39 | 419 |
| Profit After Tax | 43.3 | 134.36 | 91.01 | -16.89 |
| Net Worth | 593.67 | 540.98 | 385 | 286.38 |
| Reserve & Surplus | 397.5 | 525.57 | 369.79 | 281.31 |
| Total Borrowings | 495.78 | 393.17 | 396.41 | 317.91 |
EPS Pre
8.70%
EPS Post
10.51%
P/E Pre
55.75
P/E (Post Issue)
46.13x
Company Financial Information
KPI Information (₹ in Crores)
| Particular | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|
| ROE % | 29.02 | 27.11 | -5.71 |
| ROCE % | 26.45 | 18.62 | 1.35 |
| Debt / Equity | 0.73 | 1.03 | 1.11 |
| RoNW % | 29.02 | 27.11 | -5.71 |
| PbW | 0 | 0 | 0 |
| Pat Margin % | 10.37 | 10.43 | -4.3 |
Return Ratio
IPO Reservations
| Category | Shares Offered | Shares Offered % | Max Allotee |
|---|---|---|---|
| Qualified Institutions | 8506804 | 54.4 | 0 |
| Non-Institutional | 4254299 | 27.21 | 0 |
| BNII | 2836200 | 18.14 | 0 |
| SNII | 1418100 | 9.07 | 0 |
| Retail Investors | 2836200 | 18.14 | 0 |
| Employees | 40046 | 0.26 | 0 |
| Total | 15637349 | 100 | 0 |
Subscription Status ( Mon, 13 Oct 25 01:33 PM)
| Category | Shares Offered | Shares Bid For | Subscription (x) |
|---|---|---|---|
| Qualified Institutions | 8952820 | 1166167740 | 130.26x |
| Non-Institutional | 4476409 | 436939170 | 97.61x |
| BNII | 2984273 | 334022190 | 111.93x |
| SNII | 1492136 | 102916980 | 68.97x |
| Retail Investors | 2984273 | 105865470 | 35.47x |
| Employees | 42168 | 708240 | 16.8x |
| Total | 16455670 | 1709680620 | 103.9x |
Subscription figures are updated periodically and may change until issue closing. Data reflects bids placed across exchanges.
Peer Comparision
| Company | Face Value | PE Ratio | EPS Basic | EPS Diluted | RoNW | Net Assets |
|---|---|---|---|---|---|---|
| Rubicon Research Ltd | 1 | 0.00 | 8.82 | 8.68 | 29.02 | 35.53 |
| Sun Pharmaceutical Industries Ltd | 1 | 34.98 | 45.60 | 45.60 | 16.16 | 300.99 |
| Aurobindo Pharma Ltd | 1 | 18.12 | 59.81 | 59.81 | 11.15 | 560.22 |
| Zydus Lifesciences Ltd | 1 | 21.83 | 44.97 | 44.97 | 21.34 | 238.05 |
| Strides Pharma Science Ltd | 10 | 18.72 | 44.05 | 44.05 | 17.51 | 277.34 |
Lot Size & Investment Details
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 30 | 14,550.00 |
| Retail (Max) | 13 | 390 | 18,950.00 |
| S-HNI (Min) | 14 | 420 | 203,700.00 |
| S-HNI (Max) | 68 | 2,040 | 989,400.00 |
| B-HNI (Min) | 69 | 2,070 | 1,003,950.00 |
Registrar
MUFG Intime India Private Limited ((Link Intime)
91-22-4918 6270
ipo.helpdesk@in.mpms.mufg.com
https://in.mpms.mufg.com/home.html
Book Running Lead Managers
- IIFL Capital Services Limited
- Axis Capital Limited
- JM Financial Limited
- SBI Capital Markets Limited
RHP Document
DRHP Document
Anchor Investors
Disclaimer: This data is for informational purposes only and does not constitute investment advice. Figures shown are illustrative sample data.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
Rubicon Research IPO is a Book-building IPO worth ₹1377.5 crores. The price band is ₹461 to 485 per share. The IPO opens on Thu, Oct 9, 2025 and closes on Mon, Oct 13, 2025. It will be listed on BSE and NSE. MUFG Intime India Private Limited ((Link Intime) is the registrar.
The Rubicon Research IPO opens on Thu, Oct 9, 2025 and closes on Mon, Oct 13, 2025
Rubicon Research IPO Price Band is ₹461 to 485.
Rubicon Research IPO lot size is 30, and the minimum amount required for application is ₹14550.
The minimum investment for Rubicon Research IPO is approximately ₹14550 based on the upper price band.
To apply for the Rubicon Research IPO, investors can use the ASBA (Application Supported by Blocked Amount) process via their bank's net banking or apply through UPI using a registered broker or trading app. The IPO is available in retail, HNI, and institutional investor categories. Investors must select the lot size, enter bid details within the price band, and submit their application before the IPO closing date of Mon, Oct 13, 2025. After submission, funds are blocked until the basis of allotment of Rubicon Research IPO is finalised.
Rubicon Research IPO issue size is ₹1377.5 crores.
Rubicon Research IPO allotment date is Sat, Jun 27, 2026.
The registrar for Rubicon Research IPO is MUFG Intime India Private Limited ((Link Intime). Investors can go to MUFG Intime India Private Limited ((Link Intime) website for IPO allotment status, refund processing, and other queries related to Rubicon Research IPO through their official website or helpline.
The Rubicon Research IPO GMP (Grey Market Premium) is ₹120 as of Thu, Oct 16, 2025. Based on the upper price band of ₹485 per share, the estimated Rubicon Research IPO listing price is ₹605, indicating a potential listing gain of approximately 31% over the issue price.