Rubicon Research IPO Details
| IPO Open Date | October 9, 2025 |
| IPO Close Date | October 13, 2025 |
| Face Value | ₹1 Per Equity Share |
| IPO Price Band | ₹461 to ₹485 Per Share |
| Issue Size | Approx ₹1,377.50 Crores |
| Fresh Issue | Approx ₹500 Crores |
| Offer for Sale: | Approx 1,80,92,762 Equity Shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus |  |
| RHP Draft Prospectus | |
Rubicon Research IPO Review & Key Points
- Review: May Apply
- CM Rating: 45
- The company has increase in revenue, EBITDA, and moving from losses to profits in last couple of years.
- The company is investing major portion of their revenue in research & development.
- Majority of the revenue comes from U.S. regulated markets. The US tarrif might affect the overall financials as per their dependency.
- According to the Anchor investment, Big names (General Atlantic) shown confidence in the company.
- As per the upper price band gives relatively high P/E multiple, The investors will expect a good growtch post-listing. If growth slows, valuation may be affected.
- They grey market seems very much positive and it might lead to a good subscription as well.
Rubicon Research IPO Market Lot
The Rubicon Research IPO minimum market lot is 30 shares with ₹14,550 application amount. The retail investors can apply up-to 13 lots with 390 shares of ₹1,89,150 amount.
| Application | Lot Size | 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 |
IPO Reservation
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | 85,06,804 Shares | -% |
| NII Shares Offered | 42,54,299 Shares | 27.21 |
| Retail Shares Offered | 28,36,200 Shares | 18.14% |
| Employee Shares Offered | 40,046 Shares | 0.26% |
Rubicon Research IPO Anchor Investors
| Anchor Bidding Date | October 8, 2025 |
| Anchor Investors List | |
| Shares Offered | 1,27,64,691 Shares |
| Anchor Size | 619.08 Cr. |
| lock-in period end date 50% shares (30 Days) | November 13, 2025 |
| lock-in period end date 50% shares (90 Days) | January 12, 2026 |
Rubicon Research IPO Dates
The Rubicon Research IPO date is October 9 and the close date is October 13. The Rubicon Research IPO allotment will be finalized on October 14 and the IPO listing on October 16.
| IPO Open Date: | October 9, 2025 |
| IPO Close Date: | October 13, 2025 |
| Basis of Allotment: | October 14, 2025 |
| Refunds: | October 15, 2025 |
| Credit to Demat Account: | October 15, 2025 |
| IPO Listing Date: | October 16, 2025 |
| IPO Bidding Cut-off Time: | October 13, 2025 – 5 PM |
Promoters and Holding Pattern
The promoters of the company are General Atlantic Singapore RR Pte. Ltd., Pratibha Pilgaonkar, Sudhir Dhirendra Pilgaonkar, Parag Suganchand Sancheti, Surabhi Parag Sancheti and Sumant Sudhir Pilgaonkar.
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 15,44,37,251 | 77.67% |
| Promoter Holding Post Issue | 16,47,46,529 | 72.80% |
Objects of the Issue & Utilisation of proceeds
| Purpose | Crores |
| 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 |
About Rubicon Research IPO
Rubicon Research is one of the leading pharmaceutical formulations companies and focuses on innovation through dedicated research and development. Moreover, their portfolio includes specialty products and drug-device combination products, aimed mainly at regulated markets, especially the United States.
Furthermore, they believe their multi-disciplinary, data-driven, and return on investment (“ROI”) centric product selection framework is geared towards identifying sustainable opportunities for new product development. Moreover, they find and go after opportunities that give an edge by using skills in development, manufacturing, and sales to grow market share.
The company has unique strengths, the Fastest-growing Indian pharmaceutical company compared to peers, a Data-driven way to choose products, a Strong research and development team, Solid sales and distribution network in the US.
Rubicon Research IPO Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹419.00 | ₹430.05 | ₹16.89 | ₹749.70 |
| 2024 | ₹872.39 | ₹769.53 | ₹91.01 | ₹1,109.49 |
| 2025 | ₹1,296.22 | ₹1,101.70 | ₹134.36 | ₹1,451.43 |
| June 2025 | ₹356.95 | ₹297.39 | ₹43.30 | ₹1,647.60 |
Rubicon Research IPO Valuation – FY2025
Check Rubicon Research IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| KPI | Values |
| ROE: | 29.02% |
| ROCE: | 26.45% |
| EBITDA Margin: | 20.67% |
| PAT Margin: | 10.37% |
| Debt to equity ratio: | 0.51 |
| Earning Per Share (EPS): | ₹8.82 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 29.02% |
| Net Asset Value (NAV): | ₹35.53 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Sun Pharmaceutical Industries Limited | 45.60 | 34.98 | 16.16% | 300.99 | 52,578.44 Cr. |
| Aurobindo Pharma Limited | 59.81 | 18.12 | 11.15% | 560.22 | 31,723.73 Cr. |
| Zydus Lifesciences Limited | 44.97 | 21.83 | 21.34% | 238.05 | 23,241.50 Cr. |
| Strides Pharma Science Limited | 44.05 | 18.72 | 17.51% | 277.34 | 4,565.34 Cr. |
| Dr. Reddy’s Laboratories Limited | 67.89 | 18.05 | 18.53% | 402.78 | 32,643.90 Cr. |
| Alembic Pharmaceuticals Limited | 29.68 | 30.33 | 11.63% | 264.09 | 6,672.08 Cr. |
| Lupin Limited | 71.95 | 26.64 | 21.00% | 377.18 | 22,707.90 Cr. |
IPO Lead Managers aka Merchant Bankers
- Axis Capital Ltd.
- IIFL Capital Services Ltd.
- JM Financial Ltd.
- SBI Capital Markets Ltd.
Company Address
Rubicon Research Ltd.
MedOne House, B-75,
Road No. 33, Wagle Estate,
Thane, Maharashtra, 400604
Phone: 022 61414000
Email: [email protected]
Website: https://www.rubicon.co.in/
IPO Registrar
MUFG Intime India Pvt.Ltd.
Phone: +91-22-4918 6270
Email: [email protected]
Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html
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Note: The Rubicon Research IPO price band and date are officially announced. The (Rubicon Research IPO grey market premium) will be added to the IPO GMP page as it will start).
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