Rubicon Research Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹461 - ₹485
- Lot size
- 30 shares
- Issue amount
- ₹1,377.5 cr
- Total subscription
- 109.33×
- Opens
- 9 Oct 2025
- Closes
- 13 Oct 2025
- Allotment
- 14 Oct 2025
- Listing
- 16 Oct 2025
Offer at a glance
Issue overview
- Issue size
- 2,84,02,040 shares
- Face value
- ₹1 Per Share
- Minimum investment
- ₹13,830
- Fresh issue
- ₹500 cr
- Offer for sale
- ₹877.5 cr
- Registrar
- Link Intime India Private Ltd (MUFG)
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,550
- Issue type
- Bookbuilding IPO
- Shares before issue
- 15,44,37,251
- Shares after issue
- 16,47,46,529
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail | 1 | 30 | ₹14,550 |
| sHNI | 14 | 420 | ₹2,03,700 |
| bHNI | 69 | 2,070 | ₹10,03,950 |
Share reservation
Subscription & GMP
Subscription by category
Reported 13 Oct 2025
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 94,540 | 27,93,192 |
| EMPLOYEES | 0 | 15,968 |
| HNIs(10L +) | 6,753 | 1,55,448 |
| HNIs (2-10L) | 3,376 | 2,34,124 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 412.58 | 56,559.14 |
| FIIs | 0 | 16,406.1 |
| FIs | 0 | 24,566.34 |
| Mutual Funds | 0 | 2,842.57 |
| Others | 0 | 12,744.13 |
| RETAIL | 137.56 | 5,134.48 |
| HNIs 2+ | 68.78 | 4,991.47 |
| HNIs 10+ | 137.56 | 16,200.08 |
| EMPLOYEES | 1.94 | 34.35 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| EPS | 8.82 | 5.98 | -1.11 |
| ROE | 29.02 | 27.11 | -5.71 |
| ROCE | 26.45 | 18.62 | 1.35 |
| RONW | 0 | 0 | 0 |
| PRE IPO(PE) | 0 | 0 | 0 |
| POST IPO(PE) | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Aurobindo Pharma Limited | 18.12 | 1,083.85 | 1.00 | 560.22 | 11.15 | 59.81 |
| Sun Pharmaceutical Industries Limited | 34.98 | 1,594.95 | 1.00 | 300.99 | 16.16 | 45.60 |
| Rubicon Research Limited | NA | NA | 1.00 | 35.53 | 29.02 | 8.82 |
| Zydus Lifesciences Limited | 21.83 | 981.70 | 1.00 | 238.05 | 21.34 | 44.97 |
| Strides Pharma Science Limited | 18.72 | 824.75 | 10.00 | 238.05 | 21.34 | 44.97 |
| Dr. Reddy’s Laboratories Limited | 18.05 | 1,223.70 | 1.00 | 402.78 | 18.53 | 67.89 |
| Alembic Pharmaceuticals Limited | 30.33 | 900.2 | 2.00 | 264.09 | 11.63 | 29.68 |
| Lupin Limited | 26.64 | 1,910.15 | 2.00 | 377.18 | 21.00 | 71.95 |
Company information
Company profile
Rubicon Research Limited, incorporated in 1999, is a pharmaceutical company focused on developing, manufacturing, and commercializing differentiated formulations. As of June 30, 2025, it has 72 US FDA-approved ANDA and NDA products, with 66 commercialized in a US generic market worth USD 2,455.7 million, contributing USD 195 million in Fiscal 2024. The company has 17 products awaiting US FDA approval and 63 in development, marketing over 350 SKUs to 96 customers, including major wholesalers, pharmacy chains, GPOs, and managed care organizations. Globally, Rubicon has registered or filed 48 products across Australia, the UK, Singapore, Saudi Arabia, and the UAE, planning commercial launch upon approval, and offers contract manufacturing in India, Australia, and New Zealand. Its operations include three manufacturing facilities in India and two US FDA-inspected R&D centers in India and Canada.
Strengths
- Robust Product Portfolio: Data-driven selection creates a balanced mix of new and specialty products, helping manage pricing pressures.
- Strong R&D Capabilities: Continuous investment in research enables development of complex, high-revenue products.
- Proven Compliance & Quality Manufacturing: Maintains regulatory standards with cost-effective production and strong quality systems.
Risk factors
- Regulatory & Compliance Risks: Strict manufacturing rules may cause recalls, failed inspections, or plant closures, affecting sales and new launches.
- Financial Performance Risks: Past losses mean profitability depends on growing revenue and managing costs.
- High Capital Requirements: Large working capital and investments are needed; funding issues could disrupt operations.
Promoters
Pratibha Pilgaonkar
Sudhir Dhirendra Pilgaonkar
Parag Suganchand Sancheti
Surabhi Parag Sancheti
Sumant Sudhir Pilgaonkar
Registrar & documents
Lead manager
Axis Capital Limited, IIFL Capital Services Limited, Jm Financial Limited, SBI Capital Markets Limited
Registrar & contacts
Link Intime India Private Ltd (MUFG)
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
MedOne House, B-75, Road No. 33, Wagle Estate, Thane, Maharashtra, 400604
022 61414000
[email protected]Company website ↗Understanding RUBICON IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.