Rubicon Research was incorporated on May 6, 1999. The company offers specialty products and drug-device combination products targeting regulated markets and in particular the United States.
| Bidding Dates |
|---|
| 09 Oct 2025 - 13 Oct 2025 |
| Subscription |
|---|
| 103.9x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹13,830 | 1 | 13 | 30 | 28.4 M | ₹461 - ₹485 | 62.1 % | ₹13093.3 M - ₹13775.0 M | RHP DOC |
Rubicon Research IPO SUBSCRIPTION STATUS
13 Oct '25Rubicon Research IPO overall subscription rate was 103.9 times the total available shares
Rubicon Research IPO retail subscription rate was 35.47 times in the retail segment
Rubicon Research IPO non-institutional investor subscription rate was 97.61 times in the non-institutional investor category
Rubicon Research IPO Qualified Institutional Bidder subscription rate was 130.26 times the available shares for Qualified Institutional Bidder
Rubicon Research IPO Employees subscription rate was 16.8 times in the Employees category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers | Employees |
|---|---|---|---|---|
| Category Reservation | 9.99% | 14.98% | 74.89% | 0.14% |
13 Oct 2025 (Day 3) | 35.47x | 97.61x | 130.26x | 16.8x |
10 Oct 2025 (Day 2) | 3.94x | 1.82x | 2.11x | 2.21x |
09 Oct 2025 (Day 1) | 1.36x | 0.47x | 0.26x | 0.92x |
Rubicon Research FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| Q1FY26 | 352.5 | 43.3 | 43.9 | -99.4 | 22.3% |
| Q1FY25 | 316.7 | 25.6 | 95.7 | 84.6 | 18.8% |
| FY25 | 1,284.3 | 134.4 | 159.2 | 91.4 | 20.7% |
| FY24 | 853.9 | 91.0 | 21.0 | -35.0 | 19.8% |
| FY23 | 393.5 | -16.9 | -74.7 | -119.2 | 10.5% |
Rubicon Research IPO SUBSCRIPTION STATUS DETAILS
Rubicon Research had 28.4 M shares on offer
Rubicon Research IPO offer price was in the range ₹461 - ₹485
Rubicon Research IPO minimum Investment was ₹13830
Rubicon Research IPO issue size was ₹ 13093.3 M - ₹ 13775.0 M
Rubicon Research had a minimum lot size of 30 Shares per application
Rubicon Research NUMBER OF SHARES ON OFFER
Rubicon Research IPO IMPORTANT DATES
| Issue Open Date | 09 Oct 2025 |
| Issue close Date | 13 Oct 2025 |
| Allotment Date | 14 Oct 2025 |
| Refund Date | 15 Oct 2025 |
| Demat Account Credit Date | 15 Oct 2025 |
| Listing Date | 16 Oct 2025 |
| Listing on Exchange(s) | NSE and BSE |
| Rubicon Research Allotment Status | Exchange/ Registrar |
Rubicon Research IPO subscription opened on 09 Oct 2025, and closed on 13 Oct 2025
IPO allotment for Rubicon Research was finalized on Tuesday, 14 Oct 2025
IPO listing for Rubicon Research was on NSE and BSE on Thursday, 16 Oct 2025
Rubicon Research IPO LISTING GAINS
| Issue Price (adjusted) | 485.0 |
| Listing Open Price | 620.0 |
| Listing Close Price | 628.2 |
| Listing Gain% | 27.8% |
| Current Gain% | 220.3% |
Rubicon Research Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Rubicon Research Ltd. | 1553.2 | 25588.4 | 104.2 | 1.2 | 14.7 | 19.1 | 10.6 | 1761.7 | 35.9 | 246.7 | 83.6 | 14.9 | 83.6 |
| Sun Pharmaceutical Industries Ltd. | 1945 | 466670.7 | 38.6 | 2.3 | 7.8 | 13.7 | 10.6 | 60433.8 | 10.8 | 11479.4 | 5 | 50.4 | 16.6 |
| Divi's Laboratories Ltd. | 8275 | 219675.3 | 75.1 | 2.8 | 19.6 | 15.3 | 12.8 | 11067 | 14 | 2568 | 17.2 | 110.2 | 26.8 |
| Torrent Pharmaceuticals Ltd. | 4924 | 187293.2 | 85.9 | 9.6 | 11.9 | 25.8 | 4.9 | 13886.2 | 20.3 | 2163.4 | 13.2 | 57.3 | 8.9 |
| Cipla Ltd. | 1463.8 | 118253.6 | 35.1 | -0.9 | 4.2 | 11.3 | 9.1 | 29044.6 | 2.2 | 3879.2 | -26.4 | 41.7 | -37.5 |
| Zydus Lifesciences Ltd. | 1114.2 | 112114.6 | 22.2 | 2.3 | 4.1 | 18.6 | 9.6 | 27657.9 | 17.6 | 5040 | 11.4 | 50.1 | 9.6 |
Rubicon Research INFORMATION ON IPO ISSUE
About Rubicon Research
Rubicon Research was incorporated on May 6, 1999. The company offers specialty products and drug-device combination products targeting regulated markets and in particular the United States.
Object of the Issue
- 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
- General corporate purposes
Rubicon Research - PROMOTERS
| Name |
|---|
| Pratibha Pilgaonkar |
| Sudhir Dhirendra Pilgaonkar |
| Parag Suganchand Sancheti |
| Surabhi Parag Sancheti |
| Sumant Sudhir Pilgaonkar |
Rubicon Research - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Venkat Changavalli | Chairman & Independent Director |
| Pratibha Pilgaonkar | Managing Director |
| Parag Suganchand Sancheti | Executive Director & Chief Executive Officer |
| Varun Talukdar | Non- Executive Director |
| Shantanu Rastogi | Non- Executive Director |
| Anand Agarwal | Non- Executive Director |
| Kumarapuram Gopalakrishnan Ananthakrishnan | Independent Director |
| Milind Anil Patil | Independent Director |
Rubicon Research Book Running Lead Manager
Axis Capital Limited
rubicon.ipo@axiscap.in
IIFL Capital Services Limited
rubicon.ipo@iiflcap.com
JM Financial Limited
rrl.ipo@jmfl.com
SBI Capital Markets Limited
rubicon.ipo@sbicaps.com
Rubicon Research Registrar to the Offer
MUFG Intime India Private Limited
rubicon.ipo@in.mpms.mufg.com
Rubicon Research Strengths
Focus on US Market
It is the only Indian pharmaceutical company focused completely on the US market. The company has successfully grown its market share in a number of products despite competition from larger and backward integrated companies.
FDA Approved Facility
The company's oral solids manufacturing facility at Ambernath in Maharashtra, India has been inspected seven times by the US FDA, including for current good manufacturing practices (cGMP) and pre-approval inspections of which three inspections resulted in a “No Action Indicated” (NAI) classification and four inspections resulted in a “Voluntary Action Indicated” (VAI) classification.
Rubicon Research Risks
Depends upon a few customers
The company derives a significant part of its revenue from a few customers. If one or more such customers choose not to source their requirements from the company, its financial condition and results of operations may be adversely affected.
Faces competition
The company faces significant competitive pressures in its business from other pharmaceutical manufacturers. Its inability to compete effectively would be detrimental to the business and prospects for future growth.
Capital intensive
The company’s operations require high working capital and significant capital expenditure, and insufficient financing could adversely affect operations. Capital spending increased notably in Q1FY26 due to the acquisition of a manufacturing facility in Pithampur, Madhya Pradesh
IPO FAQs
This IPO consists of an offer for sale of up to Rs 877.5 crore, of 18,092,762 shares. It also consists of a fresh issue of Rs 500.0 crore.
The promoters of the company are Pratibha Pilgaonkar, Sudhir Dhirendra Pilgaonkar, Parag Suganchand Sancheti, Surabhi Parag Sancheti and Sumant Sudhir Pilgaonkar.
The category allocation of qualified institutional buyers is 74.9%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 10.0%.
The price band of the IPO is Rs 461.0 - 485.0.
The IPO application opens on Oct 09, 2025 and closes on Oct 13, 2025.
The minimum lot size for the IPO is 30. The maximum lot size for the IPO is 390.
For all category investors, the minimum application amount for this IPO is Rs. 13,830.0, the maximum value for this IPO is Rs 189,150.0.
This IPO will be allotted on Oct 14, 2025.
The refund will be credited to your account on Oct 15, 2025.
The allotted shares will be credited to your demat on Oct 15, 2025.
Rubicon Research Ltd.’s shares listed on the stock exchanges on Oct 16, 2025.