Rubicon Research Limited IPO
Rubicon Research Limited IPO
Price Band
₹461 - ₹485
Total Issue
₹1,377.50 Cr
Bid Dates
09 Oct - 13 Oct
Subscription
103.90x
Est. GMP
₹120 (24.74%)
Tentative Timetable
Business Overview
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.
Lot Info
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 30 | ₹14,550 |
| Retail (Max) | 13 | 390 | ₹1,89,150 |
| S-HNI (Min) | 14 | 420 | ₹2,03,700 |
| S-HNI (Max) | 68 | 2,040 | ₹9,89,400 |
| B-HNI (Min) | 69 | 2,070 | ₹10,03,950 |
Category Reservation
Issue Size
Objects of Issue
- 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
Grey Market Premium
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 16 Oct | ₹120 (24.7%) | ₹605 |
| 15 Oct | ₹154 (31.8%) | ₹639 |
| 14 Oct | ₹137 (28.2%) | ₹622 |
| 13 Oct | ₹127 (26.2%) | ₹612 |
| 12 Oct | ₹96 (19.8%) | ₹581 |
| 11 Oct | ₹111 (22.9%) | ₹596 |
| 10 Oct | ₹111 (22.9%) | ₹596 |
| 09 Oct | ₹100 (20.6%) | ₹585 |
| 08 Oct | ₹98 (20.2%) | ₹583 |
| 07 Oct | ₹80 (16.5%) | ₹565 |
| 06 Oct | ₹80 (16.5%) | ₹565 |
| 05 Oct | ₹68 (14%) | ₹553 |
| 04 Oct | ₹60 (12.4%) | ₹545 |
Rubicon Research IPO Peer Comparison
(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
Financial Performance
(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 |
KPIs
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.
Shareholding
Promoter
77.67%
Public
22.33%
Management
Subscription Status
Updated as on 13-Oct-2025 19:00:00
| Category | Sub (x) | Offered | Bids |
|---|---|---|---|
| QIB | 137.04 | 85,09,778 | 1,16,61,67,740 |
| NII | 102.69 | 42,54,894 | 43,69,39,170 |
| bHNI | 117.75 | 28,36,596 | 33,40,22,190 |
| sHNI | 72.56 | 14,18,298 | 10,29,16,980 |
| Retail | 37.32 | 28,36,596 | 10,58,65,470 |
| Employee | 17.77 | 39,863 | 7,08,240 |
| Total | 109.31 | 1,56,41,131 | 1,70,96,80,620 |
Frequently Asked Questions
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How to apply Rubicon Research IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Rubicon Research IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Rubicon Research IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Rubicon Research IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date