Rubicon Research IPO will open for subscription on October 9, 2025, and close on October 13, 2025. Incorporated in 1999, Rubicon Research Limited is a pharmaceutical company engaged in developing, manufacturing, and commercialising differentiated formulations.
With 72 US FDA-approved ANDA and NDA products, including 66 commercialised ones, and a healthy pipeline of upcoming approvals, the company is positioned to strengthen its presence in the US generics and specialty formulations market. Here you’ll find all the details of the Rubicon Research IPO, including the timelines, proceeds usage, financials, peers, and risk factors.
Rubicon Research IPO Date
The key pointers for the Rubicon Research IPO dates are:
- Bidding Opening Date: October 9, 2025
- Bidding Closing Date: October 13, 2025
- Allotment Date: October 14, 2025
- Initiation of Refunds (in case of less or no allotment): October 15, 2025
- Shares Credited to Your Demat Account: October 15, 2025
- IPO Listing Date: October 16, 2025
- Listing on Exchange: BSE and NSE
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Rubicon Research: IPO Issue Size
Rubicon Research IPO valuation, as denoted by the market capitalisation, stood at ₹7,990 crores. Here are the essential details:
- Rubicon Research IPO Price Band: ₹461 to ₹485 per share
- Lot Size: 30 Shares
- Total Issue Size and Amount: 2.84 crore shares (aggregating up to ₹1,377.50 crores)
- Fresh Issue and Amount: 1.03 crore shares (aggregating up to ₹500 crores)
- Offer for Sale and Amount: 1.81 crore shares of ₹1 (aggregating up to ₹877.50 crores)
Rubicon Research IPO Proceeds Usage
The company plans to deploy the net issue proceeds towards the following objectives:
- OFS: ₹877.50 crores will go to the selling shareholders (General Atlantic Singapore RR Pte. Ltd.) after deducting offer-related expenses.
- Debt reduction: Use ₹310 crores to prepay or repay (in full or in part) certain existing borrowings, including scheduled repayments.
- Growth & general purposes: Allocate funds to inorganic growth (unidentified acquisitions and other strategic initiatives) and for general corporate purposes.
Rubicon Research IPO Reservations
Rubicon Research IPO reservations to different investors are:
- For QIBs: Not less than 75% of the Net Offer
- For NIIs: Not more than 15% of the Net Offer
- For Retail Investors: Not more than 10% of the Net Offer
Rubicon Research IPO Lot Size
Rubicon Research IPO lot size is 30 shares, wherein bidding can be done in multiples. The minimum amount that each category of investor needs to bid in this IPO is:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 30 | ₹14,550 |
| S-HNI (Min) | 14 | 420 | ₹2,03,700 |
| B-HNI (Min) | 69 | 2,070 | ₹10,03,950 |
Rubicon Research IPO Details: Promoter Holding
General Atlantic Singapore RR Pte. Ltd., Pratibha Pilgaonkar, Sudhir Dhirendra Pilgaonkar, Parag Suganchand Sancheti, Surabhi Parag Sancheti, and Sumant Sudhir Pilgaonkar are the company promoters.
Rubicon Research Limited: Company Overview
Incorporated in 1999, Rubicon Research Limited is a pharmaceutical company engaged in the development, manufacturing, and commercialization of differentiated formulations. As of June 30, 2025, it had 72 active ANDA and NDA products approved by the US FDA, of which 66 are commercialized.
The addressable US generic market for these products totals USD 2,455.7 million, with Rubicon contributing USD 195 million in Fiscal 2024. The pipeline remains healthy, with 17 new products awaiting US FDA ANDA approval and 63 products at various stages of development.
As of the same date, the company marketed over 350 SKUs to 96 customers, including three major US wholesalers that account for more than 90% of wholesale drug distribution, and it also supplies GPOs, national and regional pharmacy chains, and managed care organisations.
Rubicon Research Limited: Financial Performance
Rubicon Research Limited’s key financials for different periods are as follows:
| Particulars (in ₹ Crore) | 31 Mar 2025 | 31 Mar 2024 | YoY Change |
|---|---|---|---|
| Total Income | 1,296.22 | 872.39 | 49% |
| Profit After Tax (PAT) | 134.36 | 91.01 | 48% |
| EBITDA | 267.89 | 173.09 | 55% |
| Net Worth | 540.98 | 385.00 | 41% |
| Assets | 1,451.43 | 1,109.49 | 31% |
| Total Borrowing | 393.17 | 396.41 | -1% |
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Revenue Growth
Rubicon Research reported a 49% growth in total income, rising from ₹872.39 crore in FY24 to ₹1,296.22 crore in FY25.
Profitability
The company’s profitability improved significantly, with PAT increasing by 48% YoY, from ₹91.01 crore in FY24 to ₹134.36 crore in FY25.
EBITDA Performance
EBITDA rose by 55% YoY, from ₹173.09 crore in FY24 to ₹267.89 crore in FY25, highlighting improved operating efficiency and healthy margins across its portfolio.
Net Worth
Net worth strengthened to ₹540.98 crore in FY25, compared to ₹385.00 crore in FY24, marking a 41% growth, driven by higher retained earnings and consistent profitability.
Asset Base
The company’s total assets expanded by 31%, growing from ₹1,109.49 crore in FY24 to ₹1,451.43 crore in FY25.
Debt Position
Rubicon Research continues to operate with a moderate borrowing profile, with total borrowings at ₹393.17 crore in FY25 compared to ₹396.41 crore in FY24.
Rubicon Research IPO Peer Comparison
Here’s the peer comparison table for Rubicon Research Limited with its listed peers:
| Company Name (FY25) | EPS (Basic ₹) | P/E (x) | RoNW (%) |
|---|---|---|---|
| Rubicon Research | 8.82 | 54.98 | 29.02 |
| Sun Pharmaceutical Industries | 45.60 | 34.98 | 16.16 |
| Aurobindo Pharma | 59.81 | 18.12 | 11.15 |
| Zydus Lifesciences | 44.97 | 21.83 | 21.34 |
| Dr. Reddy’s Laboratories | 67.89 | 18.05 | 18.53 |
| Alembic Pharmaceuticals | 29.68 | 30.33 | 11.63 |
| Lupin | 71.95 | 26.64 | 21.00 |
- EPS: Rubicon’s earnings per share of ₹8.82 is much lower than large pharma peers, showing it’s still in the early stages of scaling up.
- P/E (x): Rubicon is available at the highest P/E multiple of 54.98, signaling expensive valuation.
- RoNW: It delivered the best return on net worth of 29.02%, reflecting efficient use of capital and strong profitability.
Rubicon Research IPO Risk Factors
Rubicon Research IPO GMP is ₹80 as of October 7, 2025 (at 16:31). It is expected to list at a 16.49% gain at a price of ₹565. However, GMP is not a safe or assured criterion to bid for an IPO. It is important to do your own analysis before investing in any IPO.
Rubicon Research IPO is exposed to various risk factors that can eventually affect its business and investors’ perception:
- US revenue concentration: More than 99% the operating revenue came from the United States, so any adverse developments in that market could impact performance.
- Ongoing legal matters: The company is involved in certain legal proceedings. Unfavourable outcomes could lead to penalties or liabilities and affect business, finances, and cash flows.
- Profitability track record: There is a history of net losses, negative EPS, and negative return on capital employed.
- Third-party dependencies: The company depends on external suppliers and manufacturers for raw materials and certain products.
For all the insights on Rubicon Research IPO and detailed expert advice, you can download the SMC ACE App or visit the SMC telegram channels. Take smart decisions and apply for the Rubicon Research IPO easily on the SMC ACE Apply by opening free demat account now.
Frequently Asked Questions – FAQs
1. When is the Rubicon Research IPO scheduled?
It will open on October 9, 2025 and close on October 13, 2025. Allotment is on October 14, while listing will take place on October 16 on BSE and NSE.
2. What is the price band and lot size?
The price band is ₹461–₹485 per share. The lot size is 30 shares, and at the upper price band, the minimum retail investment size is ₹14,550.
3. How big is the issue and what is the breakup?
The total issue size is 2.84 crore shares and aiming to raise ₹1,377.50 crores. The fresh issue includes the 1.03 crore shares (₹500 crores) and an Offer for sale of 1.81 crore shares (₹877.50 crores).
4. How will the IPO proceeds be used?
Around 64% of the IPO component is an OFS, which will directly go to the selling shareholders. The remaining fresh issue component (₹500 crores) will be used for debt reduction and general corporate purposes.
References:
https://www.rubicon.co.in/rhp.php
https://www.investorgain.com/gmp/rubicon-research-ipo-gmp/1496/
Author: All Content is verified by SMC Global Securities.
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