Rubicon Research IPO
ListedMainboardOpens 9 October 2025Closes 13 October 2025
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…
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.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
9 Oct 2025
IPO Closes
13 Oct 2025
Allotment
14 Oct 2025
Listing
16 Oct 2025
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 9 October 2025 |
| IPO Close Date | 13 October 2025 |
| Allotment Date | 14 October 2025 |
| Listing Date | 16 October 2025 |
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.
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 |
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
Frequently Asked Questions
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Sources
We match Rubicon Research IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- MUFG Intime India Pvt.Ltd.Official site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.