Rubicon Research IPO

103.62x

subscribed

Rubicon Research IPO

Pharmaceuticals & Drugs
listed
₹13,830Min. investment
  1. Pre-apply
    8 Oct
  2. Bid start
    9 Oct
  3. Bid end
    13 Oct
  4. Allotment
    14 Oct
  5. Release of funds
    15 Oct
  6. Demat transfer
    15 Oct
  7. Listing
    16 Oct

About Rubicon Research Limited

SectorPharmaceuticals & Drugs
Price range₹461 – ₹485
IPO type
Regular
Lot size30 shares
Issue size₹1,377Cr
Red Herring Prospectus
Read
Market Cap
₹7,987CrLower than sector avg
RevenueApr 2024 - Mar 2025
₹1,284CrLower than sector avg
Growth rate3Y CAGR
80.65%

Rubicon Research Limited IPO Overview

Rubicon Research Limited IPO date

Rubicon Research Limited IPO will open for subscription on October 09, 2025, and the closing date for the IPO is October 13, 2025. After this, investors are expected to be updated about the allotment status on October 14, 2025.

Investors who have been allotted shares can expect them to be credited to their demat account on October 15, 2025. The shares will be listed on the NSE and the BSE on Thursday, October 16, 2025.

Rubicon Research Limited IPO price band

The IPO includes a fresh issue and an offer for sale. The IPO price band has been set between ₹461 to ₹485 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹500 crore and an offer for sale of ₹877.50 crore.

Rubicon Research Limited's IPO listing price will be determined on October 16, 2025. The listing price is the price at which a company’s shares debut on the stock exchanges.

Rubicon Research Limited IPO lot size

Rubicon Research Limited IPO details have been declared. The minimum lot size for an application is 30 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹1377.50 crore.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
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Revenue
Higher revenue means strong sales and good market demand
This IPO
₹1,284Cr
This sector
₹1,331.47Cr
Compare with companies
PAT
Higher PAT means strong profitability and efficient cost management
This IPO
₹134.36Cr
This sector
₹193.4Cr
Compare with companies
Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹7,987Cr
This sector
₹10,914.84Cr
Compare with companies
P/E ratio
Lower ratio usually means stock is undervalued
This IPO
54.99
This sector
60.87
Compare with companies
D/E ratio
Lower ratio usually means fewer liabilities
This IPO
0.51
This sector
0.43
Compare with companies

Objectives

Repayment of loans
62.00%
Inorganic growth and general corporate purposes
38.00%

Strength and Weakness

Leading pharmaceutical company

Between FY23 and FY25, the company was the fastest-growing Indian pharmaceutical company, with a total revenue CAGR of 75.89%, which was over seven times higher than the average. The company is the only Indian pharmaceutical player fully focused on regulated markets, with 99.50% of revenue from the US in Q1FY26. Its strong presence has translated into more than 25% market share in the US (by value) for nine products in FY25 compared to only two products in FY23.

Data-driven product selection framework

The company leverages a robust, ROI-centric, data-driven framework for product selection that helps withstand pricing pressures in the US generics market. While the overall US generics industry witnessed a 5.2% price erosion between FY22 and FY25, the company achieved an 8.0% average per unit price growth during the same period. With a strong commercialisation rate of 86.4% of approved products as of June 2025 in the US market, the framework ensures early identification of commercially viable opportunities.

Strong R&D capabilities

The company’s R&D strength is backed by 170 scientists across facilities in India and Canada, focusing on formulations and complex dosage forms. It invested ₹36.74 crore in R&D in FY2025 (10.42% of revenue), maintaining a steady allocation to innovation. These FDA-inspected facilities support the development of high-value products such as nasal sprays, inhalation therapies, and speciality drugs, with 72 active ANDAs and 9 NDAs as of June 2025.

Robust sales and distribution capacity in the US

Through its wholly-owned subsidiary AdvaGen Pharma, the company directly markets over 350 SKUs to 96 customers, including all three major US wholesalers that control 90% of distribution. Validus further extends branded sales capabilities, with distribution across 44 states and strong CNS prescriber relationships.

Cost-effective manufacturing

According to F&S, the company’s manufacturing facilities are based in India, where the cost of manufacturing is 30-40% lower than in the US. This enables the company to compete in developed markets while minimising cost. Further, it also utilised third-party manufacturing during periods when its facilities were highly utilised or were not equipped for specific types of manufacturing, allowing the company to meet demand and maintain supply.

About Rubicon Research Limited

Rubicon Research Limited is a pharmaceutical formulations company dedicated to the development, manufacturing, and marketing of speciality and generic prescription medicines for regulated markets, with an emphasis on the United States.
Incorporated in 1999 as a contract formulation developer, and has developed over the years into an integrated player with capabilities across research, manufacturing, and commercialisation. It is the sole Indian pharmaceutical company with all attention concentrated in regulated markets, and more than 98% of its revenue has been sourced from the US in FY25.
Rubicon has showcased outstanding growth momentum, emerging as the fastest-growing Indian pharma formulations player between FY23 and FY25 with a revenue CAGR of 75.89%, almost 7 times greater than the peer average. As of June 2025, the company had 72 active ANDAs and 9 NDAs approved by the USFDA and a US market commercialisation rate of 86.4%, one of the highest in its category. It was one of the top 12 Indian firms in cumulative ANDA approvals in FY25.
The company’s portfolio of 66 commercialised products in the US caters to therapy areas of CNS (46.13%), CVS (38.48%), and Analgesics/Pain Management (24.10%) as of June 2025 revenue. Interestingly, nine of these have a market share of over 25% by value in the US market. Rubicon has also established a strong pipeline, with 17 new products awaiting USFDA approval and 63 candidates in development, allowing for a steady pipeline of launches.
As of June 2025, the company had 16 speciality products. Flagship brands sold through its US-based subsidiary Validus Pharmaceuticals include Equetro® and Raldesy®, the latter being the first-ever oral liquid form of Trazodone Hydrochloride to be approved by the USFDA.
Its innovation-driven edge is supported by two USFDA-inspected R&D centres (India and Canada) employing 170 scientists, and three USFDA-approved manufacturing facilities across Maharashtra and Madhya Pradesh, India. The company also owns nine proprietary drug delivery technologies and 10 patents across India and the US. Rubicon Research's manufacturing strength enables cost efficiency as Indian production costs are 30–40% lower than in the US, while maintaining stringent global quality standards.
Rubicon markets products through its wholly owned subsidiaries AdvaGen Pharma (non-branded generics) and Validus Pharmaceuticals (branded prescription products). AdvaGen can distribute products in 49 states of the US, serving wholesalers, group purchasing organisations, and national chain pharmacies. As of June 2025, the company marketed over 350 SKUs to 96 customers, including all three major US wholesalers.
The US market comprised 46.9% of the world's prescription pharmaceuticals market in 2024 and is expected to remain over 45% up to 2029, and is expected to grow at a CAGR of 7.5% from FY25 to FY30, with CNS and CVS medicines contributing 14.7% and 12.2% of this revenue, respectively. The firm is well-poised to capitalise on this growth potential through its market share of more than 25% in the US market and revenue focus on CNS and CVS drugs.
The company plans to continue to develop and market its pipeline of speciality products in central nervous system (CNS) and Cardiovascular (CVS) therapy classes with branded products promoted by Validus. It further plans to leverage its US approvals and development efforts in similarly regulated geographies like the UK, Canada, Australia, and South Africa.
Now, Rubicon Research Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹500 crore and an offer for sale of ₹877.50 crore. The total issue size of the IPO is ₹1377.50 crore. Its shares will be listed on the NSE and BSE.

IPO Analysis

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IPO Subscription Status

Date
QIB
NII
Retail
Total
09-Oct-25
0.26 times (X)
0.46 times (X)
1.38 times (X)
0.52 times (X)
10-Oct-25
2.0X
1.8X
3.98X
2.37X
13-Oct-25
74.99X
95.07X
34.6X
103.62X

Latest News on IPO

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Rubicon Research IPO: The initial share sale is a fresh issuance of shares valued at ₹500 crore and an offer for sale of ₹877.5 crore by promoter General Atlantic Singapore RR Pte Ltd.

2 min read

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Rubicon Research Ltd, a pharmaceutical formulation company, has filed draft papers with SEBI to raise ₹1,085 crore through an IPO, including a fresh issue of equity shares worth ₹500 crore and an OFS of shares valued at ₹585 crore. The company plans to use the proceeds to repay debt, make unspecified acquisitions, and fund general corporate purposes.
news logo
Rubicon Research IPO is a mix of new equity shares worth ₹500 crore and an offer for sale of 1.81 crore shares aggregating to ₹877.50 crore by promoter General Atlantic Singapore RR Pte Ltd. The total issue size is ₹1,377.50 crore.

3 min read

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Rubicon Research IPO day 1: The ₹1,377.50 crore initial share sale, which will conclude on October 13, consists of a fresh issuance of shares aggregating to ₹500 crore and an offer for sale of ₹877.50 crore by the promoter selling shareholder General Atlantic Singapore RR Pte Ltd.

3 min read

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Rubicon Research IPO Listing Highlights: Shares of Rubicon Research will hit the secondary market - the NSE and the BSE - on Thursday, October 16.

5 min read

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Rubicon Research IPO Listing Date: The book-building issue sought to raise ₹1,377.50 crore by offering new shares valued at ₹500 crore and an offer for sale (OFS) of 1.81 crore shares aggregating to ₹877.50 crore by the promoter, General Atlantic Singapore RR Pte Ltd.

3 min read

Frequently asked questions

How to invest in the IPO?

Investors can apply for the IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Rubicon Research IPO ?

The issue size of the Rubicon Research IPO is 1377 Cr.

What is 'pre-apply' for Rubicon Research IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Rubicon Research IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.