Rubicon Research Limited IPO

Mainboard

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

657.30 (35.53%)

52 Week High

754.80

52 Week Low

570.75

Last Update

24-Nov-2025 3:30 PM

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.

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 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 1.60 x 2.58 x	4.19 x	2.50 x
Day 3 13-10-25 05:00 PM	137.09 x	102.70 117.77 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.

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

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

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

Rubicon Research IPO - FAQs

Ans. Rubicon Research Limited IPO is a Mainboard IPO. The issue is priced at ₹461-485 per equity share. The minimum order quantity is 30 Shares. The IPO opens on Oct 9, 2025, and closes on Oct 13, 2025. Axis Capital Ltd IIFL Capital Services Ltd JM Financial Ltd SBI Capital Markets Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

Ans. The Rubicon Research Limited IPO opens on Oct 9, 2025 and closes on Oct 13, 2025.

Ans. You can track the real-time subscription numbers using the links below:

Ans. The size of Rubicon Research Limited IPO is Total 1,377.50 Cr : #Fresh Issue : 1,03,09,278 shares(aggregating up to ₹500.00 Cr) + #OFS : 1,80,92,762 shares of ₹1(aggregating up to ₹877.50 Cr).

Ans. The Rubicon Research Limited IPO price band is set between ₹461-485 per equity share.

Ans. To apply for Rubicon Research Limited IPO, follow the steps given below:

- Open the IPO Ji App or Website
- Find Rubicon Research Limited IPO in the List of IPOs
- Press Apply Button
- Select Your Demat Account
- Select Your Shares Quantity and Submit
- Track Your IPO Status

Ans. The share allotment date of Rubicon Research Limited IPO is Oct 14, 2025.

Ans. The Rubicon Research Limited IPO will be listed on Oct 16, 2025.

Ans. Follow the steps to check the Rubicon Research Limited IPO allotment status online.