Key Highlights
- IPO opens 9 October 2025 and closes 13 October 2025.
- Total IPO size: Rs.1,377.5 crore (Fresh issue Rs.500 crore + OFS Rs.877.5 crore).
- Face value: Rs.1 per share.
- Listing on NSE and BSE, retail allocation 10%.
- Promoters include General Atlantic Singapore RR Pte. Ltd. and Pilgaonkar family.
- Company has 69 FDA-approved products, with 19 awaiting approval.
- Financial turnaround: Net profit of Rs.91.01 crore in FY24.
Rubicon Research Company Profile
Established in 1999, Rubicon Research is a pharmaceutical formulation company focusing on innovation, R&D, and regulated markets.
The company operates two USFDA-inspected R&D facilities in India and Canada, and two manufacturing plants in India.
It holds multiple accreditations from global regulatory bodies including the USFDA and WHO-GMP.
As of March 2024, Rubicon has a portfolio of 69 FDA-approved products, with 19 awaiting approval and 46 in development.
Its research team consists of 143 scientists across India and Canada.
Rubicon Research IPO Details
| Detail | Information |
|---|---|
| IPO Opening Date | 9 October 2025 |
| IPO Closing Date | 13 October 2025 |
| Fresh Issue | Rs.500 crore |
| Offer for Sale (OFS) | Rs.877.5 crore |
| Total IPO Size | Rs.1,377.5 crore |
| Face Value | Rs.1 per share |
| Retail Allocation | 10% |
| Listing | NSE, BSE |
Financial Performance
| FY | Revenue (Cr.) | Expenses (Cr.) | Net Income (Cr.) | Margin (%) |
|---|---|---|---|---|
| 2022 | 313.57 | 396.53 | (67.12) | -21.41% |
| 2023 | 393.52 | 430.05 | (16.89) | -4.29% |
| 2024 | 853.89 | 769.53 | 91.01 | 10.66% |
Valuations and Ratios
| Metric | FY22 | FY23 | FY24 |
|---|---|---|---|
| EPS | -4.41 | -1.11 | 5.91 |
| RONW (%) | -19.75 | -5.71 | 27.11 |
| NAV | 20.08 | 18.83 | 25.31 |
| ROCE (%) | -12.68 | 1.35 | 18.62 |
| EBITDA (%) | -6.77 | 10.49 | 19.84 |
| Debt/Equity | 0.56 | 1.11 | 1.03 |
Objectives of the IPO
- Prepayment or repayment of borrowings – Rs.310 crore.
- Funding acquisitions and strategic initiatives.
- General corporate purposes.
Comparison With Listed Peers
| Company | PE Ratio | EPS | RONW (%) | Revenue (Cr.) |
|---|---|---|---|---|
| Rubicon Research | – | 5.91 | 27.11 | 853.89 |
| Sun Pharma | 42.95 | 39.90 | 16.01 | 48,496.85 |
| Aurobindo Pharma | 25.60 | 54.16 | 11.18 | 28,704.50 |
| Zydus Lifesciences | 31.63 | 38.14 | 20.67 | 19,547.40 |
| Dr. Reddy’s | 20.60 | 334.59 | 21.64 | 28,011.10 |
IPO Timeline
- IPO Opening Date: 9 October 2025
- IPO Closing Date: 13 October 2025
- Finalization of Basis of Allotment: 14 October 2025
- Initiation of Refunds: 15 October 2025
- Credit of Shares to Demat: 15 October 2025
- Listing Date: 16 October 2025
Offer Registrar & Lead Manager
Lead Manager: AXIS CAPITAL LIMITED, Mumbai
Registrar: LINK INTIME INDIA PRIVATE LIMITED, Mumbai
Company Contact: Rubicon Research Ltd, Thane, Maharashtra
Note: Investors can apply through ASBA, UPI-enabled broker apps, or offline IPO forms. Retail allocation is 10%. Check the official registrar’s website (Link Intime) for allotment status after the issue closes.
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