Rubicon Research IPO
Rubicon Research IPO
Overview
Rubicon Research Ltd. IPO is a book build issue of ₹1,377.50 crores. The issue is a combination of fresh issue of 1.03 crore shares aggregating to ₹500.00 crores and offer for sale of 1.81 crore shares aggregating to ₹877.50 crores. Rubicon Research IPO opens for subscription on Oct 9, 2025 and closes on Oct 13, 2025. The allotment for the Rubicon Research IPO is expected to be finalized on Oct 14, 2025. Rubicon Research IPO will list on BSE, NSE with a tentative listing date fixed as Oct 16, 2025. Rubicon Research IPO price band is set at ₹461.00 to ₹485.00 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. Axis Capital Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
Total Shares
2,84,02,040
Issue Size
₹1,377.50 Cr
Price Band
₹461 – ₹485
Lot Size
30 shares
Min. Investment
₹14,550
Max. Investment
₹1,89,150
Open Date
09 Oct, 2025
Close Date
13 Oct, 2025
Allotment
14 Oct, 2025
Listing
16 Oct, 2025
Max. Investment
₹1,89,150
Announced
09 Oct, 2025
Opening Date
09 Oct, 2025
Closing Date
13 Oct, 2025
Basis of Allotment
14 Oct, 2025
Initiation of Refunds
15 Oct, 2025
Credit of Shares
15 Oct, 2025
Listing Date
16 Oct, 2025
Live GMP
Est. Listing: ₹580
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About Rubicon Research IPO
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 R
Rubicon Research IPO Share Price
Issue Breakdown
Shareholding
Dilution: 6.7% increase in shares
Rubicon Research IPO Promoters Holding
Rubicon Research IPO Financial Health
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.
Rubicon Research IPO Lot Size
Investors can bid for a minimum of 30 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| 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 | 2040 | ₹9,89,400 |
| B-HNI (Min) | 69 | 2070 | ₹10,03,950 |
(All values in CR)
Rubicon Research IPO Valuations
| Metric | Value |
|---|---|
| ROE | 29.02 |
| ROCE | 26.45 |
| Debt/Equity | 0.73 |
| RoNW | 29.02 |
| PAT Margin | 10.37 |
| EBITDA Margin | 20.67 |
(All values in CR)
Rubicon Research IPO Strength & Risk
Rubicon Research IPO Strength:
Rapid revenue growth and profitable turnaround.
Strong R&D capabilities with multiple facilities and approvals in key regulated markets.
Large number of commercialised ANDA/NDA products, especially in the US.
Robust US sales and distribution network through subsidiaries.
Established regulatory compliance and quality track record.
Experienced promoter / management team.
Rubicon Research IPO Risk:
Heavy dependence on US market for majority of revenues.
High customer concentration, major share of revenue from top few clients.
Regulatory and compliance risks inherent in pharma business (approvals, inspections, recalls).
R&D investments may not always succeed or yield timely results.
Intense competition from other pharma/generic/speciality players.
Potential risks from changes in currency exchange rates.
Past history of losses — need to maintain profitability sustainably
Working capital intensity and risk of delays in drug approvals
Rubicon Research IPO Subscriptions Status
Rubicon Research IPO subscribed 21.58 times. The public issue subscribed 19.86 times in the retail category, 8.70 times in QIB (Ex Anchor), and 48.59 times in the NII category by October 13, 2025 1:14:41 PM (Day 3).
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (Rs Cr.) |
|---|---|---|---|---|
| Anchor | 1.00 | 1,27,64,691 | 1,27,64,691 | 619.088 |
| QIB (Ex Anchor) | 8.70 | 85,06,804 | 7,40,40,120 | 3 |
| Non-Institutional Buyers | 48.59 | 42,54,299 | 20,67,26,070 | 10 |
| bNII (bids above ₹10L) | 55.15 | 28,36,200 | 15,64,09,470 | 7 |
| sNII (bids below ₹10L) | 35.48 | 14,18,100 | 5,03,16,600 | 2 |
| Retail Investors | 19.86 | 28,36,200 | 5,63,38,530 | 2 |
| Employees | 10.66 | 40,046 | 4,26,810 | 20.7 |
| Total | 21.58 | 1,56,37,351 | 33,75,31,530 | 16 |
Rubicon Research IPO GMP
Rubicon Research IPO last GMP is ₹95, last updated Oct 13th 2025 12:31 PM. With the price band of 485.00, Rubicon Research IPO's estimated listing price is ₹580 (cap price + today's GMP).The expected percentage gain/loss per share is 19.59%. >> Rubicon Research IPO Retail Subject to Sauda: ₹2200 >> Rubicon Research IPO Small HNI Subject to Sauda: ₹30800 The lowest GMP is ₹0.00, while the highest GMP is ₹111.00.
Last updated 13 Oct, 2025 · Source: aggregated grey-market dealers
| Date | IPO Price | GMP | Sub2 Sauda | Est. Listing | Est. Profit | Updated |
|---|---|---|---|---|---|---|
| 13 Oct, 2025 | 185 | ₹95▼ | 2200/30800 | ₹580 (19.59%) | 2850 | 13 Oct, 2025 |
| 12 Oct, 2025 | 185 | ₹96▼ | 2200/30800 | ₹581 (19.79%) | 2880 | 12 Oct, 2025 |
| 11 Oct, 2025 | 185 | ₹110▼ | 2500/35000 | ₹595 (22.68%) | 3300 | 11 Oct, 2025 |
| 10 Oct, 2025 | 185 | ₹111▲ | 2500/35000 | ₹596 (22.89%) | 3330 | 10 Oct, 2025 |
| 09 Oct, 2025 | 185 | ₹100▲ | 2300/32200 | ₹585 (20.62%) | 3000 | 09 Oct, 2025 |
| 08 Oct, 2025 | 185 | ₹98▲ | 2200/30800 | ₹583 (20.21%) | 2940 | 08 Oct, 2025 |
| 07 Oct, 2025 | 185 | ₹80 | 1800/25200 | ₹565 (16.49%) | 2400 | 07 Oct, 2025 |
| 06 Oct, 2025 | 0 | ₹80▲ | 1800/25200 | ₹565 (16.49%) | 2400 | 06 Oct, 2025 |
| 05 Oct, 2025 | 0 | ₹68▲ | 1600/22400 | ₹553 (14.02%) | 2040 | 05 Oct, 2025 |
| 04 Oct, 2025 | 185 | ₹60▲ | 1400/19600 | ₹545 (12.37%) | 1800 | 04 Oct, 2025 |
| 03 Oct, 2025 | 185 | ₹0 | - | ₹485 (0.00%) | - | 03 Oct, 2025 |
| 02 Oct, 2025 | 185 | ₹0 | - | ₹ (%) | - | 02 Oct, 2025 |
Disclaimer: GMP is an unofficial signal from grey-market dealers and is not regulated by SEBI. Use it alongside subscription data and other research for informed decision-making.
How to Apply for Rubicon Research IPO
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Go to IPO Section
Find Rubicon Research IPO under the IPO section. Select it and enter your bid details — choose lot size and price (cut-off price recommended).
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Application Confirmed
Your funds will be blocked in your account until the IPO allotment process is completed.