Rubicon Research Limited IPO
Rubicon Research Limited IPO
Mainboard NSE & BSE 100% Book Built Offer
Closed

Price Band

₹461 - ₹485

Total Issue

₹1,377 Cr

Bid Dates

09 Oct - 13 Oct

Subscription

109.31x

Est. GMP

₹120 (24.74%)

Website RHP Check Allotment

Valuation

Market Cap

₹7,990.21 Cr

P/E Ratio

54.99x

P/B Ratio

13.65x

Rubicon Research IPO Dates

Open
Close
Allotment
Refunds
Credit
Listing

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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.

Rubicon Research IPO Lot Size

Lot Information for Rubicon Research IPO
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
Allocate Funds

Category Reservation

QIB 75%
NII 15%
Ret 10%
Employee
Rs. 1.75 Cr
Shareholder
₹0.00

Rubicon Research IPO Size

Total ₹1,377.50 Cr
Fresh Issue
₹500 Cr (1.03 Cr Shares)
Offer For Sale
₹877 Cr (1.81 Cr Shares)

Objects of Issue

  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 IPO Live Subscription

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

Rubicon Research IPO IPO Subscription Status (Mainboard)
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

Rubicon Research IPO IPO Details Live GMP

GMP ₹120
Est. Price ₹605
Est. Gain 24.74%

Rubicon Research IPO Peer Comparison

(Rs. in crores)

Rubicon Research IPO Peer Comparison Table
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 IPO Financial Performance

(Rs. in crores)

Financial Performance Metrics for Rubicon Research IPO
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

Key Performance Indicators (KPIs)

EBITDA

20.67%

PAT

10.37%

ROCE

26.45%

ROE

29.02%

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

Promoter Holding

Promoter

77.67%

Public

22.33%

General Atlantic Singapore 52.15%
Others 25.52%

Management

Venkat Changavalli Chairman
Pratibha Pilgaonkar Managing Director
Parag Sancheti CEO

Registrar & Lead Managers

Registrar

MUFG Intime India

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

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Frequently Asked Questions (FAQs)

What is Rubicon Research IPO?
Rubicon Research IPO is a Mainboard IPO having an issue size of ₹1,377 Crs. Rubicon Research IPO is priced at ₹461 - ₹485 per share. The issue opens on 09 Oct 25 and closes on 13 Oct 25.
When will Rubicon Research IPO open?
Rubicon Research IPO opens on 09 Oct 25 and closes on 13 Oct 25.
What is the GMP of Rubicon Research IPO?
The estimated Grey Market Premium of Rubicon Research IPO is ₹120 per share (24.74%).
What is the lot size of Rubicon Research IPO?
The minimum lot size of Rubicon Research IPO is 30 shares & the minimum application amount is Rs. 14550.
When is the allotment of Rubicon Research IPO?
The allotment date of Rubicon Research IPO is 14 Oct 25.
What is the listing date of Rubicon Research IPO?
The listing date of Rubicon Research IPO is 16 Oct 25.
What is the subscription of Rubicon Research IPO?
Rubicon Research IPO is subscribed 103.90 times.
What is the price band of Rubicon Research IPO?
Rubicon Research IPO is priced at ₹461 - ₹485 per share.
How to check allotment status of Rubicon Research IPO?
Click the allotment link on Rubicon Research IPO page of IPO360.
How to apply Rubicon Research IPO in Zerodha?
  1. Go to Kite App → Tap on Bids → Tap on IPO
  2. Select the IPO → Tap on apply → Enter UPI ID
  3. Enter Qty and Price
  4. Submit the application
  5. Approve the UPI Mandate on your UPI app
How to apply Rubicon Research IPO in Groww?
  1. Go to Groww App → Stocks Section → Select IPO option
  2. Select the IPO you want to apply
  3. Enter your bid details and price
  4. Enter UPI ID & submit
  5. Approve the UPI Mandate on your UPI app
How to apply Rubicon Research IPO using ASBA?
  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