Rubicon Research IPO Price: ₹461 to ₹485 per share
IPO Dates: 9th October 2025 – 13th October 2025
Company Overview
Incorporated in 1999, Rubicon Research Limited is a pharmaceutical company engaged in developing, manufacturing, and commercializing differentiated formulations for global markets.
Business Overview
As of June 30, 2025, Rubicon Research has built a robust portfolio of 72 active Abbreviated New Drug Application (ANDA) and New Drug Application (NDA) products approved by the US FDA. Out of these, 66 products are already commercialized, contributing significantly to the US generic pharmaceutical market valued at USD 2,455.7 million, with Rubicon’s own contribution standing at USD 195 million in Fiscal 2024.
Product Pipeline and Development
The company continues to strengthen its pipeline, with 17 new products awaiting US FDA ANDA approval and 63 others at various stages of development. This reflects Rubicon’s strong research focus and consistent investment in innovation.
Global Presence and Distribution
As of June 30, 2025, Rubicon marketed over 350 SKUs to 96 customers, including three major wholesalers who together account for more than 90% of wholesale drug distribution in the United States. The company also caters to group purchasing organizations (GPOs), national and regional pharmacy chains, and managed care organizations. Beyond the US, Rubicon has registered or filed 48 product applications across Australia, the United Kingdom, Singapore, Saudi Arabia, and the United Arab Emirates, and plans to begin commercial operations in these regions upon approval. Additionally, Rubicon provides contract manufacturing services to customers in India, Australia, and New Zealand.
Infrastructure and Facilities
Rubicon Research operates three state-of-the-art manufacturing facilities in India and two US FDA-inspected R&D centers located in India and Canada, ensuring global quality standards and regulatory compliance.
Competitive Strengths
- One of the fastest-growing Indian pharmaceutical companies among its peers.
- Data-driven product selection framework ensuring focused and profitable portfolio development.
- Strong research and development (R&D) capabilities supported by US FDA-inspected facilities.
- Robust sales and distribution network across the US market.
- Proven track record of regulatory compliance with expertise in cost-effective manufacturing.
- Experienced and entrepreneurial management team driving strategic growth and innovation.
Bidding Starts In
Rubicon Research IPO Specifics:
| IPO Date | October 9, 2025 to October 13, 2025 |
| Face Value | ₹1 per share |
| Price Band | ₹461 to ₹485 per share |
| Lot Size | 30 Shares |
| Total Issue Size | 2,84,02,040 shares (aggregating up to ₹1,377.50 Cr) |
| Fresh Issue | 1,03,09,278 shares (aggregating up to ₹500.00 Cr) |
| Offer for Sale | 1,80,92,762 shares of ₹1 (aggregating up to ₹877.50 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 15,44,37,251 shares |
| Share Holding Post Issue | 16,47,46,529 shares |
Rubicon Research IPO Timetable (Important Dates)
| IPO Open Date | Thu, Oct 9, 2025 |
| IPO Close Date | Mon, Oct 13, 2025 |
| Tentative Allotment | Tue, Oct 14, 2025 |
| Initiation of Refunds | Wed, Oct 15, 2025 |
| Credit of Shares to Demat | Wed, Oct 15, 2025 |
| Listing Date | Thus, Oct 16, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on October 13, 2025 |
Rubicon Research IPO Lot Size
Bidders have the opportunity to bid for a minimum of 30 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.
| Application | 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 | 2040 | ₹9,89,400 |
| B-HNI (Min) | 69 | 2070 | ₹10,03,950 |
Rubicon Research IPO Reservation
| QIB Shares Offered | Not less than 75% of the Net offer |
| Retail Shares Offered | Not more than 10% of the Net Offer |
| NII (HNI) Shares Offered | Not more than 15% of the Net Offer |
Rubicon Research IPO Financial Information
| Period Ended | 31 Mar 2023 | 31 Mar 2024 | 31 Mar 2025 | 30 Jun 2025 |
|---|---|---|---|---|
| Assets | 749.70 | 1,109.49 | 1,451.43 | 1,647.60 |
| Total Income | 419.00 | 872.39 | 1,296.22 | 356.95 |
| Profit After Tax | -16.89 | 91.01 | 134.36 | 43.30 |
| EBITDA | 43.97 | 173.09 | 267.89 | 79.74 |
| NET Worth | 286.38 | 385.00 | 540.98 | 593.67 |
| Reserves and Surplus | 281.31 | 369.79 | 525.57 | 397.50 |
| Total Borrowing | 317.91 | 396.41 | 393.17 | 495.78 |
Key Performance Indicator – Rubicon Research IPO
| KPI | Values |
|---|---|
| ROE | 29.02% |
| EPS | ₹8.70 |
| Debt/Equity | 0.73 |
| ROCE | 26.45% |
| PAT Margin | 10.37% |
| EBITDA Margin | 20.67% |
| RoNW | 29.02% |
Objects of the Issue:
The company plans to utilize the net proceeds from the Rubicon Research IPO for the following purposes:
Funding inorganic growth through unidentified acquisitions, other strategic initiatives, and for general corporate purposes.
Prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the company – ₹3,100 million.
Prospectus Links:
Prospectus: Official documents that provide detailed information about the IPO and the company.
Rubicon Research Limited IPO DRHP.
Rubicon Research Limited Limited IPO RHP
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