| Rubicon Research IPO Review | Rubicon Research IPO SWOT |
| Rubicon Research Peer Comparison Analysis | Rubicon Research IPO Allotment |
Rubicon Research IPO Description – Established in 1999, Rubicon Research is a specialty pharmaceutical formulations company with a complete focus on regulated markets, particularly the United States, making it unique among its Indian peers. Between Fiscal 2023 and 2025, it recorded the fastest growth among Indian pharmaceutical formulation companies, achieving a revenue CAGR of 75.89%, over seven times higher than the industry average. Its revenues tripled over this period, supported by an expanding portfolio of U.S. FDA-approved products.
As of 30 June 2025, Rubicon and its subsidiaries had 72 active ANDAs, nine NDAs, and one OTC monograph approved, with 17 new products under review. The company commercialized 70 out of 81 approvals, achieving an industry-leading commercialization rate of 86.4%. Its U.S. product portfolio includes 66 marketed products contributing USD 195 million in Fiscal 2025 revenues from a USD 2.46 billion market. Notably, Rubicon held market shares above 25% for nine products in 2025.
Therapy contributions were led by CNS and CVS products (41.85% of FY25 revenue), followed by analgesics (27.79%). Rubicon’s strategic acquisitions, including Validus Pharmaceuticals, strengthened its branded pipeline, with differentiated products like Equetro® and Raldesy®. With 170 scientists across India and Canada.
Promoters of Rubicon Research – General Atlantic Singapore RR Pte. Ltd., Pratibha Pilgaonkar, Sudhir Dhirendra Pilgaonkar, Parag Suganchand Sancheti, Surabhi Parag Sancheti and Sumant Sudhir Pilgaonkar
Table of Contents
Rubicon Research IPO Details
| Rubicon Research IPO Dates | 9 – 13 October 2025 |
| Rubicon Research Issue Price | INR 461 – 485 per share Employee Discount – INR 46 per share |
| Fresh issue | INR 500 crore |
| Offer For Sale | INR 877.5 crore |
| Total IPO size | INR 1,377.5 crore |
| Minimum bid (lot size) | 30 shares (INR 14,550) |
| Face Value | INR 1 per share |
| Retail Allocation | 10% |
| Listing On | NSE, BSE |
Rubicon Research Financial Performance
| FY 2023 | FY 2024 | FY 2025 | Q1 FY 2026 | |
| Revenue | 393.52 | 853.89 | 1,284.27 | 352.49 |
| Expenses | 430.05 | 769.53 | 1,101.70 | 116.07 |
| Net income | (16.89) | 91.01 | 134.36 | 43.30 |
| Margin (%) | (4.29) | 10.66 | 10.46 | 12.28 |
Rubicon Research Offer News
- Rubicon Research RHP
- Rubicon Research DRHP
- ASBA IPO Forms
- Live IPO Subscription Status
- IPO Allotment Status
Rubicon Research Valuations & Margins
| FY 2023 | FY 2024 | FY 2025 (Pre Issue) | FY 2025 (Post-Issue)* | |
| EPS | (1.11) | 5.91 | 8.68 | 8.16 |
| PE Ratio | – | – | 53.11 – 55.88 | 56.51 – 59.45 |
| FY 2023 | FY 2024 | FY 2025 | |
| RONW (%) | (5.71) | 27.11 | 29.02 |
| NAV | 18.83 | 25.31 | 35.53 |
| ROCE (%) | 1.35 | 18.62 | 26.45 |
| EBITDA (%) | 10.49 | 19.84 | 20.67 |
| Debt/Equity | 1.11 | 1.03 | 0.73 |
Rubicon Research IPO GMP Today (Daily Trend)
| Date | Day-wise IPO GMP | Subject to Sauda |
| 15 October 2025 | 110 | 2,600 |
| 14 October 2025 | 115 | 2,600 |
| 13 October 2025 | 98 | 2,200 |
| 11 October 2025 | 110 | 2,500 |
| 10 October 2025 | 105 | 2,300 |
| 9 October 2025 | 85 | 2,100 |
| 8 October 2025 | 78 | 1,800 |
| 7 October 2025 | 77 | 1,800 |
| 6 October 2025 | 70 | 1,600 |
Rubicon Research IPO Objectives
The company proposes to utilize the Net Proceeds from the Fresh Issue towards funding the following objects:
- Prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the company – INR 310 crore
- Funding inorganic growth through unidentified acquisitions and other strategic initiatives and General corporate purposes
Rubicon Research IPO Subscription – Live Updates
| Category | QIB | NII | Retail | Emp | Total |
|---|---|---|---|---|---|
| Shares Offered | 89,52,820 | 44,76,409 | 29,84,273 | 42,168 | 1,64,55,670 |
| 13 Oct 2025 | 130.26 | 97.61 | 35.47 | 16.79 | 103.89 |
| 10 Oct 2025 | 2.11 | 1.82 | 3.94 | 2.21 | 2.37 |
| 9 Oct 2025 | 0.26 | 0.47 | 1.36 | 0.92 | 0.51 |
1,27,64,691 shares allotted to anchor investors are not included in these calculations.
Rubicon Research – Comparison With Listed Peers
| Company | PE ratio | EPS | RONW (%) | NAV | Revenue (Cr.) |
| Rubicon Research | 55.88 | 8.68 | 29.02 | 35.53 | 1,284.27 |
| Sun Pharma | 34.98 | 45.60 | 16.16 | 300.99 | 52,578.44 |
| Aurobindo Pharma | 18.12 | 59.81 | 11.15 | 560.22 | 31,723.73 |
Rubicon Research IPO Dates & Listing Performance
| IPO Opening Date | 9 October 2025 |
| IPO Closing Date | 13 October 2025 |
| Finalization of Basis of Allotment | 14 October 2025 |
| Initiation of refunds | 15 October 2025 |
| Transfer of shares to demat accounts | 15 October 2025 |
| Rubicon Research IPO Listing Date | 16 October 2025 |
| Opening Price on NSE | INR 620 per share (up 27.84%) |
| Closing Price on NSE | INR 628.20 per share (up 29.53%) |
Rubicon Research IPO Reviews – Subscribe or Avoid?
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Capital Market – Subscribe for long term
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Elite Wealth – Not rated
GCL Broking –
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Hem Securities – Subscribe
Hensex Securities –
HDFC Securities –
ICICIdirect –
IDBI Capital –
Investmentz –
Indsec Securities –
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Marwadi Financial –
Motilal Oswal –
Mehta Equities –
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Reliance Securities –
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Samco Securities – Subscribe
SBI Securities – Not rated
SMC Global – 2/5
SMIFS – Subscribe
Systematix Research –
Swastika Investmart –
Ventura Securities – Subscribe
Rubicon Research Offer Lead Manager
AXIS CAPITAL LIMITED
1st Floor, Axis House C-2 Wadia International Center
Pandurang Budhkar Marg, Worli Mumbai – 400 025 Maharashtra
Phone: +91 22 4325 2183
Email: [email protected]
Website: www.axiscapital.co.in
Rubicon Research Offer Registrar
MUFG INTIME INDIA PRIVATE LIMITED
C-101, 247 Park L B S Marg, Vikhroli (West),
Mumbai, 400 083, Maharashtra
Phone: +91 810 811 4949
Email: [email protected]
Website: www.mpms.mufg.com
Rubicon Research Contact Details
RUBICON RESEARCH LIMITED
MedOne House, B-75, Road No. 33, Wagle Estate,
Thane West- 400 604, Maharashtra, India
Phone: 022 61414000
Email: [email protected]
Website: www.rubicon.co.in
Rubicon Research IPO FAQs
How many shares in Rubicon Research IPO are reserved for HNIs and retail investors?
The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%.
How to apply for Rubicon Research Public Offer?
The best way to apply for Rubicon Research public offer is through Internet banking ASBA (know all about ASBA here). You can also apply online through your stock broker using UPI. If you prefer to make paper applications, fill up an offline IPO form and deposit the same to your broker.
What is Rubicon Research IPO GMP today?
Rubicon Research IPO GMP today is INR 110 per share.
What is Rubicon Research kostak rate today?
Rubicon Research kostak rate today is INR NA per application.
What is Rubicon Research Subject to Sauda rate today?
Rubicon Research Subject to Sauda rate today is INR 2,600 per application.