Rubicon Research Ltd IPO

Rubicon Research Ltd IPO

We are a pharmaceutical formulations company, driven by innovation through focused research and development, with an increasing portfolio of specialty products and drug-device combination products targeting regulated markets, particularly, the United States. Based on the peer set (of seven listed Indian companies assessed by F&S, and our Company), we are the only Indian pharmaceutical player with a complete focus on regulated markets*. (Source: F&S Report) As on June 30, 2025, we directly or through our Subsidiaries have a portfolio of 72 active ANDA and nine NDA products approved by, and one over-the-counter monograph listed with, the USFDA. As on June 30, 2025, we have 17 new products awaiting USFDA ANDA approval and 63 product candidates in development. Our Company sells branded and non-branded pharmaceutical products, and for the three months ended June 30, 2025, derived 95.05% and 4.95% of our revenue from sale of goods from the sale of non-branded and branded products, respectively. The following table sets forth the therapy area-wise split of our revenue from sale of goods for the three month periods ended June 30, 2025 and 2024, and Fiscals 2025, 2024 and 2023.

Rubicon Research Ltd IPO Details

Total Shares Offered

₹ 2,84,02,041

Offer to Public

1,80,92,763

Retail Max (Shares)

₹ 28,36,596

Pre Issue Promoters Holding

₹ 11,98,97,506

Exchange

BSE

Issue size

₹ 1377.5 Cr

IPO Open Date

Oct 9, 2025

Close Date

Oct 13, 2025

Lot Size

30

Min Investment

₹ 13,830

Issue Type

Book Building

Listing Date

Oct 16, 2025

Rubicon Research Ltd IPO Dates

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Oct 9, 2025
Opening date
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Oct 13, 2025
Closing date
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Oct 14, 2025
Basis of Allotment
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Oct 15, 2025
Initiation of Refunds
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Oct 15, 2025
Credit of Shares
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Oct 16, 2025
Listing date

Details

SectorType
SectorMiscellaneous
Sub SectorNA
Issue TypeBook Building

Subscription Status

*Values are in Lakhs

Investor Type

QIB

NII

Retail

Employee

Total

Rubicon Research Ltd Financial Status

Income Statement

Particulars (In Rs. Crores)

Balance Sheet

Particulars (In Rs. Crores)
Particulars (in Rs. Crores)FY23FY22FY21
Revenue from operations853.89393.52313.57
EBITDA180.8061.0779.94
PAT91.01-16.8916.68
Total Assets764.09501.59398.03
Share Capital15.215.075.07
Total Borrowings500.15368.04218.13
Operating Activities (Net Cash)129.9819.1748.19
Investing Activities (Net Cash)-9.63-24.4615.98
Financing Activities (Net Cash)500.15368.04218.13
Net Cashflow58.3958.9143.50

About Rubicon Research Ltd

Our Company was incorporated on May 6, 1999, as a private limited company under the Companies Act, 1956, under the name `Rubicon Consultants Private Limited', pursuant to a certificate of incorporation issued by the Registrar of Companies, Maharashtra at Mumbai (RoC). Subsequently, pursuant to a resolution passed by our Board and by our Shareholders on May 6, 2002 and June 15, 2002, respectively, the name of our Company was changed from `Rubicon Consultants Private Limited' to `Rubicon Research Private Limited' as we had set-up a pharma research laboratory, entered into contracts with customers from the pharma industry and was in the process of making applications to secretary, Department of Scientific and Industrial Research, Ministry of Science and Technology for carrying on scientific research development in our laboratories, consequent to which a fresh certificate of incorporation was issued by the RoC dated September 2, 2002 under the Companies Act, 1956. Furthermore, our Company's status was converted from a private limited company to a public limited company pursuant to a resolution passed by our Board and by our Shareholders on April 11, 2024 and May 13, 2024, respectively, the name of our Company was changed from `Rubicon Research Private Limited' to `Rubicon Research Limited' under Companies Act, 2013. A fresh certificate of incorporation dated July 23, 2024 was issued by the registrar of companies, central processing centre, Manesar, Haryana consequent to our Company's conversion into a public limited company.

In 2024, the US dominated the global prescription pharmaceutical market with a commanding 46.9% share. This dominance is attributed to several factors, including a robust healthcare infrastructure, a favorable regulatory environment, an innovative reimbursement mechanism, significant investments in R&D, and a large population with high healthcare expenditure and affordability. Additionally, according to F&S, the US leads in the share of first launches globally, with 65% of new medicines launched in 2021 being first launched in the US.

We are a pharmaceutical formulations company, driven by innovation through focused research and development, with an increasing portfolio of specialty products and drug-device combination products targeting regulated markets, particularly, the United States. Based on the peer set (of seven listed Indian companies assessed by F&S, and our Company), we are the only Indian pharmaceutical player with a complete focus on regulated markets*. (Source: F&S Report) As on June 30, 2025, we directly or through our Subsidiaries have a portfolio of 72 active ANDA and nine NDA products approved by, and one over-the-counter monograph listed with, the USFDA. As on June 30, 2025, we have 17 new products awaiting USFDA ANDA approval and 63 product candidates in development. Our Company sells branded and non-branded pharmaceutical products, and for the three months ended June 30, 2025, derived 95.05% and 4.95% of our revenue from sale of goods from the sale of non-branded and branded products, respectively. The following table sets forth the therapy area-wise split of our revenue from sale of goods for the three month periods ended June 30, 2025 and 2024, and Fiscals 2025, 2024 and 2023.

Peer Comparison:

  • Sun Pharmaceutical Industries Limited
  • Aurobindo Pharma Limited
  • Zydus Lifesciences Limited
  • Strides Pharma Science Limited
  • Dr. Reddy's Laboratories Limited
  • Alembic Pharmaceuticals Limited
  • Lupin Limited

Rubicon Research Ltd Key Points

Strengths

We are the fastest growing Indian pharmaceutical company amongst our peers and the only Indian company focused completely on the US market.

Our data-driven product selection framework has allowed us to build a product portfolio with a combination of new and specialty products allowing us to withstand pricing pressures.

Our R&D capabilities and continuing investment allow us to pursue complex products that offer strong revenue opportunities.

Robust sales and distribution capabilities in the US.

Strong track record of compliance combined with expertise in cost effective manufacturing

Risk

We derive Rs.3,507.36 million and 99.50%, and Rs.12,649.23 million and 98.49%, respectively, of our revenue from operations from the United States for the three month period ended June 30, 2025 and Fiscal 2025, respectively, and any adverse developments in the United States such as imposition of tariffs could have an adverse effect on our business and results of operations.

As the manufacture of our products is technically complex and highly regulated, product recalls, regulatory inspection failures or shortcomings at our manufacturing facilities or other problems may reduce sales, adversely affect our business, financial condition and results of operations and delay the launch of new products, and in some cases may lead to closures of our facilities.

We have a history of net losses, negative earnings per share (EPS) and return on capital employed. We need to generate and sustain increased revenues while managing our expenses to achieve profitability, and our inability to achieve these goals may have an adverse effect on our business, results of operations, cash flows and financial condition.

Strategy

Grow our Portfolio of specialty Products and drug-device combinations.

Continue to develop new products and build leadership positions in regulated markets for generic products.

Expand our US market presence and leverage our intellectual property and product portfolio in other key regulated markets.

Pursue synergistic business development and external innovation opportunities.

How To Apply for Rubicon Research Ltd IPO Online?

Step 1:

Log in to the BlinkX stock market app and click ‘IPO’ in the Xplore section.

Step 2:

From the list of open IPOs, select the IPO you want to invest.

Step 3:

Go through the IPO details like lot size, price band, about the company, etc.

Step 4:

Click ‘Apply IPO’ to apply and enter the number of lots and bidding price along with your UPI ID.

Step 5:

Confirm your bid and accept the payment mandate sent to your UPI App for completing the IPO application.

FAQs on IPO (Initial Public Offering)

What is the issue size of the Rubicon Research Ltd IPO?

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Rubicon Research Ltd's IPO offers shares for up to 500 It begins on Oct 9, 2025 and ends on Oct 13, 2025.

What is the price of the Rubicon Research Ltd IPO?

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The price of Rubicon Research Ltd IPO ranges between ₹461 to ₹485 per share.

What are the open and close dates for the Rubicon Research Ltd IPO?

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The Rubicon Research Ltd IPO opens on Oct 9, 2025 and closes on Oct 13, 2025.

When will the Rubicon Research Ltd IPO be allotted?

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The allotment for the Rubicon Research Ltd IPO will be finalised on Oct 14, 2025. The shares will be listed on BSE and NSE on Oct 16, 2025.

What is the minimum lot size required for Rubicon Research Ltd IPO?

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The minimum lot size for Rubicon Research Ltd IPO is 30 shares, priced between ₹461 to ₹485 per share.

What is the GMP of Rubicon Research Ltd IPO?

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The GMP (Grey Market Premium) of Rubicon Research Ltd IPO fluctuates based on market demand and sentiment.

How do you check the allotment status of Rubicon Research Ltd IPO?

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To check the allotment status of Rubicon Research Ltd IPO, visit the registrar's website, select the IPO, enter your PAN Card number, Application Number, or DP Client ID, and click 'search.'

Where is the Rubicon Research Ltd IPO getting listed?

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The Rubicon Research Ltd IPO is getting listed on the BSE and NSE. Bidding opens on Oct 9, 2025, and closes on Oct 13, 2025. The allotment is finalised on Oct 14, 2025.

How do you apply for the Rubicon Research Ltd IPO?

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To apply for the Rubicon Research Ltd IPO, download the BlinkX app, complete KYC, select the IPO, enter bid details, and submit. Verify UPI payment for shares allotment.

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