When does the Rubicon Research IPO open and close?

The Rubicon Research IPO opens on 9 Oct and closes on 13 Oct.

Where can I check the live subscription status of the Rubicon Research IPO?

You can track the real-time subscription numbers using the links below: https://www.iposcanner.ai/ipo/rubicon-research-ipo?tab=subscription

What is the issue size of the Rubicon Research IPO?

The size of Rubicon Research IPO is Total 2,84,02,040 shares(aggregating up to ₹1377.5 crore) : #Fresh Issue : 1,03,09,278 shares(aggregating up to ₹500 crore) + #OFS : 1,80,92,762 shares(aggregating up to ₹877.5 crore).

What is the price band of the Rubicon Research IPO?

The Rubicon Research IPO price band is set between ₹461-485 per equity share.

What is the minimum investment for the Rubicon Research IPO?

The minimum investment for the Rubicon Research IPO is ₹14550.

What is the allotment date of the Rubicon Research IPO?

The share allotment date of Rubicon Research IPO is 14 Oct.

What is the Rubicon Research IPO listing date?

The Rubicon Research IPO will be listed on 16 Oct.

How to check Rubicon Research IPO allotment status online?

Follow the steps to check the Rubicon Research IPO allotment status online here: https://www.iposcanner.ai/ipo/rubicon-research-ipo?tab=allotment

Rubicon Research

Q: Who is the registrar for the Rubicon Research IPO?

The registrar for the Rubicon Research IPO is Axis Capital LtdIIFL Capital Services LtdJM Financial LtdSBI Capital Markets Ltd. You can check your allotment status on their official website.

Open Date

09 Oct 2025

Close Date

13 Oct 2025

listed

Min Investment

₹14550

Lot Size

30 Shares

Issue Size

₹1377.5 Cr

Price Range

₹461 - ₹485

Listing Date

Oct 16, 2025

IPO Doc

RHP PDF

About Rubicon Research

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Founded in 1999, Rubicon Research Limited is a pharmaceutical organization that deals with the development, manufacturing, and marketing of differentiated formulation.As of March 31, 2024, Rubicon Research Limited had an approved portfolio of 69 active Abbreviated New Drug Application (ANDA) and New Drug Application (NDA) products of the US FDA. The portfolio comprises 55 commercialized products of which the US generic pharmaceutical market size is USD 2,386.6 million and which has contributed USD 154.3 million by Rubicon Research Limited during Fiscal 2024.

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Revenue Growth

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹130(+26.80%)GMP

26.8%Prediction Listing Gain

Rubicon Research IPO - Issue Objectives

The company intends to use ₹310 crore towards the payment/repayment of borrowings. IPO funds will cover unidentified acquisitions and general corporate purposes.

Repayment of loans

62%

Inorganic growth and general corporate purposes

38%

Repayment of loans

The company intends to use ₹310 crore towards the payment/repayment of borrowings.

62.00%

Inorganic growth and general corporate purposes

IPO funds will cover unidentified acquisitions and general corporate purposes.

38.00%

IPO Subscription Status

Retails

34.60x

QIB

74.99x

NII

95.07x

Financials of Rubicon Research

In Cr.

Revenue: ₹356.95

EBITDA: ₹79.74

Profit: ₹43.30

Total Income

EBITDA

Total Profit

Negative Value

Key Performance Indicator	30-Jun-25 (In Cr.)	31-Mar-25 (In Cr.)	31-Mar-24 (In Cr.)	31-Mar-23 (In Cr.)
Revenue	356.95	1296.22	872.39	419.00
EBITDA	79.74	267.89	173.09	43.97
Expenses
Profit After Tax	43.30	134.36	91.01	-16.89
Assets	1647.60	1451.43	1109.49	749.70
Net Worth	593.67	540.98	385.00	286.38
Reserves	397.50	525.57	369.79	281.31
Borrowing	495.78	393.17	396.41	317.91

Rubicon Research - Promoter(s)

Rubicon Research

General Atlantic Singapore

Pratibha Pilgaonkar

Sudhir Dhirendra Pilgaonkar

Parag Suganchand Sancheti

Surabhi Parag Sancheti

Sumant Sudhir Pilgaonkar

Pre Issue Share Holding

N/A

Post Issue Share Holding

N/A

About Strength & Risks

Strengths5Risks4

Why this IPO looks interesting

Key positives investors may want to consider before applying.

Leading pharmaceutical company

Between FY23 and FY25, the company was the fastest-growing Indian pharmaceutical company, with a total revenue CAGR of 75.89%, which was over seven times higher than the average. The company is the only Indian pharmaceutical player fully focused on regulated markets, with 99.50% of revenue from the US in Q1FY26. Its strong presence has translated into more than 25% market share in the US (by value) for nine products in FY25 compared to only two products in FY23.

Data-driven product selection framework

The company leverages a robust, ROI-centric, data-driven framework for product selection that helps withstand pricing pressures in the US generics market. While the overall US generics industry witnessed a 5.2% price erosion between FY22 and FY25, the company achieved an 8.0% average per unit price growth during the same period. With a strong commercialisation rate of 86.4% of approved products as of June 2025 in the US market, the framework ensures early identification of commercially viable opportunities.

Strong R&D capabilities

The company’s R&D strength is backed by 170 scientists across facilities in India and Canada, focusing on formulations and complex dosage forms. It invested ₹36.74 crore in R&D in FY2025 (10.42% of revenue), maintaining a steady allocation to innovation. These FDA-inspected facilities support the development of high-value products such as nasal sprays, inhalation therapies, and speciality drugs, with 72 active ANDAs and 9 NDAs as of June 2025.

Robust sales and distribution capacity in the US

Through its wholly-owned subsidiary AdvaGen Pharma, the company directly markets over 350 SKUs to 96 customers, including all three major US wholesalers that control 90% of distribution. Validus further extends branded sales capabilities, with distribution across 44 states and strong CNS prescriber relationships.

Cost-effective manufacturing

According to F&S, the company’s manufacturing facilities are based in India, where the cost of manufacturing is 30-40% lower than in the US. This enables the company to compete in developed markets while minimising cost. Further, it also utilised third-party manufacturing during periods when its facilities were highly utilised or were not equipped for specific types of manufacturing, allowing the company to meet demand and maintain supply.

Registrar Contact Details

Axis Capital LtdIIFL Capital Services LtdJM Financial LtdSBI Capital Markets Ltd

MedOne House, B-75, Road No. 33, Wagle Estate, Thane West-400604, Maharashtra, India Thane, Maharashtra, 400604

02261414000

[email protected]

https://www.rubicon.co.in/

Rubicon Research IPO - FAQs

Rubicon Research IPO is a Mainboard IPO. The issue is priced at ₹461-485 per equity share. The minimum order quantity is 30 Shares. The IPO opens on 9 Oct, and closes on 13 Oct. Axis Capital LtdIIFL Capital Services LtdJM Financial LtdSBI Capital Markets Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

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