Rubicon Research is launching its IPO on October 9, 2025, and the issue will close on October 13, 2025. This is a Book Built Issue through which the company plans to raise about ₹1,377.50 crore. The offer includes a fresh issue of ₹500 crore and an offer for sale of up to 1,80,92,762 equity shares with a face value of ₹1 each.
The IPO price band is ₹461 to ₹485 per share. Retail investors will get 10% allocation, QIBs 75%, and HNIs 15%. The allotment is expected on October 14, 2025, and the shares will list on BSE and NSE on October 16, 2025.
The company has shown strong financial growth. Revenue increased from ₹872.39 crore in 2024 to ₹1,296.22 crore in 2025. Profit also improved significantly, making the IPO suitable for long-term investors.
Contents
Rubicon Research IPO Details
| Detail | Information |
|---|---|
| IPO Open Date | October 9, 2025 |
| IPO Close Date | October 13, 2025 |
| Face Value | ₹1 per share |
| Price Band | ₹461 – ₹485 |
| Total Issue Size | Approx ₹1,377.50 crore |
| Fresh Issue | Approx ₹500 crore |
| Offer for Sale | 1,80,92,762 shares |
| Issue Type | Book Built Issue |
| Listing | BSE, NSE |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
- Also Read:
- Canara Robeco IPO
Rubicon Research IPO Review and Key Highlights
Rubicon Research has shown encouraging performance, making it a reasonable consideration for investors, though with some caution. The company has delivered steady growth in both revenue and EBITDA over the past few years, supported by strong and consistent investments in research and development.
A substantial part of its revenue comes from the US market, which provides scale but also exposes the company to tariff-related risks. The IPO has received interest from well-known anchor investors, including General Atlantic, which reflects institutional confidence in the business.
However, the valuation at the upper end of the price band appears slightly high, meaning the company will need to maintain strong growth to justify these levels. On the positive side, the grey market sentiment has been strong, suggesting healthy demand and the possibility of good subscription levels.
Rubicon Research IPO
Open: 9-13 Oct 2025
Issue Size: ₹1,377.50 Cr.
Objective: Clear debt, expand business, and fund their R&D in generics.
Exchange: BSE and NSE
Rubicon Research IPO Market Lot
| Category | Lots | 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
| Category | Shares Offered | Percentage |
|---|---|---|
| Anchor Investors | – | – |
| QIB | 85,06,804 | – |
| NII | 42,54,299 | 27.21% |
| Retail | 28,36,200 | 18.14% |
| Employees | 40,046 | 0.26% |
Rubicon Research IPO Anchor Investors
| Anchor Details | Information |
|---|---|
| Anchor Bidding Date | October 8, 2025 |
| Shares Offered | 1,27,64,691 |
| Anchor Size | ₹619.08 crore |
| Anchor Investors List | View PDF |
| 50% Lock-in End | November 13, 2025 |
| Remaining 50% Lock-in End | January 12, 2026 |
Rubicon Research IPO Timeline
| Event | Date |
|---|---|
| IPO Opening | October 9, 2025 |
| IPO Closing | October 13, 2025 |
| Basis of Allotment | October 14, 2025 |
| Refunds | October 15, 2025 |
| Credit to Demat | October 15, 2025 |
| Listing Date | October 16, 2025 |
| Cut-off Time | October 13, 2025 – 5 PM |
Promoters and Shareholding
| 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
| Purpose | Amount (₹ crore) |
|---|---|
| Debt repayment / prepayment | 310 |
| Acquisitions & strategic initiatives | Not specified |
| General corporate purposes | – |
About Rubicon Research
Rubicon Research is a leading Indian pharmaceutical formulations company with a strong focus on innovation and research. The company develops specialty formulations, as well as drug-device combination products, primarily for regulated markets such as the US.
Their data-driven selection process helps identify high-potential products, and their strong R&D capability and distribution network support long-term growth.
Rubicon Research Financials (₹ crore)
| Period | 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 (FY 2025)
| KPI | Value |
|---|---|
| ROE | 29.02% |
| ROCE | 26.45% |
| EBITDA Margin | 20.67% |
| PAT Margin | 10.37% |
| Debt-Equity Ratio | 0.51 |
| EPS | ₹8.82 |
| NAV | ₹35.53 |
Peer Comparison
| Company | EPS | PE | RoNW | NAV | Income |
|---|---|---|---|---|---|
| Sun Pharma | 45.60 | 34.98 | 16.16% | 300.99 | 52,578.44 cr |
| Aurobindo Pharma | 59.81 | 18.12 | 11.15% | 560.22 | 31,723.73 cr |
| Zydus Lifesciences | 44.97 | 21.83 | 21.34% | 238.05 | 23,241.50 cr |
| Strides Pharma | 44.05 | 18.72 | 17.51% | 277.34 | 4,565.34 cr |
| Dr. Reddy’s | 67.89 | 18.05 | 18.53% | 402.78 | 32,643.90 cr |
| Alembic Pharma | 29.68 | 30.33 | 11.63% | 264.09 | 6,672.08 cr |
| Lupin | 71.95 | 26.64 | 21.00% | 377.18 | 22,707.90 cr |
Lead Managers
• Axis Capital
• IIFL Capital Services
• JM Financial
• SBI Capital Markets
Company Address
Rubicon Research Ltd.,
MedOne House, B-75,
Road No. 33, Wagle Estate,
Thane, Maharashtra – 400604
IPO Registrar
MUFG Intime India Pvt. Ltd.
Phone: +91-22-4918 6270
Email: rubicon.ipo@linkintime.co.in
Rubicon Research IPO FAQs
What is Rubicon Research IPO?
It is a mainboard IPO worth ₹1,377.50 crore with a price band of ₹461 to ₹485 per share.
When does the IPO open?
It opens on October 9, 2025, and closes on October 13, 2025.
What is the investor allocation?
QIB 75%, NII 15%, Retail 10%.
How can I apply?
You can apply via ASBA through your bank or UPI through your broker.
What is the allotment date?
October 14, 2025.
What is the allotment date?
October 14, 2025.
What is the listing date?
October 16, 2025 on BSE and NSE.
Expert Comment
Rubicon Research’s IPO looks promising for investors who prefer strong fundamentals and steady business growth. The company has shown consistent improvement in revenue, profitability, and R&D focus, supported by demand from regulated markets like the US.
While the valuation at the upper band appears slightly expensive, the strong anchor participation, improving financials, and positive market sentiment make it an IPO worth considering for long-term gains rather than quick listing profits.
