Rubicon Research Ltd IPO – Financials, Key Details & Insights
Rubicon Research Limited is a regulated markets-focused pharmaceutical formulations and specialty generics firm, particularly in the U.S. The group is noted for its robust R&D base and US-FDA-approved production facilities.
Key IPO Details
Company: Rubicon Research Limited – a regulated markets-focused pharma formulations / generics & specialty drugs firm (particularly the U.S.).
Sources: Mint, Business Standard, India Infoline
Issue Size: ₹1,377.50 crore (Total)
- Fresh Issue: ₹500 crore (new equity)
- Offer For Sale (OFS): ₹877.50 crore by existing promoters Sources: IPO Investors.
Price Band: ₹461 – ₹485 per share
Face Value: ₹1 per share
Lot Size (Retail): 30 shares per lot (Minimum investment ₹14,550 at upper band)
Reservation of Shares:
- QIBs (Qualified Institutional Buyers): 75%
- NIIs (Non-Institutional Investors): 15%
- RIIs (Retail Investors): 10%
Anchor Investors: Raised ~ ₹619 crore from anchor investors at ₹485 per share, one day before opening.
IPO Open & Close Dates:
- Opens: October 9, 2025
- Closes: October 13, 2025
Allotment & Listing Schedule:
- Allotment likely finalized: October 14, 2025
- Refunds & credit to Demat: October 15, 2025
- Tentative listing on BSE & NSE: October 16, 2025
Company Financials & Business Highlights
- Revenue FY 2025: ₹1,296.2 crore (up from ₹872.39 crore in FY 2024)
- Profit After Tax (PAT) FY 2025: ₹134.36 crore (compared to ₹91.01 crore in FY 2024)
- EBITDA FY 2025: ₹267.89 crore (compared to ₹173 crore in FY 2024)
R&D Strength:
Rubicon invests a significant percentage of revenue into research and development. It has US-FDA-inspected R&D centers in India and Canada.
Product Portfolio:
As of mid-2025, Rubicon has 72 US-FDA approved ANDA/NDA products of which 66 are commercialized.
Market Focus:
The firm has high reliance on the U.S. market — high compliance is a strength, but excessive reliance is a strategic risk.
Risks & Considerations
- Dependency on U.S. Market: Revenues primarily from the U.S., so regulatory or policy shifts there can make a huge difference.
- High Customer Concentration: Major customers account for a significant revenue share; loss of a significant customer can impact earnings.
- Regulatory Risk: Being in compliance with FDA and global standards is costly and vital.
- Foreign Exchange Exposure: Revenues mostly in USD; fluctuations in INR could influence profit.
- Valuation Concern: The IPO pricing (~₹7,990 crore) is viewed slightly higher than warranted by some analysts.
Strengths & Growth Opportunities
- Sustained Revenue & Profit Growth over the last few years.
- Strong R&D Pipeline with several in-progress formulations.
- High Regulatory Standards: Several successful FDA inspections.
- Strong Institutional Interest: ₹619 crore anchor investor raising indicates confidence.
Final View
Rubicon Research Ltd offers a high-growth opportunity in the pharma space with established R&D strength and regulatory reputation. But investors need to watch out for U.S. dependence and pricing levels. The IPO may attract long-term investors who trust the specialty formulations segment.
IPO Timeline Summary
| Event | Date |
| IPO Opens | October 9, 2025 |
| IPO Closes | October 13, 2025 |
| Allotment Finalization | October 14, 2025 |
| Refund / Credit to Demat | October 15, 2025 |
| Listing (BSE & NSE | October 16, 2025 |
Disclaimer: This post is for informational purposes only and not financial advice. Investors should consult their advisors before investing in any IPO.