Rubicon Research IPO [Initial Public Offering] is a book build issue of 2,84,02,040 shares [₹1,377.50 crore]. The issue is a combination of a fresh issue of 1,03,09,278 shares [₹500.00 crore] and an offer for sale of 1,80,92,762 shares [₹877.50 crore].
The Rubicon Research IPO will open for subscription on October 09, 2025, and close on October 13, 2025. The Rubicon Research IPO allotment is expected to be finalized on October 14, 2025, while the shares are scheduled to be listed on the BSE and NSE on October 16, 2025.
The price band for the Rubicon Research IPO is fixed at ₹461 to ₹485 per share. The minimum lot size is 30 shares, requiring a retail investor to invest at least ₹14,550 [based on the upper price band]. For S-HNI investors, the minimum application size is 14 lots [420 shares] worth ₹2,03,700, while for B-HNI investors, it is 69 lots [2,070 shares] worth ₹10,03,950.
Rubicon Research IPO Details
| Open Date | October 09, 2025 |
| Close Date | October 13, 2025 |
| Issue Type | Book Built Issue |
| Face Value | ₹1 Equity Share |
| Price Band | ₹461 – ₹485 Per Share |
| Listing On | BSE, NSE |
| Issue Size | ₹1,377.50 Cr. [2,84,02,040 Shares] |
| Fresh Issue | ₹500.00 Cr. [1,03,09,278 Shares] |
| Offer For Sale | ₹877.50 Cr. [1,80,92,762 Shares] |
| EMP. Discount | ₹46.00 |
| Prospectus | DRHP | RHP | Anchor Investors |
Rubicon Research IPO Reservation
| Category | Reservation | Shares Offered |
|---|---|---|
| QIB | 75.00% | 2,13,01,530 |
| NII | 15.00% | 42,60,306 |
| RII | 10.00% | 28,40,204 |
| Total | 100.00% | 2,84,02,040 |
Rubicon Research IPO Market Lot
| Application | Lot | Shares | Amount |
| Retail Minimum | 1 | 30 | ₹14,550 |
| Retail Maximum | 13 | 390 | ₹1,89,150 |
| S-HNI Minimum | 14 | 420 | ₹2,03,700 |
| S-HNI Maximum | 68 | 2,040 | ₹9,89,400 |
| B- HNI Minimum | 69 | 2,070 | ₹10,03,950 |
Key Performance Indicator
| KPI | Value |
| Market Capitalisation | — |
| P/E Ratio | — |
| EPS | ₹8.70 |
| ROE | 29.02% |
| ROCE | 26.45% |
| RoNW | 29.02% |
| Dept/Equity | 0.73 |
| EBITDA Margin | 20.67% |
| PAT Margin | 10.37% |
| Net Assets Value | ₹35.53 |
| Price To Book Value | — |
Rubicon Research IPO Peer Comparison
| Company | P/E | EPS | RoNW | NAV |
| Sun Pharmaceutical Industries | 34.98x | ₹45.60 | 16.16% | ₹300.99 |
| Aurobindo Pharma | 18.12x | ₹59.81 | 11.15% | ₹560.22 |
| Zydus Lifesciences | 21.83x | ₹44.97 | 21.34% | ₹238.05 |
| Strides Pharma Science | 18.27x | ₹45.05 | 17.21% | ₹277.34 |
| Dr. Reddy’s Laboratories | 18.05x | ₹67.89 | 18.53% | ₹402.78 |
| Alembic Pharmaceuticals | 30.43x | ₹29.68 | 11.63% | ₹264.09 |
| Lupin | 26.64x | ₹71.95 | 21.00% | ₹377.18 |
Rubicon Research IPO Dates
| Open Date | October 09, 2025 |
| Close Date | October 13, 2025 |
| Allotment Date | October 14, 2025 |
| Refund Date | October 15, 2025 |
| Share Credit Date | October 15, 2025 |
| Listing Date | October 16, 2025 |
Rubicon Research Company Financial Report
| Years | Assets | Income | Expenses | Net Worth | PAT | Borrow |
|---|---|---|---|---|---|---|
| June 2025 | ₹1,647.60 Cr. | ₹356.95 Cr. | ₹297.39 Cr. | ₹593.67 Cr. | ₹43.30 Cr. | ₹495.78 Cr. |
| March 2025 | ₹1,451.43 Cr. | ₹1,296.22 Cr. | ₹1,101.70 Cr. | ₹540.98 Cr. | ₹134.36 Cr. | ₹393.17 Cr. |
| March 2024 | ₹1,109.49 Cr. | ₹872.39 Cr. | ₹769.53 Cr. | ₹385.00 Cr. | ₹91.01 Cr. | ₹396.41 Cr. |
| March 2023 | ₹749.70 Cr. | ₹419.00 Cr. | ₹430.05 Cr. | ₹286.38 Cr. | ₹-16.89 Cr. | ₹317.91 Cr. |
Company Promoters :
- Sudhir Dhirendra Pilgaonkar
- Pratibha Pilgaonkar
| Holding Pre Issue | 15,44,37,251 Sharea | 77.67% |
| Holding Post Issue | 16,47,46,529 Sharea | — |
Rubicon Research IPO Lead Managers
- Axis Capital Limited
- IIFL Capital Services Limited
- JM Financial Limited
- SBI Capital Markets Limited
Rubicon Research IPO Registrar
MUFG Intime India Private Limited
C-101, Embassy 247
L.B.S. Marg, Vikhroli (West), Mumbai 400
083, Maharashtra, India
Telephone: +91 81081 14949
E-mail: rubicon.ipo @ in.mpms.mufg.com
Website: www.in.mpms.mufg.com
About The Company
Established in 1999, Rubicon Research Limited is a pharmaceutical company focused on creating, manufacturing, and marketing innovative and differentiated formulations. Over the years, the company has steadily expanded its presence in the global generics market, with a strong emphasis on quality, compliance, and research-driven growth.
As of June 30, 2025, Rubicon Research holds approvals for 72 products under ANDAs and NDAs from the US FDA. Out of these, 66 products have already been commercialized, contributing to the US generic pharmaceutical market worth USD 2,455.7 million, where the company itself generated USD 195 million in revenue during Fiscal 2024. In addition, Rubicon has 17 products currently awaiting FDA clearance and another 63 products in different stages of the development pipeline, highlighting its commitment to continuous innovation and market expansion.
The company has established a strong distribution network, marketing over 350 SKUs to 96 customers in the US. Its client base includes three of the largest wholesalers, who collectively account for more than 90% of the nation’s drug distribution. Beyond wholesalers, Rubicon also works with group purchasing organizations (GPOs), leading pharmacy chains, and managed care organizations. Internationally, the company has filed or registered 48 product applications in markets such as Australia, the United Kingdom, Singapore, Saudi Arabia, and the UAE, with plans to commence sales once approvals are received. Additionally, it offers contract manufacturing services to partners in India, Australia, and New Zealand.
Rubicon Research operates three advanced manufacturing facilities in India along with two FDA-inspected R&D centers, one located in India and the other in Canada. Its key strengths lie in its rapid growth within the Indian pharmaceutical industry, a data-driven approach to product selection, and strong research and development capabilities. With proven expertise in cost-efficient manufacturing, robust sales channels in the US, and a leadership team combining experience with entrepreneurial vision, Rubicon Research Limited has positioned itself as a fast-emerging global pharmaceutical company.
Objects Of The Issue
- 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
Company Address
Rubicon Research Limited
MedOne House, B-75,
Road No. 33, Wagle Estate,
Thane, Maharashtra, 400604
Phone: 022 61414000
Email: investors@rubicon.co.in
Website: www.rubicon.co.in
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