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Rubicon Research IPO
Rubicon Research IPO is a book-built issue of INR 1,377.50 crores. The issue consists of a combination of a fresh issue of 0.13 crore shares and an offer for sale of 1.81 crore shares. The price band is set at INR 461 to INR 485 per share, and the lot size for an application is 30 shares. The minimum investment required by a retail investor is INR 14,550 (30 shares). The IPO opens on October 9, 2025, and closes on October 13, 2025. It will list on BSE and NSE with a tentative listing date of October 16, 2025.
Company Background
Rubicon Research Limited, incorporated in 1999, is a specialty pharmaceutical company focused on developing, manufacturing, and commercializing differentiated formulations. As of June 30, 2025, the company has 72 active ANDA and NDA products approved by the US FDA, with 66 commercialized products contributing USD 195 million in Fiscal 2024 within a US generic pharmaceutical market of USD 2,455.7 million. Rubicon markets over 350 SKUs to 96 customers, including major wholesalers that dominate US drug distribution.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Rubicon Research IPO GMP
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Rubicon Research IPO Details
| Detail | Description |
|---|---|
| IPO Date | October 9, 2025 to October 13, 2025 |
| Listing Date | [.] |
| Face Value | ₹1 per share |
| Issue Price Band | ₹461 to ₹485 per share |
| Lot Size | 30 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 2,84,02,040 shares (aggregating up to ₹1,377.50 Cr) |
| Fresh Issue(Ex Market Maker) | 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) |
| Employee Discount | ₹48.00 |
| Issue Type | Bookbuilding 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 Timeline
| Detail | Description |
|---|---|
| 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 |
| Tentative Listing Date | Thu, Oct 16, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Mon, Oct 13, 2025 |
Rubicon Research IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | 30 | ₹14,550 |
| Individual investors (Retail) (Max) | 13 | 390 | ₹1,89,150 |
| S-HNI (Min) | 14 | 420 | ₹2,03,700 |
| S-HNI (Max) | 68 | 2,040 | ₹9,89,400 |
| B-HNI (Min) | 69 | 2,070 | ₹10,03,950 |
Rubicon Research IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | 77.67% |
| Promoter Holding Post Issue | - |
Competitive Strength:
- • Fastest-growing Indian pharmaceutical company that supports a strong commercial pipeline and robust sales.
- • Experienced management and cost-effective manufacturing.
Rubicon Research IPO Financial Information
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing | ||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 Jun 2025 | 1,647.60 | 356.95 | 43.30 | 593 | - | 495.78 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2025 | 1,451.43 | 1,296.22 | 134.36 | 540.98 | - | 393.17 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 1,109.49 | 872.39 | 91.01 | 385.00 | - | 396.41 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 749.70 | 419.00 | -16.89 | 286.38 | - | 317.91 | ||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 29.02% |
| ROCE | 26.45% |
| Debt/Equity | 0.73 |
| RoNW | 29.02% |
| PAT Margin | 10.37% |
| EBITDA Margin | 20.67% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 8.70 | |
| P/E (x) |
Conclusion
The Rubicon Research IPO presents an opportunity for investors to invest in a fast-growing Indian pharmaceutical company with a strong focus on innovation and product diversification. Its robust R&D capabilities, diverse product portfolio, and presence in the US generic market make it a recognizable player in the industry. Backed by a strong revenue record, cost-effective manufacturing, and an experienced management team, Rubicon is well-positioned for sustained long-term value creation.
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