Rubicon Research Limited is coming up with its Initial Public Offering (IPO) that opens on October 9, 2025, and closes on October 13, 2025. The issue comprises both a fresh issue of ₹500 crores and an offer for sale of ₹877.50 crores, aggregating up to ₹1,377.50 crores. Let us do a detailed Rubicon Research IPO Review, covering its issue details, dates, financials, strengths, risks, GMP, and valuation analysis, and find out whether you should invest or avoid this IPO.
About Rubicon Research Limited
Rubicon Research Limited, incorporated in 1999, is a pharmaceutical company engaged in the development, manufacturing, and commercialization of differentiated formulations. The company’s portfolio includes 72 approved ANDA/NDA products by the US FDA, out of which 66 products are commercialized. Rubicon also has 17 new products under US FDA approval and 63 under development.
As of June 2025, Rubicon caters to over 96 customers across 350+ SKUs, including major US wholesalers and GPOs. It operates three manufacturing facilities in India and two US FDA-approved R&D centers in India and Canada.
The company has also expanded its presence to international markets including the UK, Australia, Singapore, Saudi Arabia, and UAE.
Competitive Strengths
- Fastest-growing Indian pharmaceutical player among peers.
- Strong R&D foundation with robust data-driven formulation development.
- Deep US market penetration – supplies to major wholesalers and pharmacies.
- USFDA-approved facilities ensuring strong compliance.
- Proven track record of profitability and growth.
- Experienced leadership team with technical and business acumen.
Rubicon Research IPO Issue Details
| Particulars | Details |
|---|---|
| IPO Opening Date | October 9, 2025 |
| IPO Closing Date | October 13, 2025 |
| IPO Size | ₹1,377.50 Crores |
| Fresh Issue | ₹500 Crores |
| Offer for Sale (OFS) | ₹877.50 Crores |
| Price Band | ₹461 – ₹485 per share |
| Face Value | ₹1 per share |
| Lot Size | 30 Shares |
| Minimum Investment (Retail) | ₹14,550 |
| Listing Exchange | BSE, NSE |
| Book Running Lead Managers | Axis Capital, JM Financial, IIFL Capital, SBI Capital Markets |
| Registrar | MUFG Intime India Pvt. Ltd. |
Company Financials (Restated Consolidated)
| Particulars (in ₹ Cr) | FY23 | FY24 | FY25 | Q1 FY26* |
|---|---|---|---|---|
| Total Income | 419 | 872 | 1,296 | 357 |
| PAT | -16.9 | 91.0 | 134.4 | 43.3 |
| EBITDA | 43.9 | 173.1 | 267.9 | 79.7 |
| Net Worth | 286 | 385 | 541 | 594 |
| Debt/Equity Ratio | 0.73 | 0.73 | 0.73 | – |
| PAT Margin | -4.0% | 10.4% | 10.4% | 12.1% |
*As of June 30, 2025.
Key Metrics:
- ROE: 29.02%
- ROCE: 26.45%
- EBITDA Margin: 20.67%
Objects of the Issue
The net proceeds from the fresh issue will be utilized for:
- Prepayment/repayment of certain outstanding borrowings – ₹3,100 million.
- Funding inorganic growth and strategic acquisitions.
- General corporate purposes.
Valuation – P/E Ratio vs Peers
| Company | CMP (₹) | EPS (₹) | P/E | Remarks |
|---|---|---|---|---|
| Rubicon Research Ltd (at upper price) | 485 | 8.7 | 55.7x | Moderate |
| Sun Pharma | – | 43.2 | 35x | Established large-cap |
| Cipla | – | 42.1 | 33x | Strong domestic brand |
| Torrent Pharma | – | 58.7 | 45x | High-margin player |
| Industry Average | 38x |
👉 Rubicon’s P/E of ~55x seems on the higher side compared to the industry average, reflecting the company’s high growth expectation but relatively premium valuation.
Reasons to Invest in Rubicon Research IPO
- Rapidly expanding US generics footprint and diversified global presence.
- High margin and return ratios (ROE > 29%) indicate efficient capital use.
- Strong R&D pipeline with multiple products awaiting USFDA approval.
- Growing revenue and profits over the last three years.
- Debt reduction through IPO proceeds can improve profitability.
- Prominent institutional backing (General Atlantic Singapore) adds credibility.
Risk Factors in the IPO
- High dependence on US markets (90%+ revenues) – regulatory risks.
- Premium valuation compared to industry peers.
- Foreign exchange fluctuations can impact margins.
- Pending USFDA approvals can delay product launches.
- Highly competitive pharma sector with pricing pressures.
- Debt levels still moderately high post repayment.
Rubicon Research IPO GMP (Grey Market Premium)
As of October 5, 2025, the Rubicon Research IPO GMP is around ₹40-45 per share, indicating a listing gain of ~8-10% over the upper price band. However, GMPs tend to fluctuate until listing.
How to Apply for Rubicon Research IPO
You can apply for the Rubicon Research IPO through any of the following:
- ASBA facility – via your bank’s net banking portal (Axis, HDFC, SBI, ICICI, etc.)
- UPI-based applications through Zerodha, Groww, Upstox, Angel One, etc.
- Physical ASBA forms – available at bank branches.
Conclusion – Should You Invest in Rubicon Research IPO?
Rubicon Research is a high-growth pharma company with strong fundamentals, robust R&D capabilities, and expanding global reach. The company’s financial performance has been impressive, with consistent growth in profits and margins.
However, the valuation (P/E ~55x) appears expensive compared to peers, and the high dependence on the US market adds concentration risk.
✅ My View: Moderate-risk investors with a long-term horizon may consider subscribing for listing gains and long-term growth, while conservative investors may wait for better valuations post-listing.
Frequently Asked Questions (FAQs)
1. What is Rubicon Research IPO date?
Rubicon Research IPO opens on October 9, 2025, and closes on October 13, 2025.
2. What is the Rubicon Research IPO price band?
The IPO price band is ₹461 to ₹485 per share.
3. What is the Rubicon Research IPO size?
The total issue size is ₹1,377.50 crores.
4. How much is the minimum investment for retail investors?
Retail investors can apply with a minimum of 1 lot (30 shares) worth ₹14,550.
5. What is the Rubicon Research IPO GMP today?
As of now, the Grey Market Premium (GMP) is around ₹40-45.
6. Who are the promoters of Rubicon Research?
Promoters include General Atlantic Singapore RR Pte. Ltd., Pratibha Pilgaonkar, and Sudhir Pilgaonkar.
7. Should you invest in Rubicon Research IPO?
Investors with medium-to-high risk appetite can consider for listing gains and long-term potential.
IPO Disclaimer
Investing in IPOs involves market risks. Please read the Red Herring Prospectus (RHP) carefully and consult your financial advisor before investing. The information on myinvestmentideas.com is for educational purposes only and not investment advice.
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