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Rubicon Research IPO is a bookbuilt issue of ₹1,377.50 crore. It combines a fresh issue of 1.03 crore shares aggregating to ₹500.00 crore and an offer for sale of 1.81 crore shares aggregating to ₹877.50 crore.
The IPO opens for subscription on October 9, 2025, and closes on October 13, 2025. The allotment is expected to be finalized on Tuesday, October 14, 2025. The price band for the IPO is set at ₹461 to ₹485 per share, and the minimum lot size for an application is 30 shares.
Company Summary
Incorporated in 1999, Rubicon Research Limited is a pharmaceutical company engaged in the development, manufacturing, and commercialization of differentiated formulations.
As of June 30, 2025, Rubicon Research had a portfolio of 72 active Abbreviated New Drug Application (ANDA) and New Drug Application (NDA) products approved by the US FDA. The company’s portfolio includes 66 commercialized products, with a US generic pharmaceutical market size of USD 2,455.7 million, of which Rubicon Research Limited contributed USD 195 million in Fiscal 2024.
As of June 30, 2025, the company has 17 new products awaiting US FDA ANDA approval and 63 products at various stages of development.
As of June 30, 2025, the company marketed over 350 SKUs to 96 customers, including three major wholesalers who account for more than 90% of wholesale drug distribution in the US. The company also supplies group purchasing organizations (GPOs), national pharmacy chains, regional pharmacy chains, and managed care organizations.
Beyond the US market, Rubicon Research Limited, directly or through third-party distribution partners, has registered or filed 48 product applications across Australia, the United Kingdom, Singapore, Saudi Arabia, and the United Arab Emirates, and expects to commence commercial activities upon approval. The company also provides contract manufacturing services to select customers in India, Australia, and New Zealand.
Rubicon Research Limited operates three manufacturing facilities in India and two US FDA-inspected R&D facilities, one in India and Canada.
Company Strengths
- 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 Financials
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 1,647.6 | 1,451.43 | 1,109.49 | 749.7 |
| Total Income | 356.95 | 1,296.22 | 872.39 | 419 |
| Profit After Tax | 43.3 | 134.36 | 91.01 | -16.89 |
| EBITDA | 79.74 | 267.89 | 173.09 | 43.97 |
| Net Worth | 593.67 | 540.98 | 385 | 286.38 |
| Reserves and Surplus | 397.5 | 525.57 | 369.79 | 281.31 |
| Total Borrowing | 495.78 | 393.17 | 396.41 | 317.91 |
| Amount in ₹ Crore | ||||
Objectives of IPO
- Prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the Company
- Funding inorganic growth through unidentified acquisitions and other strategic initiatives, and General corporate purposes
Promoters of the company
General Atlantic Singapore RR Pte. Ltd., Pratibha Pilgaonkar, Sudhir Dhirendra Pilgaonkar, Parag Suganchand Sancheti, Surabhi Parag Sancheti, and Sumant Sudhir Pilgaonkar are the company promoters.
IPO Details
| IPO Date | October 9, 2025 to October 13, 2025 |
| Listing Date | October 16, 2025 |
| Face Value | ₹1 per share |
| Price Band | ₹461 to ₹485 per share |
| Lot size | 30 shares |
| Total Issue size | 2,84,02,040 shares (aggregating upto ₹1,377.50 Cr ) |
| Fresh Issue | 1,03,09,278 shares (aggregating upto ₹500.00 Cr ) |
| Offer for Sale | 1,80,92,762 shares of ₹1 (aggregating upto ₹877.50 Cr ) |
| Issue type | Bookbuilding IPO |
| Listing at | NSE, BSE |
| Share Holding Pre Issue | 15,44,37,251 shares |
| Share Holding Post Issue | 16,47,46,529 shares |
Category Reservation Table
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
| Only RII | Upto Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Yes | |
| Employee + RII/NII | 1. Employee limit: (In certain cases, employees are given a discount if the bidding amount is upto Rs 2 Lakhs) 2. If applying as RII: Upto Rs 2 Lakhs 3. If applying as NII: sNII > Rs 2 Lakhs and upto Rs 10 Lakhs, and bNII > Rs 10 lakhs | Yes for Employee and RII/NII |
Lot Allocation Details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 30 | ₹14,550.00 |
| Retail (Max) | 13 | 390 | ₹1,89,150.00 |
| S-HNI (Min) | 14 | 420 | ₹2,03,700.00 |
| S-HNI (Max) | 68 | 2,040 | ₹9,89,400.00 |
| B-HNI (Min) | 69 | 2,070 | ₹10,03,950.00 |
Allotment Schedule
| Basis of Allotment | Tue, 14 Oct, 2025 |
| Initiation of Refunds | Wed, 15 Oct, 2025 |
| Credit of Shares to Demat | Wed, 15 Oct, 2025 |
| Tentative Listing Date | Thu, 16 Oct, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on October 13, 2025 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not less than 75% of the Net Offer |
| Retail Shares Offered | Not more than 10% of the Net Offer |
| NII Shares Offered | Not more than 15% of the Net Offer |
To check allotment, click here
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