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Rubicon Research Limited IPO
Rubicon Research Limited IPO
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Rubicon Research Limited IPO

Rubicon Research Limited is a pharmaceutical formulations company driven by innovation and focused research and development. The company specializes in specialty and drug–device combination products targeting regulated markets, especially the United States. According to F&S, Rubicon is the only Indian pharmaceutical player with a complete focus on regulated markets among its peers. As of June 30, 2025, Rubicon (directly or through subsidiaries) has 72 active ANDA and 9 NDA approvals, along with 1 OTC monograph listed with the USFDA. Additionally, 17 products await ANDA approval and 63 are under development. The company’s portfolio includes both branded and non-branded formulations, with 95.05% of revenue from non-branded products for Q1 FY26.

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Price Band

₹461 - ₹485

Dates

09 Oct - 13 Oct

GMP

₹120 (24.74%)
Subscriptions

103.90 times
Issue Size

₹1,377.50 Crs

Rubicon Research IPO Key Dates

Opening Date

09 Oct 25

Closing Date

13 Oct 25

Basis Of Allotment

14 Oct 25

Initiations Of Refund

15 Oct 25

Credit Of Shares

15 Oct 25

Listing Date

16 Oct 25

Rubicon Research IPO Objects

  1. Prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by our Company
  2. Funding inorganic growth through unidentified acquisitions and other strategic initiatives and General corporate purposes

Rubicon Research IPO Details

Price Band

₹461 - ₹485

Listing At

NSE & BSE
IPO Issue Type

100% Book Built Offer
Fresh Issue

₹500.00 Cr (1.03 Cr Shares)
Offer For Sale

₹877.50 Cr (1.81 Cr Shares)
Total Issue

₹1,377.50 Cr (2.84 Cr Shares)
Face Value

₹1 per equity share

Rubicon Research IPO Lot Information

Investor Category Lot Shares Amount
Retail
Minimum 1 30 14,550
Maximum 13 390 1,89,150
Small HNI
Minimum 14 420 2,03,700
Maximum 68 2,040 9,89,400
Big HNI
Minimum 69 2,070 10,03,950
Allocate Funds

Rubicon Research IPO Subscription

Updated as on 13-Oct-2025 19:00:00

Investor Category Subscription (times) Shares Offered Shared Bid
QIB 130.26 89,52,820 1,16,61,67,740
NII 97.61 44,76,409 43,69,39,170
bNII (bids above ₹10L) 111.93 29,84,273 33,40,22,190
sNII (bids between ₹2L to ₹10L) 68.97 14,92,136 10,29,16,980
Retail 35.47 29,84,273 10,58,65,470
Employee 16.80 42,168 7,08,240
Total 103.90 1,64,55,670 1,70,96,80,620

Rubicon Research IPO GMP

The estimated Grey Market Premium of Rubicon Research IPO is ₹120 per share (24.74%)

Category Allocation

Particulars Allocation
QIB Not less than 75% of Net Offer
Big HNIs (NII) Not more than 10% of Net Offer
Small HNIs (NII) Not more than 5% of Net Offer
Retail Not more than 10% of Net Offer
Employee Rs. 1.75 Cr

Rubicon Research IPO Financials

(Rs. in crores)

Particulars Jun-25 Mar-25 Mar-24 Mar-23
Revenue from Operations 352.49 1,284.27 853.89 393.52
Profit after Tax 43.30 134.36 91.01 -16.89
Net Worth 593.67 540.98 385.00 286.38
Total Borrowing 495.78 393.17 396.41 317.91
Total Assets 1,647.60 1,451.43 1,109.49 749.70
NAV per share (in ₹) 38.52 35.53 25.31 18.83
EPS - Basic (in ₹) 2.81 8.82 5.98 -1.11

The financial information presented is on a consolidated basis.

Key Performance Indicators

KPI Values
EBITDA 20.67%
PAT 10.37%
ROCE 26.45%
ROE 29.02%
PE Ratio 54.99
PB Ratio 13.65
Mkt Cap (in Crs.) 7,990.21

All the data pertains to FY 2024-25.PE, PB, and market capitalization are calculated based on the Upper Price Band.

Rubicon Research IPO Peer Comparision

(Rs. in crores)

Particulars Rubicon Sun Pharma Aurobindo Pharma Zydus Lifesciences Strides Pharma Dr. Reddy's Labs Alembic Pharma Lupin
Revenue from Ops (in Crs.) 1,284.27 52,578.44 31,723.73 23,241.50 4,565.34 32,643.90 6,672.08 22,707.90
PAT (In Crs.) 134.36 10,980.10 3,483.57 4,672.60 409.41 5,725.20 582.01 3,306.26
EPS - Basic 8.82 45.60 59.81 44.97 44.05 67.89 29.68 71.69
NAV per share 35.53 300.99 560.22 238.05 277.34 402.78 264.09 377.18
ROCE 26.45% 26.80% 15.62% 32.50% 23.60% 29.83% 12.36% 24.90%
EBITDA 20.67% 30.36% 22.18% 30.48% 20.07% 28.65% 15.85% 23.92%
PAT Margin 10.37% 20.13% 10.77% 19.87% 8.85% 16.97% 8.67% 14.44%
Price to earning (PE) 54.99 34.98 18.12 21.83 18.72 18.05 30.33 26.64
RONW 29.02% 16.16% 11.15% 21.34% 17.51% 18.53% 11.63% 21%

All information pertains to FY 2024-25.The PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of September 30, 2025 for Peers

Rubicon Research IPO Peer Comparision

(Rs. in crores)

Particulars Rubicon
Revenue from Ops (in Crs.) 1,284.27
PAT (In Crs.) 134.36
EPS - Basic 8.82
NAV per share 35.53
ROCE 26.45%
EBITDA 20.67%
PAT Margin 10.37%
Price to earning (PE) 54.99
RONW 29.02%
Sun Pharma Aurobindo Pharma Zydus Lifesciences Strides Pharma Dr. Reddy's Labs Alembic Pharma Lupin
52,578.44 31,723.73 23,241.50 4,565.34 32,643.90 6,672.08 22,707.90
10,980.10 3,483.57 4,672.60 409.41 5,725.20 582.01 3,306.26
45.60 59.81 44.97 44.05 67.89 29.68 71.69
300.99 560.22 238.05 277.34 402.78 264.09 377.18
26.80% 15.62% 32.50% 23.60% 29.83% 12.36% 24.90%
30.36% 22.18% 30.48% 20.07% 28.65% 15.85% 23.92%
20.13% 10.77% 19.87% 8.85% 16.97% 8.67% 14.44%
34.98 18.12 21.83 18.72 18.05 30.33 26.64
16.16% 11.15% 21.34% 17.51% 18.53% 11.63% 21%

All information pertains to FY 2024-25.The PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of September 30, 2025 for Peers

Promoter Details

Name Shareholding
General Atlantic Singapore 52.15%
Others 25.52%
Total 77.67%

Management Details

Name Designation
Venkat Changavalli Chairman
Pratibha Pilgaonkar Managing Director
Parag Sancheti CEO

Company Details

Name: Rubicon Research Limited

Address: MedOne House, B-75, Road No. 33, Wagle Estate, Thane West- 400 604, Maharashtra, India

Number: 022 61414 000

Email: investors@rubicon.co.in

Website: www.rubicon.co.in

RTAs

MUFG Intime India
MUFG Intime India
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Frequently Asked questions?

Find answers to common questions that come in your mind related to IPO.

Rubicon Research IPO is a Mainboard IPO having an issue size of Rs. ₹1,377.50 Crs. Rubicon Research IPO is priced at ₹461 - ₹485 per share. The issue opens on 09 Oct 25 and closes on 13 Oct 25.

Rubicon Research IPO opens on 09 Oct 25 and closes on 13 Oct 25.

The estimated Grey Market Premium of Rubicon Research IPO is ₹120 per share (24.74%).

The minimum lot size of Rubicon Research IPO is 30 shares & the minimum application amount is Rs. 14550.

The allotment date of Rubicon Research IPO is 14 Oct 25.

The listing date of Rubicon Research IPO is 16 Oct 25.

Rubicon Research IPO is subscribed 103.90 times.

Rubicon Research IPO is priced at ₹461 - ₹485 per share.

Click the allotment link on Rubicon Research IPO page of IPO360.

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  4. Enter UPI ID & submit
  5. Approve the UPI Mandate on your UPI app

  1. Log in to your bank's net banking portal.
  2. Navigate to the 'IPO' or 'ASBA' section.
  3. Select Rubicon Research IPO from the list of available IPOs.
  4. Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
  5. Submit the application.
  6. Money will remain blocked till the refund date

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