India’s IPO market in 2025 continues to witness participation from high-growth niche sectors. Among the standout offerings is Rubicon Research Limited, a pharmaceutical company with a strong global footprint, particularly in the US generics market. The company is set to open its IPO on October 9, 2025, offering investors a chance to participate in its expansion and strategic growth plans.
About Rubicon Research Ltd.
Incorporated in 1999, Rubicon Research Limited is engaged in the development, manufacturing, and commercialisation of differentiated pharmaceutical formulations. As of June 30, 2025:
- The company has 72 active ANDA/NDA products approved by the US FDA, of which 66 are commercialised.
- The US generic pharmaceutical market size is USD 2,455.7 million, with Rubicon contributing USD 195 million in FY2024.
- 17 new products are awaiting US FDA ANDA approval, and 63 products are in various stages of development.
- Rubicon markets over 350 SKUs to 96 customers, with three major wholesalers accounting for more than 90% of US wholesale distribution.
Beyond the US, the company has 48 product applications filed or registered in Australia, the UK, Singapore, Saudi Arabia, and the UAE, with plans to commence commercial activities upon approval. Rubicon also provides contract manufacturing services in India, Australia, and New Zealand.
Manufacturing & R&D Facilities:
- Three manufacturing facilities in India
- Two US FDA inspected R&D centers (India & Canada)
Competitive Strengths:
- Rapidly growing Indian pharmaceutical company among peers
- Data-driven product selection framework
- Strong R&D capabilities
- Robust US sales and distribution network
- Strong compliance and cost-effective manufacturing
- Experienced and entrepreneurial management team
Rubicon Research IPO Details
The Rubicon Research IPO is a book-building issue of ₹1,377.50 crore, combining a fresh issue of 1.03 crore shares (₹500 Cr) and offer for sale of 1.81 crore shares (₹877.50 Cr).
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Oct 9, 2025 |
| IPO Close Date | Oct 13, 2025 |
| Tentative Allotment | Oct 14, 2025 |
| Initiation of Refunds | Oct 15, 2025 |
| Credit of Shares to Demat | Oct 15, 2025 |
| Tentative Listing Date | Oct 16, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Oct 13, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹1 per share |
| Issue Price Band | ₹461 – ₹485 per share |
| Lot Size | 30 shares |
| Total Issue Size | 2.84 crore shares (₹1,377.50 Cr) |
| Fresh Issue | 1.03 crore shares (₹500 Cr) |
| Offer for Sale | 1.81 crore shares (₹877.50 Cr) |
| Employee Discount | ₹46 per share |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Shareholding Pre-Issue | 15.44 crore shares |
| Shareholding Post-Issue | 16.47 crore shares |
Investor Category Reservation:
| Investor Category | Allocation |
| QIB | Not less than 75% of Net Offer |
| Retail | Not more than 10% of Net Offer |
| NII | Not more than 15% of Net Offer |
Lot Size & Investment:
| 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 | 2,040 | ₹9,89,400 |
| B-HNI (Min) | 69 | 2,070 | ₹10,03,950 |
Promoter Holding:
The promoters include General Atlantic Singapore RR Pte. Ltd., Pratibha Pilgaonkar, Sudhir Dhirendra Pilgaonkar, Parag Suganchand Sancheti, Surabhi Parag Sancheti, and Sumant Sudhir Pilgaonkar.
- Pre-IPO: 77.67%
- Post-IPO: [To be calculated based on equity dilution]
Book Running Lead Manager: Axis Capital Ltd.
Registrar: MUFG Intime India Pvt. Ltd.
Rubicon Research Ltd.: Financials
Financial Highlights (₹ Crore):
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 1,647.60 | 1,451.43 | 1,109.49 | 749.70 |
| Total Income | 356.95 | 1,296.22 | 872.39 | 419.00 |
| Profit After Tax | 43.30 | 134.36 | 91.01 | -16.89 |
| EBITDA | 79.74 | 267.89 | 173.09 | 43.97 |
| Net Worth | 593.67 | 540.98 | 385.00 | 286.38 |
| Reserves & Surplus | 397.50 | 525.57 | 369.79 | 281.31 |
| Total Borrowing | 495.78 | 393.17 | 396.41 | 317.91 |
Key Performance Indicators (FY2025):
| KPI | Value |
| ROE | 29.02% |
| ROCE | 26.45% |
| Debt/Equity | 0.73 |
| RoNW | 29.02% |
| PAT Margin | 10.37% |
| EBITDA Margin | 20.67% |
| EPS Pre-IPO | ₹8.70 |
| EPS Post-IPO | [To be calculated] |
Rubicon Research IPO Objectives
The IPO proceeds are proposed to be utilised as follows:
| S.No | Object | Expected Amount (₹ Million) |
| 1 | Prepayment or scheduled repayment of outstanding borrowings | 3,100 |
| 2 | Funding inorganic growth via acquisitions and general corporate purposes | Balance |
Rubicon Research IPO: Peer Comparison
Rubicon Research IPO can be compared with peers like Aurobindo Pharma Ltd, Laurus Labs Ltd, Cipla Ltd, Sun Pharmaceutical Industries Ltd, and Dr Reddy’s Laboratories Ltd. Reviewing these companies helps investors gauge Rubicon Research’s position in the pharmaceutical sector and make informed investment decisions.
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Conclusion
Rubicon Research Ltd. offers investors exposure to a fast-growing Indian pharmaceutical company with strong US and global market presence. Its robust R&D, compliance track record, and strategic expansion plans make it a compelling opportunity. However, potential investors should consider risks such as regulatory approvals, dependency on key customers, and market competition before investing.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
