Rubicon Research IPO
Bookbuilding IPO | ₹1,377.68 Cr | Listing at BSE, NSE
IPO Open
Thu, Oct 09, 2025
IPO Close
Mon, Oct 13, 2025
Price Band
₹461.00 to ₹485.00
Market Cap (Pre-IPO)
₹7,990.21 Cr
IPO Details
| IPO Date | Oct 09, 2025 to Oct 13, 2025 |
| Listing Date | Tentative: Oct 14, 2025 |
| Face Value | ₹1.00 per share |
| Price Band | ₹461.00 to ₹485.00 |
| Lot Size | 30 Shares (Minimum: ₹14,550.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹1,377.68 Crores |
| Total Shares Offered | 28,405,841 shares |
| Fresh Issue | 10,313,058 shares |
| Offer For Sale | 18,092,783 shares |
Subscription Data
| Category | Times Subscribed |
|---|---|
| QIB | 137.09x |
| NII | 293.04x |
| RII | 37.40x |
| Total | 109.35x |
Rubicon Research IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 2,12,74,485 (74.89%) |
| Retail Shares Offered | 28,36,597 (9.99%) |
| NII Shares Offered | 42,54,896 (14.98%) |
Rubicon Research IPO 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 Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 30 | ₹14,550 |
| Retail (Max) | 13 | 390 | ₹189,150 |
| S-HNI (Min) | 14 | 420 | ₹203,700 |
| S-HNI (Max) | 68 | 2,040 | ₹989,400 |
| B-HNI (Min) | 69 | 2,070 | ₹1,003,950 |
Rubicon Research Financial Information (Restated Consolidated)
Rubicon Research Ltd.'s revenue increased by 49% and profit after tax (PAT) rose by 48% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 1,647.60 | 1,451.43 | 1,109.49 | 749.70 |
| Total Income | 356.95 | 1,296.22 | 872.39 | 419.00 |
| Profit After Tax | 43.30 | 134.36 | 91.01 | -16.89 |
| EBITDA | 79.74 | 267.89 | 173.09 | 43.97 |
| NET Worth | 593.67 | 540.98 | 385.00 | 286.38 |
| Reserves and Surplus | 397.50 | 525.57 | 369.79 | 281.31 |
| Total Borrowing | 495.78 | 393.17 | 396.41 | 317.91 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 29.02% |
| ROCE (Return on Capital Employed) | 26.45% |
| Debt/Equity | 0.73 |
| RoNW (Return on Net Worth) | 29.02% |
| PAT Margin (Profit After Tax Margin) | 10.37% |
| EBITDA Margin | 20.67% |
| Price to Book Value | 13.65 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 8.70 | 10.51 |
| P/E (x) | 55.75 | 46.13 |
| Promoter Holding | 77.67% | 59.78% |
Company Promoters
- 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.
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, Rubicon Research had a portfolio of 72 active Abbreviated New Drug Application (ANDA) and New Drug Application (NDA) products approved by the US FDA. The company’s portfolio includes 66 commercialized products, with a US generic pharmaceutical market size of USD 2,455.7 million, of which Rubicon Research Limited contributed USD 195 million in Fiscal 2024.
As of June 30, 2025, the company has 17 new products awaiting US FDA ANDA approval and 63 products at various stages of development.
As of June 30, 2025, the company marketed over 350 SKUs to 96 customers, including three major wholesalers who, account for more than 90% of wholesale drug distribution in the US. The company also supplies group purchasing organizations (GPOs), national pharmacy chains, regional pharmacy chains, and managed care organizations.
Beyond the US market, Rubicon Research Limited, directly or through third-party distribution partners, has registered or filed 48 product applications across Australia, the United Kingdom, Singapore, Saudi Arabia, and the United Arab Emirates and expects to commence commercial activities upon approval. The company also provides contract manufacturing services to select customers in India, Australia, and New Zealand.
Rubicon Research Limited operates three manufacturing facilities in India and two US FDA inspected R&D facilities-one each in India and Canada.
Company Strengths
- Fastest-growing Indian pharmaceutical company amongst peers.
- Data-driven product selection framework
- Strong R&D capabilities
- Robust sales and distribution capabilities in the US
- Strong track record of compliance combined with expertise in cost effective manufacturing
- Experienced and entrepreneurial management team
Use of Proceeds
| 1) | Prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the Company | 310.00 |
| 2) | Funding inorganic growth through unidentified acquisitions and other strategic initiatives and General corporate purposes | 161.27 |
Objectives
The Company Rubicon Research IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
Rubicon Research IPO Peer Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Rubicon Research | 8.82 | 8.68 | 35.53 | - | 29.02 | - | Consolidated |
| Sun Pharmaceutical Industries | 45.60 | 45.60 | 300.99 | 34.98 | 16.16 | 5.31 | Consolidated |
| Aurobindo Pharma | 59.81 | 59.81 | 560.22 | 18.12 | 11.15 | 1.93 | Consolidated |
| Zydus Lifesciences | 44.97 | 44.97 | 238.05 | 21.83 | 21.34 | 4.12 | Consolidated |
| Strides Pharma Science | 45.05 | 45.05 | 277.34 | 18.27 | 17.21 | 2.97 | Consolidated |
| Dr. Reddy’s Laboratories | 67.89 | 67.79 | 402.78 | 18.05 | 18.53 | 3.04 | Consolidated |
| Alembic Pharmaceuticals | 29.68 | 29.68 | 264.09 | 30.43 | 11.63 | 3.41 | Consolidated |
| Lupin | 71.95 | 71.69 | 377.18 | 26.64 | 21.00 | 5.07 | Consolidated |
Quick Info
| Sector | Pharmaceutical (or Healthcare) |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹7,990.21 Cr |
Important Dates
| IPO Open | Oct 09, 2025 |
| IPO Close | Oct 13, 2025 |
| Allotment Date | Oct 14, 2025 |
| Credit to Demat | Oct 15, 2025 |
| Listing Date | Tentative: Oct 14, 2025 |
Lead Manager(s)
Axis Capital Ltd.
Registrar
MUFG Intime India Pvt.Ltd.
+91-22-4918 6270
Description
- Rubicon Research Ltd. IPO is a book build issue of ₹1,377.68 crores. The issue is a combination of fresh issue of 1.03 crore shares aggregating to ₹500.18 crores and offer for sale of 1.81 crore shares aggregating to ₹877.50 crores.
- Rubicon Research IPO bidding started from Oct 9, 2025 and ended on Oct 13, 2025. The allotment for Rubicon Research IPO was finalized on Oct 14, 2025. The shares got listed on BSE, NSE on Oct 16, 2025.
- Rubicon Research IPO price band is set at ₹485.00 per share . The lot size for an application is 30. The minimum amount of investment required by an retail is ₹14,550 (30 shares) (based on upper price). The lot size investment for sNII is 14 lots (420 shares), amounting to ₹2,03,700, and for bNII, it is 69 lots (2,070 shares), amounting to ₹10,03,950.
- The issue includes a reservation of up to 39,863 shares for employees offered at a discount of ₹46.00 to the issue price.