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Rubicon Research IPO Date, Price, GMP, Review, Details

Know about the Rubicon Research IPO gmp, allotment, listing date, price band and more.

rubicon research ipo

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 Date9 October 2025
Close Date13 October 2025
Face Value₹1 per share
Price Band₹461-₹485 per share
Issue size2,84,02,040 shares
Market Lot30 shares
Sale TypeFresh Capital and Offer for sale
Offer for Sale1,80,92,762 shares
Fresh Issue1,03,09,278 shares
Issue TypeBookbuilding IPO
Listing AtNSE, BSE
Total Issue Size (₹ Cr)₹1,377.50 Cr
Reserved for Market MakerUndisclosed
Net Offered to PublicUndisclosed 
Minimum Investment(₹)₹14,550
Retail DiscountUndisclosed

Rubicon Research  IPO Timeline

Timeline for the Rubicon Research IPO:

IPO Open Date9 October 2025
IPO Closing Date13 October 2025
Allotment Date14 October 2025
Refunds Initiation15 October 2025
Credit of Shares15 October 2025
Tentative Listing Date16 October 2025
Cut-off Time for UPI Mandate Confirmation13 October 2025

Rubicon Research IPO Grey Market Premium (GMP Today)

DateGMP (₹)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:

Category% of Shares Offered
QIBsMinimum of 75%
Retail sharesMaximum of 10%
NIIMaximum of 15%

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.

KPI202520242023
ROE (%)29.0227.11(5.71)
ROCE (%)26.4518.621.35
Debt to Equity Ratio (in times)0.731.031.11  
RoNW (%)29.0227.11(5.71) 
PAT Margin (%)10.3710.43(4.03)
EBITDA Margin (%)20.6719.8410.49

Rubicon Research IPO Financials 

Representing the financial performance of Rubicon Research Ltd. over the past three years.

2025 (₹ million)2024 (₹ million)2023 (₹ million)
Revenue12962.198723.864189.99
Total Asset14,514.32 11,094.88 7,497.04
Profit1343.61 910.12(168.88) 

Rubicon Research IPO Lot Size

Learn more about the Rubicon Research IPO lot size, minimum investments based on the investors’ category.

ApplicationLot SizeSharesAmount(in ₹)
Individual investors (Retail) (Min)13014,550
Individual investors (Retail) (Max)133901,89,150
S-HNI (Min)144202,03,700
S-HNI (Max)682,0409,89,400
B-HNI (Max)692.07010,03,950

Rubicon Research  IPO Promoter Holding

The % of holdings by promoters before and after the IPO.

Pre-Issue Holding77.67%
Post-Issue Holding72.80%

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 Date8 October 2025 
Shares Offered60% of QIBs

Rubicon Research  IPO Prospectus 

Check the official filings with SEBI for more information regarding the Rubicon Research IPO.

DRHP (Doc)PDF
RHP (Doc)PDF
Anchor InvestorsUndisclosed 

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 UtilisationAmount (in ₹ lakh)
Repayment or prepayment of some or all debt incurred by the company3,100
Funding for new initiatives and other general purposeUndisclosed

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.

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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

What is the Rubicon Research IPO?

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.

How to apply for the Rubicon Research IPO through Zerodha?

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.

When will Rubicon Research’s IPO open?

The Rubicon Research IPO opens on 9 October 2025 and closes on 13 October 2025.

What is the lot size of the Rubicon Research IPO?

The lot size of the Rubicon Research IPO is 30 shares, which requires a minimum investment of ₹14,550, applicable for retail investors.

How to apply for the Rubicon Research IPO?

Investors can apply online through ASBA using their bank account or via UPI through broking platforms such as Zerodha, Groww, Upstox, etc.

When is the Rubicon Research IPO allotment?

The Rubicon Research IPO allotment is expected to be on 14 October 2025.

When is Rubicon Research’s IPO listing date?

The Rubicon Research IPO is tentatively scheduled to list on 16 October 2025 on BSE and NSE.

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Rohan Malhotra

Rohan Malhotra is an avid trader and technical analysis enthusiast who’s passionate about decoding market movements through charts and indicators. Armed with years of hands-on trading experience, he specializes in spotting intraday opportunities, reading candlestick patterns, and identifying breakout setups. Rohan’s writing style bridges the gap between complex technical data and actionable insights, making it easy for readers to apply his strategies to their own trading journey. When he’s not dissecting price trends, Rohan enjoys exploring innovative ways to balance short-term profits with long-term portfolio growth.

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