Rubicon Research Limited – IPO
Rubicon Research Limited – IPO Details
| IPO Date | October 9, 2025 to October 13, 2025 |
| Listing Date | October 16, 2025 |
| Face Value | ₹ 1 / Share |
| Price Band | ₹ 461 to ₹ 485 / Share |
| Lot Size | 30 Shares |
| Total Issue Size | 2,84,02,040 shares (Aggregating up to ₹1,377.50 Cr) |
| Fresh Issue | 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 |
| Market Maker portion |
Rubicon Research Limited Timeline (Tentative Schedule)
Rubicon Research Limited IPO opens on October 9, 2025, and closes on October 13, 2025.
| IPO Open Date | October 9, 2025 |
| IPO Close Date | October 13, 2025 |
| Basis of Allotment | October 14, 2025 |
| Initiation of Refunds | October 15, 2025 |
| Credit of Shares to Demat | October 15, 2025 |
| Listing Date | October 16, 2025 |
| Cut-off time for UPI mandate confirmation | October 13, 2025 |
Rubicon Research Limited IPO Lot Size
Investors can bid for a minimum of 30 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 30 | Rs.14,550 |
| Retail (Max) | 13 | 390 | Rs.189,150 |
| S-HNI (Min) | 14 | 420 | Rs.203,700 |
| S-HNI (Max) | 68 | 2,040 | Rs.989,400 |
| B-HNI (Min) | 69 | 2,070 | Rs.1,003,950 |
| HNI (Min) |
Rubicon Research Limited IPO Promoter Holding
| Share Holding Pre Issue | 77.67% |
| Share Holding Post Issue |
Rubicon Research Limited IPO Reservation
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | |
|
| Market Maker Shares Offered | |
|
| Other Shares Offered | |
|
| QIB Shares Offered | Not less than 75% |
|
| NII (HNI) Shares Offered | Not more than 15% |
|
| bNII > ₹10L | |
|
| sNII < ₹10L | |
|
| Retail Shares Offered | Not more than 10% |
|
| Employee Shares Offered | |
|
| Total Shares Offered | |
Rubicon Research Limited IPO Anchor Investors Details
| Bid Date | |
| Shares Offered | |
| Anchor Portion Size (In Cr.) | |
| Anchor lock-in period end date for 50% shares (30 Days) | |
| Anchor lock-in period end date for remaining shares (90 Days) |
About Rubicon Research Limited
Founded in 1999, Rubicon Research Limited is a pharmaceutical firm that undertakes the development, production, and marketing of differentiated products.
As of June 30, 2025, Rubicon Research had 72 approved Abbreviated New Drug Application (ANDA) and New Drug Application (NDA) product portfolios in the US FDA. The company's product portfolio consists of 66 products that have gone commercial, out of which the US generic pharmaceutical market size is USD 2,455.7 million, of which the contribution of Rubicon Research Limited was USD 195 million during Fiscal 2024.
As of June 30, 2025, the company has 17 new products in US FDA ANDA approval pending and 63 products under various stages of development.
Through June 30, 2025, the company sold more than 350 SKUs to 96 customers, including three large wholesalers who account for greater than 90% of US wholesale drug distribution. The company also supplies group purchasing organizations (GPOs), national pharmacy chains, regional pharmacy chains, and managed care organizations.
Outside of the US market, Rubicon Research Limited has directly or indirectly, through third-party distribution partners, registered or filed 48 product applications in Australia, the United Kingdom, Singapore, Saudi Arabia, and the United Arab Emirates and plans to begin commercial activities upon approval. Rubicon also offers contract manufacturing services to certain customers in India, Australia, and New Zealand.
Rubicon Research Limited has three manufacturing plants in India and two US FDA inspected R&D centers-one each in India and Canada.
Competitive strengths
Indias fastest-growing pharmaceutical company among peers.
Data-driven product selection framework
Very strong R&D capabilities
Well-developed sales and distribution capabilities in the US
Strong history of compliance along with competence in cost-effective manufacturing
Seasoned and entrepreneurial management team
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 29.02% |
| ROCE | 26.45% |
| Debt/Equity | 0.73 |
| RoNW | 29.02% |
| P/BV | |
| PAT Margin (%) | 10.37% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 8.70 | |
| P/E (x) |
Note:
- The Pre IPO EPS is calculated based on Pre-IPO shareholding as on the date of RHP and the latest FY earnings as of March 31, 2025, that is available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of June 30, 202,5 that is available in RHP.
Objects of the Issue (Rubicon Research Limited IPO Objectives)
Rubicon Research Limited Contact Details
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/ |
Rubicon Research Limited IPO Registrar
MUFG Intime India Pvt.Ltd. Phone: +91-22-4918 6270 Email: [email protected] Website: https://linkintime.co.in/Initial_Offer/public-issues.html |