Rubicon Research IPO Details
Rubicon Research Ltd. is coming out with a Book-Built IPO of Rs. 1,377.50 crore, comprising a Fresh Issue of Rs. 500.00 crore and an Offer for Sale of Rs. 877.50 crore. The issue will open for subscription on October 9, 2025 and close on October 13, 2025. The allotment is likely to be finalized on October 14, 2025, with listing proposed on BSE and NSE on October 16, 2025.
🕗 Last Update: 16 October 2025, 6.00 AM
IPO Key Dates
| Anchor portion | |
| IPO opens on | 9 Oct. 2025 |
| IPO Closes on | 13 Oct 2025 |
| IPO Allotment on | 14 Oct 2025 |
| Unblocking of Asba | 15 Oct 2025 |
| Credit of Shares | 15 Oct 2025 |
| Listing of Shares | 16 Oct 2025 |
Subscription Tally
| QIB | B HNI X | S HNI X | NII X | RII X | Total X |
| 137.09 | 117.77 | 72.57 | 102.70 | 37.40 | 109.35 |
| Applications: 31.42.211 | |||||
| Subscription Review: Trend of the last day indicate strong subscription support |
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The promoter:
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.
The promoters hold 77.67 % shares in the pre IPO capital of the company.
Objects of IPO
The IPO consists of the fresh issue of Capital and an offer for sale. The net proceeds of the IPO will be utilised as under:
| Objects of the Issue | Rs.in Cr. |
| Prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the Company | 310 |
| Funding inorganic growth through unidentified acquisitions and other strategic initiatives and General corporate purposes |
Business :
IPO Details
| Opens On | 9 October 2025 |
| Closes on | 13 October 25 |
| Face Value | Rs.1 |
| Issue Price Band | Rs.461-485 |
| Lot Size | 30 Shares |
| Sale Type | Offer for sale |
| Total Issue Size | 30 shares |
| Total Issue Size | Rs.1377.50 Cr |
| Employee Discount | Rs. 108 |
| Shareholder Discount | Rs. 0 |
| Listing At | BSE, NSE |
How are the shares offered?
| Investor Category | Shares Offered |
| QIB Shares Offered | Not less than 75% of the Net Offer |
| Retail Shares Offered | Not more than 15% of the Net Offer |
| NII Shares Offered | Not more than 10% of the Net Offer |
How can the shares be applied?
| Application | Lots | Shares | Amount Rs. |
| Retail (Min) | 1 | 30 | 14,550 |
| Retail (Max) | 13 | 390 | 189,150 |
| S-HNI (Min) | 14 | 420 | 203,700 |
| S-HNI (Max) | 68 | 2040 | 989,400 |
| B-HNI (Min) | 69 | 2070 | 1003950 |
Financial Snapshot
| Period Ended | 30-Jun-25 | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 1,647.60 | 1,451.43 | 1,109.49 | 749.7 |
| Total Income | 356.95 | 1,296.22 | 872.39 | 419 |
| Profit After Tax | 43.3 | 134.36 | 91.01 | -16.89 |
| EBITDA | 79.74 | 267.89 | 173.09 | 43.97 |
| NET Worth | 593.67 | 540.98 | 385 | 286.38 |
| Reserves and Surplus | 397.5 | 525.57 | 369.79 | 281.31 |
| Total Borrowing | 495.78 | 393.17 | 396.41 | 317.91 |
| Amount in Rs. Crore | ||||
Key Performance Indicators
| KPI | Values |
| ROE | 29.02% |
| ROCE | 26.45% |
| Debt/Equity | 0.73 |
| RoNW | 29.02% |
| PAT Margin | 10.37% |
| EBITDA Margin | 20.67% |
| EPS | 8.7 |
| PER | 55.75 |
Peer Comparison
| Company Name | P/E (x) | RoNW (%) |
| Rubicon Research | 55.75 | 29.02 |
| Sun Pharmaceutical Industries | 34.98 | 16.16 |
| Aurobindo Pharma | 18.12 | 11.15 |
| Zydus Lifesciences | 21.83 | 21.34 |
| Strides Pharma Science | 18.27 | 17.21 |
| Dr. Reddy’s Laboratories | 18.05 | 18.53 |
| Alembic Pharmaceuticals | 30.43 | 11.63 |
| Lupin | 26.64 | 21 |
| Registered Office of the company Rubicon Research Ltd. MedOne House, B-75, Road No. 33, Wagle Estate, Thane, Maharashtra, 400604 Phone: 022 61414000 Email: investors@rubicon.co.in Website: https://www.rubicon.co.in/ |
| Lead Managers Axis Capital Ltd IIFL Capital Services ltd JM Financial Ltd. SBI Capital Markets Ltd. |
| Registrar to the IPO Mufg Intime India Pvt ltd |
How to check Allotment Status
Allotment of this IPO will be announced on 14 October 2025 and the link to check allotment is given below:
https://linkintime.co.in/Initial_Offer/public-issues.html
IPO Concise Review by Paresh Gordhandas, CA & Research Analyst
Will update our review soon
Rubicon Research IPO dates
Rubicon Research IPO price & Lot
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