IPO

Rubicon Research Limited IPO

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Pharmaceuticals

Listed On: Oct 16, 2025 at ₹ 620.0(NSE)

₹ 14550 /30 Shares

Check Allotment

09 Oct, 2025

Open Date

13 Oct, 2025

Close Date

14 Oct, 2025

Allotment Date

16 Oct, 2025

Listing Date
Price Summary

Last Closing

684.00 (41.03%)

52 Week High

754.80

52 Week Low

570.75

Last Update

30-Jan-2026 3:30 PM
Expected Premium
+ ₹140-143 (28.87%)

*Expected Premium provided in this app is derived from market rumors. It is not a guaranteed indicator of the actual listing price and should be interpreted with caution.

Rubicon Research IPO Live Subscription Details
View Subscription Details
QIB 137.09x
Retail 37.33x
NIIs 102.71x
BHNI 117.77x
SHNI 72.57x
Retail 37.33x
EMP 17.69x
Total 109.33x
Last updated: 13 Oct 2025, 06:57 PM
Rubicon Research IPO Issue Details
  • Issue Price ₹461-485 per equity share
  • Face Value ₹1 Per Equity Share
  • Total Issue Size 2,84,02,040 shares(aggregating up to ₹1377.5 crore)
  • Fresh Share 1,03,09,278 shares(aggregating up to ₹500 crore)
  • Offer For Sale 1,80,92,762 shares(aggregating up to ₹877.5 crore)
  • Listing at BSE, NSE
  • List Price 620.0(NSE)
  • Listing Date 2025-10-16
  • Lead Manager MUFG Intime India Pvt.Ltd.
  • Registrar Axis Capital Ltd
    IIFL Capital Services Ltd
    JM Financial Ltd
    SBI Capital Markets Ltd
Market Lot Size

Investors can bid for a minimum of 30 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.

Application Lots Shares Amount
Retail (min) 1 30 ₹14,550
Retail(max) 13 390 ₹1,89,150
SHNI(min) 14 420 ₹2,03,700
SHNI(max) 68 2,040 ₹9,89,400
BHNI(min) 69 2,070 ₹10,03,950
Rubicon Research IPO Reservation

Rubicon Research IPO offers total 2,84,02,042 shares. Out of which 85,06,804 (29.95%) allocated to QIB, 42,54,299 (14.98%) allocated to NII,2,83,62,00 (9.99%) allocated to RII, 40,046 (0.14%) allocated to employees and 1,27,64,691 (44.94%) allocated to Anchor investors.

Investor Category Shares Offered Maximum Allottees
Anchor Investor Shares Offered 1,27,64,691 (44.94%)
QIB Shares Offered 85,06,804 (29.95%)
NII (HNI) Shares Offered 42,54,299 (14.98%)
bNII > ₹10L 28,36,200 (9.99%)
sNII < ₹10L 14,18,099 (NA%)
Retail Shares Offered 2,83,62,00 (9.99%)
Employee Shares Offered 40,046 (0.14%)
Total Shares Offered 2,84,02,042 (100%)
Rubicon Research IPO Documents
DRHP
RHP
ANCHOR
Rubicon Research IPO Details


Rubicon Research IPO is a book-built issue of ₹1377.5 crores, The total issue size is ₹1377.5 crores. The IPO of Rubicon Research is priced at ₹461-485 per equity share, which has a face value of ₹1 Per Equity Share each, IPO bidding starts from Oct 9, 2025 and ends on Oct 13, 2025. The allotment for Rubicon Research IPO will be finalized on Oct 14, 2025. Rubicon Research IPO will be listed on BSE, NSE, with a tentative listing date fixed as Oct 16, 2025. The company shall list its equity shares on the BSE, NSE. Axis Capital Ltd
IIFL Capital Services Ltd
JM Financial Ltd
SBI Capital Markets Ltd is the registrar of the issue.

Retail investors can bid for a minimum of 30 shares, extendable to 14,550. S-HNIs will be able to bid for 420 shares at ₹2,03,700, while B-HNIs can also apply for a bid of 2,070 shares at ₹10,03,950. The book-running lead manager for the IPO is/are MUFG Intime India Pvt.Ltd..

The total issue ₹1377.5 crore, comprising a fresh issue of 1,03,09,278 shares ₹500 crore and having Offer for Sale (OFS) of 1,80,92,762 shares to mop up ₹877.5 crore.

The Rubicon Research IPO sets its price band at 461-485 for each share. A single application for Rubicon Research Limited IPO must contain at least 30 shares. Sentiment investors need to invest a minimum of 30 through their retail account. For investors to prevent oversubscription issues, they should submit bids at the cutoff price, which estimates about ₹14,550 In order to participate in the sNII, investors must purchase at least 14 lots of 420 shares for ₹2,03,700, while the bNII requires 69 lots of 2,070 shares for an investment of ₹10,03,950.

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Rubicon Research IPO Subscription Analysis And Details
Retail
37.33x
QIB
137.09x
NII
102.70x
bNII
117.77x
sNII
72.57x
Total
109.33x
As on QIB NII
bNII   sNII 		Retail Total
Shares Offered / Reserved 85,06,804 42,54,299
28,36,200    14,18,100 		28,36,200 1,56,37,349
Day 1 09-10-25 05:00 PM
0.27 x 0.49 x
0.40 x   0.68 x 		1.47 x 0.55 x
Day 2 10-10-25 05:00 PM
2.22 x 1.93 x
1.60 x   2.58 x 		4.19 x 2.50 x
Day 3 13-10-25 05:00 PM
137.09 x 102.70 x
117.77 x   72.57 x 		37.33 x 109.33 x
Total No of Applications
32,14,955
Subscription on the basis of Applications
Retail:29.41x BHNI:23.02x SHNI:69.28x
Rubicon Research Valuations
EPS Pre IPO ₹8.70/-
EPS Post IPO ₹10.51/-
P/E Pre IPO 55.75
P/E Post IPO 46.13
ROE 29.02%
ROCE 26.45%
Debt/Equity 0.73
RoNW 29.02%
PAT Margin 10.37%
Market Cap. 7990.21 Cr.
Rubicon Research Company Financials
In Crs.
In Cr.
30-Jun-25 31-Mar-25 31-Mar-24 31-Mar-23
Assets 1647.60 1451.43 1109.49 749.70
Revenue 356.95 1296.22 872.39 419.00
Profit After Tax 43.30 134.36 91.01 -16.89
Net Worth 593.67 540.98 385.00 286.38
Reserves & Surplus 397.50 525.57 369.79 281.31
Total Borrowing 495.78 393.17 396.41 317.91
About Rubicon Research Company

Founded in 1999, Rubicon Research Limited is a pharmaceutical organization that deals with the development, manufacturing, and marketing of differentiated formulation.

As of March 31, 2024, Rubicon Research Limited had an approved portfolio of 69 active Abbreviated New Drug Application (ANDA) and New Drug Application (NDA) products of the US FDA. The portfolio comprises 55 commercialized products of which the US generic pharmaceutical market size is USD 2,386.6 million and which has contributed USD 154.3 million by Rubicon Research Limited during Fiscal 2024.

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Rubicon Research - Promoter(s)

General Atlantic Singapore RR Pte. Ltd., Pratibha Pilgaonkar, Sudhir Dhirendra Pilgaonkar, Parag Suganchand Sancheti, Surabhi Parag Sancheti and Sumant Sudhir Pilgaonkar

Pre Issue Share Holding : 77.67%

Post Issue Share Holding : N/A%

Rubicon Research IPO - Issue Objectives
1

Prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the Company

2

Funding inorganic growth through unidentified acquisitions and other strategic initiatives and General corporate purposes

Rubicon Research IPO - Anchor Investors

Rubicon Research raises Rs 619 crore from 32 anchor investors prior to Rs 1,377 crore IPO.
International marquee investors such as Goldman Sachs, Fidelity, Nomura Funds, Amansa Holdings, Societe Generale, University of Notre Dame, and GP Emerging Markets Strategies.
Rubicon Research in its exchange filing on Wednesday reported that it has completed allotment of 1,27,64,691 equity shares to anchor investors at Rs 485 per share.
Out of this, 49.56 lakh shares (38.83 percent of the anchor allotment) valued at Rs 240.4 crore went to eight domestic mutual funds such as PGIM India, Mirae Asset, Bajaj Finserv, Kotak Mahindra AMC, HDFC AMC, and ICICI Prudential Mutual Fund.

Rubicon Research IPO - Peers Comparison
P/B Ratio P/E Ratio RoNW Revenue(in Cr.)
Rubicon Research N/A N/A 29.02% 1284
Sun Pharma 5.31 34.9 16.1% 52578
Aurobindo Pharma 1.93 18.1 11.1% 31723
Zydus Lifesciences 4.1 21.8 21.3% 23241
Strides Pharma 2.9 18.2 17.2% 4564
Dr. Reddy’s Lab 3.0 18.05 18.5% 32643
Alembic Pharma 3.4 30.4 11.6% 6672
Lupin 5.0 26.6 21.0% 22709
Strength
Has a strong portfolio of products commercialised, with a market share of more than 25% in seven products in the US market.
R&D capacities at India and Canada facilitate product development and innovation, less dependent on third parties.
Built US sales and distribution platform through subsidiaries to cover both branded and non-branded product markets.
Reveals regulatory compliance with US FDA checks and approvals from international agencies.
Weakness
The firm is strongly dependent on the US market and thus is exposed to negative developments there.
Being in a highly regulated sector, product recalls, inspection failure, or closure of plants would have a detrimental effect on operations.
A high success rate of R&D activities translating into marketable products is not always guaranteed, exposing revenue growth to risks.
Severe competition in the drug industry could impact margins and hamper future growth opportunities.
Contact Details

Rubicon Research

MedOne House, B-75, Road No. 33, Wagle Estate, Thane West-400604, Maharashtra, India Thane, Maharashtra, 400604

022 61414000

investors@rubicon.co.in

https://www.rubicon.co.in/

Registrar Contact Details

MUFG Intime India Private Limited (Link Intime)

+91-22-4918 6270

rubicon.ipo@linkintime.co.in

https://in.mpms.mufg.com/Initial_Offer/public-issues.html