
Rubicon Research IPO
About Rubicon Research Limited
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.
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Strength and Weakness
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.
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.
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.
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.
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
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Frequently asked questions
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How to apply for IPOs on Upstox
Step 1
Go to www.upstox.com/ipo or open the Upstox mobile app and select the IPO you wish to apply for from the 'Open IPO' section
Step 2
Click on apply, enter the lot size, price and provide your UPI mandate.
Step 3
Approve the UPI mandate on your UPI app and you are all set!