Rubicon Research IPO: Price, Analysis, Allotment, And GMP

Rubicon Research IPO - Company Analysis

Rubicon Research IPO, a Mainboard IPO, is a bookbuilding issue of Rs. 1,377.50 Cr by Rubicon Research Ltd., which was incorporated in 1999. It is a pharmaceutical research and development (R&D) firm that offers integrated solutions in formulations, product development, licensing, and manufacturing. 

It also has subsidiaries in the US, Canada, Singapore, and Australia, in addition to contract research and manufacturing capabilities. 

Rubicon Research IPO Details

The Rubicon Research Ltd IPO open date is from Oct 09 to Oct 13, with IPO allotment on Oct 14, refund initiation on Oct 15, 2025.

The Rs. 1,377.50 Cr mainline IPO comprises a combination of fresh issue of 1.03 crore shares (Rs. 500 Cr) and an offer for sale (OFS) of 1.81 crore shares (Rs. 877.50 Cr).

The Rubicon Research IPO listing date might be on Thursday, 16 October 2025, and it will be listed at the BSE and NSE. The Rubicon Research IPO price band is Rs. 461 to Rs. 485 for each Share. 

Events	Date
IPO Opening Date	October 09, 2025
IPO Closing Date	October 13, 2025
IPO Allotment Date	October 14, 2025 (Tentative)
Refund Initiation	October 15, 2025 (Tentative)
Tentative IPO Listing Date	October 16 2025

 

Industry Outlook

If you want to apply for the IPO, click to open a Demat Account.

 

 

Company Financial 

(Amount in lac)

Period	Three Months Ended 30 Jun 2025	31 Mar 2025	31 Mar 2024
Assets	1,647.60	1,451.43	1,109.49
Total Income	356.95	1,296.22	872.39
Profit After Tax	43.30	134.36	91.01
EBITDA	79.74	267.89	173.09
Net Worth	593.67	540.98	385
Reserves & Surplus	397.50	525.57	369.79
Borrowings	495.78	393.17	396.41

 

Cash Flows

The cash flows for various activities are shown below:

(Amount in Mn)

Net Cash Flow In Multiple Activities	Three Months Ended 30 Jun 2025	31 Mar 2025	31 Mar 2024
Net Cash Flow Operating Activities	439.46	1,591.77	210.09
Net Cash Flow Investing Activities	(1,428.28)	(648.09)	(685.13)
Net Cash Flow Financing Activities	901.09	(398.10)	435.53

 

Revenue Bifurcation 

Revenue from Operations Breakdown

Therapy Area-wise Breakdown

Revenue from Branded and Non-branded Products

(Source RHP)

The Objective of The Issue

• Full or partial prepayment or planned payback of some existing loans obtained by the business. ~ Rs. 3,100 Cr.

• Financing inorganic expansion through unnamed acquisitions, other strategic plans, and general business objectives.

Click to check the IPO application status.

Listed Peers of Rubicon Research Ltd

Company Name	Face Value (Rs. per Share)	EPS (Rs.)	P/E (x)
Sun Pharmaceutical Industries Limited	1	45.60	34.98
Aurobindo Pharma Limited	1	59.81	18.12
Zydus Lifesciences Limited	1	44.97	21.83
Strides Pharma Science Limited	10	44.05	18.72
Dr. Reddy’s Laboratories Limited	5	67.89	18.05
Alembic Pharmaceuticals Limited	2	29.68	30.33
Lupin Limited	2	71.95	26.64

 

Valuation

Metric	Value
ROE	29.02%
ROCE	26.45%
Debt/Equity	0.73
RoNW	29.02%
PAT Margin	10.37%
EBITDA Margin	20.67%

 

 

 

Evaluation of P/E Ratio

The company's IPO price of Rs. 485 corresponds to a P/E multiple of 55x based on FY25 EPS of Rs. 8.82.

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IPO's Strengths

• Wide geographic footprint, with subsidiaries located in the US, Canada, Singapore, and Australia. 

• Range of services and ample research and development in different pharma areas. 

• Financial performance very strong in FY25 post a recovery.  

 

IPO Weaknesses

• The company’s financially weaker position in FY23 and FY24. 

• The company’s significant regulatory headwinds across various jurisdictions. 

• The company’s high reliance on contract research services. 

 

Rubicon Research IPO GMP 

Rubicon Research IPO GMP today has not started yet as of 03 Oct 2025, while writing this information. 

 

Rubicon Research Limited IPO Summary

IPO Opening & Closing Date	Oct 09, 2025 to Oct 13, 2025
Face Value	Rs. 1 per Share
Issue Price	Rs. 461 to Rs. 485
Lot Size	30 Shares
Issue Size	2,84,02,040 Shares (Rs. 1,377.50 Cr)
Offer for Sale	1,80,92,762 Shares (Rs. 877.50 Cr)
Fresh Issue	1,03,09,278 Shares (Rs. 500 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	MUFG Intime India Pvt. Ltd.

 

 

Rubicon Research IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (30 Shares) amounting to Rs. 14550 and 13 Lots (390 Shares) amounting to Rs. 1,89,150, respectively, while for S-HNI investors, the minimum Lot is 14 (420 Shares) amounting to Rs. 2,03,700.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
SHNI (Minimum)	14 Lots
SHNI (Maximum)	68 Lots
BHNI (Minimum)	69 Lots

Rubicon Research IPO Reservation

Institutional Share Portion	75%
Retail Investors' Share Portion	10%
Non-Institutional Shares Portion	15%

 

Rubicon Research IPO Allotment Status

To check the Rubicon Research IPO allotment status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

 

Promoters And Management of Rubicon Research Ltd.

• General Atlantic Singapore RR Pte. Ltd.

• Pratibha Pilgaonkar

• Sudhir Dhirendra Pilgaonkar

• Parag Suganchand Sancheti

• Surabhi Parag Sancheti

• Sumant Sudhir Pilgaonkar.
  
  

Pre-Issue Promoter Shareholding	77.67%
Post-Issue Promoter Shareholding	-

 

Rubicon Research IPO Lead Managers

• Axis Capital Limited.

• IIFL Capital Services Limited.

• JM Financial Limited.

• SBI Capital Markets Limited.

 

Dividend Policy

The company has paid a dividend of Rs. 0.02, Rs. 0.02, and Rs. 0.50 in FY25, FY24, and FY23 respectively.

Conclusion

The Rubicon Research IPO gives investors the opportunity to invest in a pharmaceutical R&D firm which was profitable once again in FY25 after two consecutive years of losses. The company’s global reach, the variety of services, and the recent infusion of capital are all advantages. On the other hand, the financial volatility in the past and the risks associated with the specific regulations in the industry should be taken into account.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

Click Here To Stay Updated With The Upcoming IPOs.

DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.