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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.
Revenue Growth
Sotefin Bharat
| Companies Name | Open - Close | Issue Size | Min. Qty | Issue Price | Apply |
|---|---|---|---|---|---|
Sotefin Bharat SME | 16th Jul 2026 - 20th Jul 2026 | 89.76 Cr | 600 Shares | ₹ 178.00 | |
Caliber Mining & Logistics Mainboard | 17th Jul 2026 - 21st Jul 2026 | 450.00 Cr | 35 Shares | ₹ 402.00 |
Open Date
09 Oct 2025
Close Date
13 Oct 2025
Min Investment
₹14550
Lot Size
30 Shares
Issue Size
₹1377.5 Cr
Price Range
₹461 - ₹485
Listing Date
Oct 16, 2025
IPO Doc
RHP PDFCompany Valuation
Earning Expansion
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.
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%
The company intends to use ₹310 crore towards the payment/repayment of borrowings.
IPO funds will cover unidentified acquisitions and general corporate purposes.
Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).
In Cr.
| 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
General Atlantic Singapore
Pratibha Pilgaonkar
Sudhir Dhirendra Pilgaonkar
Parag Suganchand Sancheti
Surabhi Parag Sancheti
Sumant Sudhir Pilgaonkar
N/A
N/A
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
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.
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.
The company depends heavily on a few customers, with the top five contributing 71.22% of revenues in FY25 and 77.04% as of June 2025. One customer (TruPharma) alone accounted for 17.16% of revenues as of June 2025. Loss of a key customer or adverse contract terms could materially reduce revenues and weaken bargaining power.
With 98.49% of FY25 revenues from exports in the US and 99.50% as of June 2025, the company is exposed to currency volatility. Unhedged exposures stood at USD -$835.35 crore as of June 2025. Net forex gains have already declined sharply from ₹15.67 crore in FY24 to ₹8.31 crore in FY25. Further, in addition, certain of its borrowings are denominated in USD, and any such depreciation of the Indian rupee against the USD may impact the financial condition.