Rubicon Research Limited is a pharmaceutical company engaged in the development, manufacturing, and commercialization of differentiated formulations. The company specializes in complex generics, specialty products, and innovative drug delivery systems, serving regulated and semi-regulated markets globally.
As of June 30, 2025, Rubicon Research had a strong portfolio of:
- 72 active ANDA/NDA products approved by the US FDA
- 66 commercialized products, contributing USD 195 million in Fiscal 2024 within a USD 2,455.7 million US generic market
- 17 products awaiting US FDA ANDA approval
- 63 products under various stages of development
As of June 30, 2025, Rubicon Research had marketed over 350 SKUs to 96 customers. Its clientele includes the three largest US wholesalers (90% of wholesale distribution), along with GPOs, national and regional pharmacy chains, and managed care organizations. This extensive network provides the company witha strong foothold in the US market.
Beyond the United States, Rubicon Research has registered or filed 48 product applications across Australia, the UK, Singapore, Saudi Arabia, and the UAE, with commercial launches expected upon approval. The company also undertakes contract manufacturing services for select customers in India, Australia, and New Zealand, expanding its global footprint and revenue streams.
Rubicon operates three manufacturing facilities in India, along with two US FDA-inspected R&D centers — one in India and one in Canada. These facilities enable the company to comply with global regulatory standards, support technology transfers, and scale up production for both development and commercial supply.
Rubicon Research IPO – Details
| IPO Opening Date | 09 October 2025 |
| IPO Closing Date | 13 October 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 2,84,02,040 Shares Worth ₹1,377.50 Crore Fresh Issue: 1,03,09,278 Shares Worth ₹500.00 Crore Offer For Sale: 1,80,92,762 Shares Worth ₹877.50 Crore |
| Face Value | ₹1 per equity share |
| IPO Price | ₹461 – ₹485 per share |
| Market Lot | 30 Shares |
| Min Order | 30 Shares [ 1 Lot ] |
| Employee Discount | ₹48 |
| Listing At | BSE, NSE |
| Register | MUFG Intime India Pvt.Ltd. |
| QIB Shares Offered | 75% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 10% |
Rubicon Research IPO – Date Schedule
| IPO Open Date | 09 October 2025 |
| IPO Close Date | 13 October 2025 |
| Basis of Allotment | 14 October 2025 |
| Initiation of Refund | 15 October 2025 |
| Credit of Shares to Demat Account | 15 October 2025 |
| IPO Listing Date | 16 October 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on October 13, 2025 |
Rubicon Research IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 30 | ₹14,550 |
| Retail (Max) | 13 | 390 | ₹1,89,150 |
| S-HNI (Min) | 14 | 420 | ₹2,03,700 |
| S-HNI (Max) | 68 | 2,040 | ₹9,89,400 |
| B-HNI (Min) | 69 | 2,070 | ₹10,03,950 |
Competitive Strength
- Fastest-growing Indian pharmaceutical company amongst peers.
- Data-driven product selection framework.
- Strong R&D capabilities.
- Robust sales and distribution capabilities in the US.
- Strong track record of compliance combined with expertise in cost effective manufacturing.
- Experienced and entrepreneurial management team.
Company Promoters
- General Atlantic Singapore RR Pte. Ltd.
- Pratibha Pilgaonkar
- Sudhir Dhirendra Pilgaonkar
- Parag Suganchand Sancheti
- Surabhi Parag Sancheti
- Sumant Sudhir Pilgaonkar
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2023 | ₹419.00 Cr | ₹430.05 Cr | –₹16.89 Cr | ₹317.91 Cr |
| 31 March 2024 | ₹872.39 Cr | ₹769.53 Cr | ₹91.01 Cr | ₹396.41 Cr |
| 31 March 2025 | ₹1,296.22 Cr | ₹1,101.70 Cr | ₹134.36 Cr | ₹393.17 Cr |
| 30 June 2025 | ₹356.95 Cr | ₹297.39 Cr | ₹43.30 Cr | ₹495.78 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 29.02% |
| ROCE | 26.45% |
| Debt/Equity | 0.73 |
| RoNW | 29.02% |
| PAT Margin | 10.37% |
| EBITDA Margin | 20.67% |
| Pre IPO | Post IPO | |
| EPS (₹) | 8.70 | – |
| P/E (x) | – | – |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the Company. | ₹310.00 |
| Funding inorganic growth through unidentified acquisitions and other strategic initiatives, and General corporate purposes. |
Rubicon Research IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 1 | Sun Pharmaceutical Industries Limited | 34.98 |
| 2 | 1 | Aurobindo Pharma Limited | 18.12 |
| 3 | 1 | Zydus Lifesciences Limited | 21.83 |
| 4 | 10 | Strides Pharma Science Limited | 18.72 |
| 5 | 1 | Dr. Reddy’s Laboratories Limited | 18.05 |
| 6 | 2 | Alembic Pharmaceuticals Limited | 30.33 |
| 7 | 2 | Lupin Limited | 26.64 |
✅Strengths
- Strong focus on regulated markets (US, Canada, Europe).
- Fastest-growing Indian pharma with 75.9% revenue growth (FY23–FY25).
- Robust portfolio of approved, pending, and pipeline products.
- Leadership in key drugs (e.g., 35.3% US Baclofen share).
- Ranked among top SPx players in the US.
⚠️Risks
- High competition in US generics and specialty pharma.
- Heavy reliance on US FDA approvals.
- Revenue concentration in few key products.
- Exposure to patent litigation and regulatory delays.
- Risks from global expansion (currency, compliance, market access).
Rubicon Research IPO Promoter Holding
| Pre Issue Share Holding | 77.67% |
| Post Issue Share Holding | 62.10% |
Rubicon Research IPO Prospectus
Company Contact Information
| Rubicon Research Ltd. MedOne House, B-75, Road No. 33, Wagle Estate, Thane, Maharashtra, 400604 Phone: 022 61414000 Email: investors@rubicon.co.in Website: https://www.rubicon.co.in/ |
Rubicon Research IPO Registrar
| MUFG Intime India Pvt.Ltd. Phone: +91-22-4918 6270 Email: rubicon.ipo@linkintime.co.in Website: https://linkintime.co.in/Initial_Offer/public-issues.html |
Rubicon Research IPO Lead Manager(s)
| 1. Axis Capital Limited 2. JM Financial Limited 3. IIFL Securities Limited 4. SBI Capital Markets Limited |
Rubicon Research IPO FAQs
| What is Rubicon Research IPO? Rubicon Research IPO is a main-board IPO. The issue is priced at ₹461 to ₹485 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will Rubicon Research IPO open? The IPO is to open on 09 October 2025 for QIB, NII, and Retail Investors. |
| What is Rubicon Research IPO Investors Portion? The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%. |
| What is Rubicon Research IPO Size? Rubicon Research IPO size is ₹1,377.50 Crore. |
| What is the Rubicon Research IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 30 Shares with ₹14,550, while the maximum bid is 390 Shares with ₹1,89,150. |
| What is the Rubicon Research IPO Allotment Date? Rubicon Research IPO allotment date is 14 October 2025. |
| What is the Rubicon Research IPO Listing Date? Rubicon Research IPO listing date is 16 October 2025. The IPO is to be listed on BSE and NSE. |
