
In 2024, the United States overpowered the global pharmaceutical market with 46.9% of market share, driven by strong healthcare infrastructure, R&D investment, and a favourable regulatory ecosystem.
Amid this global uptrend, India’s Rubicon Research Ltd. is stepping into the stock exchanges with its ₹1,377.50 crore IPO on 9 October 2025. With a prime focus on research and development, Rubicon aims to align with the innovation-driven growth seen in the US market, signaling India’s growing presence in global pharma innovation and investment.
Read this blog to know more about the Rubicon Research IPO, its timeline, face value, price band, allotment details, GMP, and other important information
Rubicon Research IPO Details
Below are the important details of the Rubicon Research IPO.
IPO Open Date | 9 October 2025 |
Close Date | 13 October 2025 |
Face Value | ₹1 per share |
Price Band | ₹461-₹485 per share |
Issue size | 2,84,02,040 shares |
Market Lot | 30 shares |
Sale Type | Fresh Capital and Offer for sale |
Offer for Sale | 1,80,92,762 shares |
Fresh Issue | 1,03,09,278 shares |
Issue Type | Bookbuilding IPO |
Listing At | NSE, BSE |
Total Issue Size (₹ Cr) | ₹1,377.50 Cr |
Reserved for Market Maker | Undisclosed |
Net Offered to Public | Undisclosed |
Minimum Investment(₹) | ₹14,550 |
Retail Discount | Undisclosed |
Rubicon Research IPO Timeline
Timeline for the Rubicon Research IPO:
IPO Open Date | 9 October 2025 |
IPO Closing Date | 13 October 2025 |
Allotment Date | 14 October 2025 |
Refunds Initiation | 15 October 2025 |
Credit of Shares | 15 October 2025 |
Tentative Listing Date | 16 October 2025 |
Cut-off Time for UPI Mandate Confirmation | 13 October 2025 |
Rubicon Research IPO Grey Market Premium (GMP Today)
Date | GMP (₹) | Estimated Listing Price (₹) |
6 October 2025 | ₹80 | ₹565 |
Rubicon Research IPO Reservation
Mentioned below are the reservations made by Rubicon Research Ltd. for the Rubicon Research IPO shares for different categories of investors:
Rubicon Research Key Performance Indicator
An overview of Rubicon Research’s key performance indicators (KPIs) of over the past three years, describing its financial health.
KPI | 2025 | 2024 | 2023 |
ROE (%) | 29.02 | 27.11 | (5.71) |
ROCE (%) | 26.45 | 18.62 | 1.35 |
Debt to Equity Ratio (in times) | 0.73 | 1.03 | 1.11 |
RoNW (%) | 29.02 | 27.11 | (5.71) |
PAT Margin (%) | 10.37 | 10.43 | (4.03) |
EBITDA Margin (%) | 20.67 | 19.84 | 10.49 |
Rubicon Research IPO Financials
Representing the financial performance of Rubicon Research Ltd. over the past three years.
2025 (₹ million) | 2024 (₹ million) | 2023 (₹ million) | |
Revenue | 12962.19 | 8723.86 | 4189.99 |
Total Asset | 14,514.32 | 11,094.88 | 7,497.04 |
Profit | 1343.61 | 910.12 | (168.88) |
Rubicon Research IPO Lot Size
Learn more about the Rubicon Research IPO lot size, minimum investments based on the investors’ category.
Application | Lot Size | Shares | Amount(in ₹) |
Individual investors (Retail) (Min) | 1 | 30 | 14,550 |
Individual investors (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 (Max) | 69 | 2.070 | 10,03,950 |
Rubicon Research IPO Promoter Holding
The % of holdings by promoters before and after the IPO.
Pre-Issue Holding | 77.67% |
Post-Issue Holding | 72.80% |
The promoters of the company are General Atlantic Singapore RR Pte. Ltd., Pratibha Pilgaonkar, Parag Suganchand Sancheti, Surabhi Parag Sancheti, Sudhir Dhirendra Pilgaonkar, and Sumant Sudhir Pilgaonkar.
Rubicon Research IPO Anchor Investors Details
Check out the Rubicon Research IPO’s anchor investors details below:
Bid Date | 8 October 2025 |
Shares Offered | 60% of QIBs |
Rubicon Research IPO Prospectus
Check the official filings with SEBI for more information regarding the Rubicon Research IPO.
About Rubicon Research
Founded in: 6 May 1999
Managing Director: Pratibha Pilgaonkar
Rubicon Research is a pharmaceutical company that deals in branded and non-branded pharmaceutical products. It is primarily focused on innovating research and development, specialty products, and drug-device products that target regulated markets, especially the United States.
Rubicon Research is an Indian player, focused on regulated markets. The company has 72 active Abbreviated New Drug Application (ANDA) and 9 New Drug Application (NDA) products, authorised by the US Food and Drug Administration (USFDA). As of June 30, 2025, the company also has 17 new products waiting for USFDA ANDA certification and another 63 products in the pipeline.
Objectives of the Rubicon Research
The Company plans to utilise the net proceeds from this offer in following ways:
Fund Utilisation | Amount (in ₹ lakh) |
Repayment or prepayment of some or all debt incurred by the company | 3,100 |
Funding for new initiatives and other general purpose | Undisclosed |
Strength Of Rubicon Research
- Fastest-Growing Company: The company has rapid growth in comparison to its competitors and is the only Indian company that has a complete focus on the US-dominated pharmaceutical market.
- Data-based Product: The company has a data-based product screening model, which enables it to build new and exclusive products while withstanding price competition.
- R&D Capabilities: The continuous investment and the capabilities of R&D enable the company to undertake complex products, which offer strong revenue opportunities.
- Strong Sales and Distribution Network: The company has a strong sales and distribution network in the US, including wholesalers, group purchasing organisations, and pharmacy chains.
Risk of Rubicon Research
- Revenue Concentration: The company obtained revenue from operations of 99.50% in Q1 2025-2026 and 98.49% in the financial year 2024-2025 from the United States. If the United States markets face any negative circumstances, for example, the imposition of tariffs, it could impact the operations and performance.
- Complex Manufacturing and Strict Regulation: The product manufacturing of the company is complex and strictly regulated. Therefore, any sort of failure or shortcomings could impact sales, financial condition, and operations, and could also delay the launch of new products or closures of facilities.
- History of Negative EPS and Losses: The company has incurred losses and negative earnings per share (EPS), return on capital employed (RoCE), and return on net worth (RoNW) in the past. Its inability to generate and grow revenue consistently, manage expenditure, and achieve profitability could impact overall financial health.
- Significant investment in R&D: The plans to invest a significant amount of IPO proceeds in research and development. This investment may not yield marketable products, and failure to launch new products into the market might impact operations and financial performance.
Other Recent IPO List
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Om Metallogic IPO | VijayPD Ceuticals IPO |
Sodhani Capital IPO | Glottis IPO |
Conclusion
Rubicon Research IPO offers investors an opportunity to invest in a fast-growing pharmaceutical company with strong R&D capabilities, an expanding product portfolio, and a strong presence in the US market.
However, investors should also consider factors such as high revenue concentration from the US market, strict regulatory requirements, and past negative financial records before making an investment decision.
Rubicon Research IPO FAQs
The Rubicon Research IPO is a bookbuilding issue of ₹1,377.50 Cr, comprising a fresh issue of 1.03 Cr shares and an offer for sale of 1.81 Cr shares, to be listed on NSE and BSE.
Log in to Zerodha Kite → Search “Rubicon Research IPO” → Click “Apply” → Enter your UPI ID, quantity, and price → Tick the undertaking box → Submit → Accept the mandate on your UPI app.
The Rubicon Research IPO opens on 9 October 2025 and closes on 13 October 2025.
The lot size of the Rubicon Research IPO is 30 shares, which requires a minimum investment of ₹14,550, applicable for retail investors.
Investors can apply online through ASBA using their bank account or via UPI through broking platforms such as Zerodha, Groww, Upstox, etc.
The Rubicon Research IPO allotment is expected to be on 14 October 2025.
The Rubicon Research IPO is tentatively scheduled to list on 16 October 2025 on BSE and NSE.