Rubicon Research IPO: Check IPO Date, Live Subscription and Key Details
Rubicon Research Limited, established in 1999, is a pharmaceutical formulations company focused on innovation through R&D, specializing in complex generics and drug-device combination products for highly regulated markets, primarily the United States. The company is among the fastest-growing Indian formulations companies, with a strong focus on high-margin specialty products. As of June 2025, Rubicon had 72 active ANDA/NDA approvals from the US FDA, with a high commercialization rate of 86.4%. It operates two US FDA-inspected R&D centers (India and Canada) and three manufacturing facilities in India, maintaining a strong regulatory compliance track record. The fresh issue proceeds will be used primarily for debt repayment and funding strategic inorganic growth initiatives.
Price Range
₹461.0 - ₹485.0
Issue Size
₹1,377.5 Cr
Lot Size
30 shares
IPO Type
Mainboard
GMP
₹151(+31.13%)
Est. Listing Price
₹636
Estimate Profit
₹4,530
Retail Portion
-
Key Metrics
Check Live GMPGMPFace Value
₹1
EPS
10.51
P/E Ratio
46.13
RoNW
29.02%
ROE
29.02%
Debt to Equity
0.73
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Timeline
IPO Opens
9 Oct
IPO Closes
13 Oct
Allotment
14 Oct
Listing
16 Oct
IPO Timeline & Listing Details
| Event | Date | Details |
|---|---|---|
| IPO Open Date | 9 October 2025 | Subscription starts |
| IPO Close Date | 13 October 2025 | Subscription ends |
| Allotment Date | 14 October 2025 | Allotment |
| Listing Date | 16 October 2025 | Listing |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Retail (Min) | 1 | ₹14,550 |
Retail (Max)Just less than ₹2,00,000 | 13 | ₹1,89,150 |
SHNI (Min)Just above ₹2,00,000 | 14 | ₹2,03,700 |
SHNI (Max)Below ₹10,00,000 | 68 | ₹9,89,400 |
BHNIAbove ₹10,00,000 | 69 | ₹10,03,950 |
IPO Objectives
- Prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the Company (₹310 crores).
- Funding inorganic growth through unidentified acquisitions and other strategic initiatives.
- General corporate purposes.
Strengths
- The company is the fastest-growing Indian pharmaceutical firm among its peers, demonstrating significant revenue growth.
- It has strong R&D capabilities with two US FDA-inspected centers (India and Canada) and a high product commercialization rate.
- The niche focus on the highly regulated US market (over 98% of revenue) allows for higher pricing power in complex generic and specialty products.
- The business maintains a robust portfolio of 72 approved ANDA/NDA products and 63 products in development, ensuring a strong future pipeline.
- The company has a strong compliance track record, cost-effective manufacturing, and a projected low debt-to-equity ratio post-IPO (< 0.4x).
Weaknesses
- There is extreme revenue concentration on the US market (over 98%), making the company highly vulnerable to US regulatory changes and pricing pressures.
- The business faces high customer concentration risk, with the top five customers contributing over 71% of revenues.
- The P/E ratio of 55.88x is a significant premium to the industry average, pricing the issue aggressively.
- The company is a working capital intensive business, characterized by high inventory and receivable days (172 net working capital days in FY25).
- It has substantial exposure to foreign exchange risk due to high USD-denominated exports and unhedged liabilities.
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Financial Performance
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets (₹ Cr.) | 1,647.6 | 1,451.43 | 1,109.49 | 749.7 |
| Revenue (₹ Cr.) | 356.95 | 1,296.22 | 872.39 | 419 |
| PAT (₹ Cr.) | 43.3 | 134.36 | 91.01 | -16.89 |
| Net Worth (₹ Cr.) | 593.67 | 540.98 | 385 | 286.38 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Rubicon Research | 13.65 | 46.13 | 29.02% | 593.67 |
| Sun Pharmaceutical | 5.51 | 38.27 | 15.13% | 72,486.99 |
| Aurobindo Pharma | 2.01 | 19.34 | 10.68% | 32,647.22 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.27x | 2.22x | 137.09x |
| NII | 0.49x | 1.92x | 102.7x |
| S-HNI | 0.66x | 2.55x | 72.57x |
| B-HNI | 0.4x | 1.6x | 117.77x |
| RII | 1.43x | 4.16x | 37.4x |
| EMP | 0.97x | 2.33x | 17.68x |
| Total | 0.54x | 2.49x | 109.35x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 85,06,804 | 1,16,61,67,740 | 56,559.14 |
| NII | 42,54,299 | 43,69,33,710 | 21,191.28 |
| Small NII | 14,18,100 | 10,29,11,520 | 4,991.21 |
| Big NII | 28,36,200 | 33,40,22,190 | 16,200.08 |
| RII | 28,36,200 | 10,60,66,710 | 5,144.24 |
| EMP | 40,046 | 7,08,210 | 34.35 |
| Total | 1,56,37,349 | 1,70,98,76,370 | 82,929 |
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Company Details
- Rubicon Research Ltd.
- MedOne House, B-75, Road No. 33, Wagle Estate, Thane, Maharashtra-400604
- 022 61414000
- investors@rubicon.co.in
- https://www.rubicon.co.in/
Registrar Details
- MUFG Intime India Pvt.Ltd.
- +91-22-4918 6270
- rubicon.ipo@linkintime.co.in
- https://linkintime.co.in/Initial_Offer/public-issues.html
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