Rubicon Research IPO
GMP, Subscription, Price, Dates & Financial Details
Pharmaceutical & Drugs
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…
Open Date
Thu, 09 Oct 2025
Close Date
Mon, 13 Oct 2025
Price Band
₹ 461 – 485
Lot Size
30
Issue Size
₹ 11,377.00 Cr
Minimum Investment
₹ 14,550 (30 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
Rubicon Research IPO has successfully completed its IPO process and is now listed on the NSE and BSE. According to the Red Herring Prospectus (RHP), the IPO was a book-built issue with a total issue size of ₹11,377.00 Crore, comprising a fresh issue of 1.03 Crore equity shares aggregating to ₹500.00 Crore and an offer for sale (OFS) of 1.81 Crore equity shares aggregating to ₹877.00 Crore by the existing shareholders.
The Rubicon Research IPO remained open for subscription from October 09, 2025, to October 13, 2025. The basis of allotment was finalized on October 14, 2025, and the company's shares were listed on the NSE and BSE on October 16, 2025.
The company had fixed the price band at ₹461 to ₹485 per share, with a lot size of 30 shares. Retail investors were required to make a minimum investment of ₹14,550 (based on the upper price band) to apply for one lot.
The IPO also included a reservation of 40,046 equity shares for eligible employees, who received a discount of ₹46.00 per share.
MUFG Intime India Private Limited served as the registrar to the issue. IIFL Capital Services Limited, Axis Capital Limited, JM Financial Limited, and SBI Capital Markets Limited acted as the Book Running Lead Managers (BRLMs) to the issue.
With the successful completion of the IPO process, Rubicon Research Limited is now a publicly listed company on the NSE and BSE. Investors can track the company's share price, trading performance, financial results, and corporate announcements through the stock exchanges.
Rubicon Research IPO Timeline (Tentative)
- IPO Open Date
- Thu, 09 Oct 25
- IPO Close Date
- Mon, 13 Oct 25
- Basis of Allotment
- Tue, 14 Oct 25
- Initiation of Refunds
- Wed, 15 Oct 25
- Credit of Shares to Demat
- Wed, 15 Oct 25
- Listing Date
- Thu, 16 Oct 25 — NSE & BSE
Open Date
09 October 2025
Close Date
13 October 2025
Basis Of Allotment
14 October 2025
Listing Date
16 October 2025
IPO Subscription
Check Live Subscription →The Rubicon Research IPO has received bids for 1,70,96,80,620 shares against 1,64,55,670 shares offered, resulting in an overall subscription of 103.9x. the NII category is subscribed 97.61x, Retail Investors 35.47x, Employees 16.8x, and QIBs 130.26x. Within the NII category, BNII is subscribed 111.93x, while SNII is subscribed 68.97x.
QIB
130.26x
NII
97.61x
BNII
111.93x
SNII
68.97x
RII
35.47x
EMP
16.8x
Total
103.9x
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 28,36,200 shares, representing 18.14% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 85,06,804 shares (54.4%), while Non-Institutional Investors (NIIs) receive 42,54,299 shares (27.21%).
| Category | Shares Offered | Shares Offered % |
|---|---|---|
| Qualified Institutions | 8,506,804 | 54.4% |
| Non-Institutional | 4,254,299 | 27.21% |
| BNII | 2,836,200 | 18.14% |
| SNII | 1,418,100 | 9.07% |
| Retail Investors | 2,836,200 | 18.14% |
| Employees | 40,046 | 0.26% |
| Total | 15,637,349 | 100% |
Financials Details(₹ 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 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
Rubicon Research Limited KPI Information
| 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 |
| Pat Margin % | 10.37 | 10.43 | -4.3 |
Peers Comparison
| 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 |
About Rubicon Research Limited
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.
Rubicon Research IPO 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%
Rubicon Research IPO Objective
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
Rubicon Research Limited Address / Contact Details
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
Rubicon Research IPO Lot Size
The Rubicon Research IPO has a lot size of 30 shares. Retail investors require a minimum investment of ₹14,550 by applying for 1 lot (30 shares). The maximum application allowed for the retail category is 13 lots (390 shares), requiring an investment of ₹18,950.
| 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 |
Issue Reservation
- QIB — 54.4%
- NII — 27.21%
- RII — 18.14%
- EMP — 0.26%
Book Running Lead Managers
- IIFL Capital Services Limited
- Axis Capital Limited
- JM Financial Limited
- SBI Capital Markets Limited
IPO Documents & Links
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Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the Rubicon Research IPO?
Rubicon Research IPO is a Book-building IPO with a total issue size of ₹11377 crore. The Rubicon Research IPO price band is ₹461 to 485 per share. The Rubicon Research IPO subscription opens on Thu, Oct 9, 2025, and closes on Mon, Oct 13, 2025. The Rubicon Research IPO will be listed on the BSE,NSE. MUFG Intime India Private Limited is the registrar for the Rubicon Research IPO.
When will the Rubicon Research IPO open for subscription?
The Rubicon Research IPO opens on Thu, Oct 9, 2025 and closes on Mon, Oct 13, 2025
What is Rubicon Research IPO Price Band?
Rubicon Research IPO Price Band is ₹461 to 485 per share.
What is Rubicon Research IPO Lot Size?
Rubicon Research IPO lot size is 30 shares, Retail investors need a minimum investment of ₹14550 based on the upper price band
What is the minimum investment for Rubicon Research IPO?
The minimum investment for Rubicon Research IPO is ₹14550, based on one lot of 30 shares at the upper price band of ₹485 per share.
How to apply for Rubicon Research IPO?
Investors can apply for the Rubicon Research IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Mon, Oct 13, 2025. The application amount remains blocked until the Rubicon Research IPO allotment is finalized.
What is Rubicon Research IPO Issue Size?
Rubicon Research IPO issue size is ₹11377 crores.
What is the Rubicon Research IPO Allotment Date?
Rubicon Research IPO allotment date is Tue, Oct 14, 2025.
Who is the Rubicon Research IPO Registrar?
The registrar for Rubicon Research IPO is MUFG Intime India Private Limited. Investors can go to MUFG Intime India Private Limited website to check Rubicon Research IPO allotment status, refund processing, and other IPO-related information.
What is the Rubicon Research IPO GMP?
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 24.74% over the issue price.
Who is the Rubicon Research IPO Lead Manager?
The book-running lead managers (BRLMs) for the Rubicon Research IPO are IIFL Capital Services Limited, Axis Capital Limited, JM Financial Limited, and SBI Capital Markets Limited. The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the Rubicon Research IPO Red Herring Prospectus (RHP).