Bookbuilding IPO | ₹1,378 Cr | Listed at BSE, NSE | Thu, Oct 9, 2025 - Mon, Oct 13, 2025
Rubicon Research IPO is a book build issue of ₹1,377.68 crores. The issue is a combination of fresh issue of 1.03 crore shares aggregating to ₹500.18 crores and offer for sale of 1.81 crore shares aggregating to ₹877.50 crores.
Rubicon Research IPO bidding started from Oct 9, 2025 and ended on Oct 13, 2025. The allotment for Rubicon Research IPO was finalized on Oct 14, 2025. The shares got listed on BSE, NSE on Oct 16, 2025.
Rubicon Research IPO price band is set at ₹485 per share. The lot size for an application is 30. The minimum amount of investment required by an retail is ₹14,550 (30 shares) (based on upper price). The lot size investment for sNII is 14 lots (420 shares), amounting to ₹2,03,700, and for bNII, it is 69 lots (2,070 shares), amounting to ₹10,03,950.
The issue includes a reservation of up to 39,863 shares for employees offered at a discount of ₹46.00 to the issue price.
Axis Capital Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
Refer to Rubicon Research IPO RHP for detailed Information.
IPO Open
Thu, Oct 9, 2025
IPO Close
Mon, Oct 13, 2025
Issue Price
₹485 per share
Market Cap (Pre-IPO)
₹7,990.21 Cr
| IPO Date | 9 to 13 Oct, 2025 |
| Listed on | Thu, Oct 16, 2025 |
| Face Value | ₹1 per share |
| Price Band | ₹461 to ₹485 |
| Issue Price | ₹485 per share |
| Lot Size | 30 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Employee Discount | ₹46.00 |
| Total Issue Size | 2,84,05,841 shares (agg. up to ₹1,378 Cr) |
| Fresh Issue | 1,03,13,058 shares (agg. up to ₹500 Cr) |
| Offer for Sale | 1,80,92,783 shares of ₹1 (agg. up to ₹877 Cr) |
| Share Holding Pre Issue | 15,44,37,251 shares |
| Share Holding Post Issue | 16,47,50,309 shares |
| BSE Script Code / NSE Symbol | 544578 / RUBICON |
| ISIN | INE506V01022 |
Rubicon Research IPO offers total 2,84,05,841 shares. Out of which 2,12,74,485 (74.89%) allocated to QIB, 85,09,794 (29.96%) allocated to QIB (Ex- Anchor), 42,54,896 (14.98%) allocated to NII 28,36,597 (9.99%) allocated to RII and 1,27,64,691 (44.94%) allocated to Anchor investors.
| Investor Category | Shares Offered | Max Allottees |
|---|---|---|
| QIB Shares Offered | 2,12,74,485 (74.89%) | NA |
| − Anchor Investor Shares Offered | 1,27,64,691 (44.94%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 85,09,794 (29.96%) | NA |
| NII (HNI) Shares Offered | 42,54,896 (14.98%) | NA |
| − bNII > ₹10L | 28,36,597 (9.99%) | 6,753 |
| − sNII < ₹10L | 14,18,299 (4.99%) | 3,376 |
| Retail Shares Offered | 28,36,597 (9.99%) | 94,553 |
| Employee Shares Offered | 39,863 (0.14%) | NA |
| Total Shares Offered | 2,84,05,841 (100.00%) |
Investors can bid for a minimum of 30 shares and in multiples thereof.
| 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 |
Rubicon Research IPO raises ₹619.09 crore from anchor investors. Rubicon Research IPO Anchor bid date is October 8, 2025.
📝 Anchor Investors Letter (PDF)
| Bid Date | Wed, Oct 8, 2025 |
| Shares Offered | 1,27,64,691 |
| Anchor Portion (₹ Cr.) | 619.09 |
| Anchor lock-in period end date for 50% shares (30 Days) | Wed, Nov 12, 2025 |
| Anchor lock-in period end date for remaining shares (90 Days) | Sun, Jan 11, 2026 |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to 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 |
|
Yes for Employee and RII/NII |
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 each in India and Canada.
Competitive strengths
Rubicon Research Ltd.'s revenue increased by 49% and profit after tax (PAT) rose by 48% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 1,647.60 | 1,451.43 | 1,109.49 | 749.70 |
| Total Income | 356.95 | 1,296.22 | 872.39 | 419.00 |
| Profit After Tax | 43.30 | 134.36 | 91.01 | -16.89 |
| EBITDA | 79.74 | 267.89 | 173.09 | 43.97 |
| NET Worth | 593.67 | 540.98 | 385.00 | 286.38 |
| Reserves and Surplus | 397.50 | 525.57 | 369.79 | 281.31 |
| Total Borrowing | 495.78 | 393.17 | 396.41 | 317.91 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the Company | 310.00 |
| 2 | Funding inorganic growth through unidentified acquisitions and other strategic initiatives and General corporate purposes | 161.27 |
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 29.02% |
| ROCE | 26.45% |
| Debt/Equity | 0.73 |
| RoNW | 29.02% |
| PAT Margin | 10.37% |
| EBITDA Margin | 20.67% |
| Price to Book Value | 13.65 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 8.70 | 10.51 |
| P/E (x) | 55.75 | 46.13 |
| Promoter Holding | 75.71% | 59.78% |
| Market Cap | ₹7,990.21 Cr. |
The Rubicon Research IPO is subscribed 109.35 times on October 13, 2025 5:04:39 PM (Day 3). The public issue subscribed 37.40 times in the retail category, 137.09 times in the QIB category, and 102.70 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB (Ex Anchor) | 137.09 | 85,06,804 | 1,16,61,67,740 |
| NII | 102.70 | 42,54,299 | 43,69,33,710 |
| bNII (bids above ₹10L) | 117.77 | 28,36,200 | 33,40,22,190 |
| sNII (bids below ₹10L) | 72.57 | 14,18,100 | 10,29,11,520 |
| Retail | 37.40 | 28,36,200 | 10,60,66,710 |
| Employee | 17.68 | 40,046 | 7,08,210 |
| Total | 109.35 | 1,56,37,349 | 1,70,98,76,370 |
Total Application : 31,42,211
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Fees payable to the Book Running Lead Managers | 43.89 |
| 2 | Commission/processing fee for SCSBs, Sponsor Banks, Bankers to the Offer and fee payable to the Sponsor Bank for Bids made by RIBs and Eligible Employees. Brokerage, underwriting commission and selling commission and bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | 2.11 |
| 3 | Fees payable to Registrar to the Offer | 0.01 |
| 4 | Fees payable to other parties, including but not limited to Statutory Auditors, Practicing Company Secretary, Independent Chartered Accountant, industry expert and Independent Chartered Engineer | 5.32 |
| 5 | Printing and stationery expenses | 1.04 |
| 6 | Advertising and marketing expenses | 1.90 |
| 7 | Listing fees, SEBI fees, BSE and NSE processing fees, book-building software fees, and other regulatory expenses | 5.89 |
| 8 | Fees payable to legal counsels | 15.78 |
| 9 | Miscellaneous | 3.19 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹485.00 | ₹485.00 |
| Open | ₹620.10 | ₹620.00 |
| Low | ₹590.00 | ₹587.35 |
| High | ₹639.00 | ₹639.00 |
| Last Trade | ₹627.45 | ₹628.20 |
Rubicon Research IPO is a main-board IPO of 2,84,05,841 equity shares of the face value of ₹1 aggregating up to ₹1,378 Crores. The issue is priced at ₹485 per share. The minimum order quantity is 30.
The IPO opens on Thu, Oct 9, 2025, and closes on Mon, Oct 13, 2025.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Rubicon Research IPO using UPI as a payment gateway. Zerodha customers can apply in Rubicon Research IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Rubicon Research IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Rubicon Research IPO opens on Thu, Oct 9, 2025 and closes on Mon, Oct 13, 2025.
Rubicon Research IPO lot size is 30, and the minimum amount required for application is ₹14,550.
You can apply in Rubicon Research IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Rubicon Research IPO will be done on Tuesday, October 14, 2025, and the allotted shares will be credited to your demat account by Wed, Oct 15, 2025. Check the Rubicon Research IPO allotment status.
The Rubicon Research IPO listing date is on Thu, Oct 16, 2025.
