Rubicon Research IPO on 9 October

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: 5 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

 

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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 :

Incorporated in 1999, Rubicon Research Ltd. is a pharma company engaged in developing, manufacturing, and marketing differentiated formulations.

As of June 30, 2025, it had 72 ANDA/NDA products approved by US FDA, of which 66 are commercialized, contributing USD 195 million to its revenue from the US generic market of USD 2,455.7 million.

The company has 17 products awaiting US FDA approval and another 63 under development. It markets over 350 SKUs to 96 customers, including three major US wholesalers controlling over 90% of distribution.

Beyond the US, Rubicon has filed 48 product applications across Australia, UK, Singapore, Saudi Arabia, and UAE, with commercial rollout expected post-approvals.

It also undertakes contract manufacturing in India, Australia, and New Zealand. The company operates three manufacturing units in India and two US FDA–inspected R&D facilities in India and Canada.

IPO Details

Opens On 9 October 2025
Closes on 13 October 25
Face Value Rs.1
Issue Price Band Rs.461-485
Lot Size ? 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
Websitehttps://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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