Rubicon Research IPO
Live Updates, GMP, Subscription Data, and Financial Details
IPO Overview
Listed
Dates
Oct 09 to Oct 13 2025
Price Band
₹461 - 485
Current GMP
₹120(24.74%)
Subscription
109.35 times
IPO Details
| IPO Date | October 9, 2025 to October 13, 2025 |
| Listing Date | October 16, 2025 |
| Face Value | ₹1 per share |
| Issue Price Band | ₹461 to ₹485 per share |
| Issue Price Final | ₹485 per share |
| Lot Size | 30 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 2,84,02,040 shares (aggregating up to ₹1,377.50 Cr) |
| Fresh Issue | 1,03,09,278 shares (aggregating up to ₹500.00 Cr) |
| Offer for Sale | 1,80,92,762 shares of ₹1 (aggregating up to ₹877.50 Cr) |
| Employee Discount | ₹46.00 |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 15,44,37,251 shares |
| Share Holding Post Issue | 16,47,46,529 shares |
IPO Date
October 9, 2025 to October 13, 2025
Listing Date
October 16, 2025
Face Value
₹1 per share
Issue Price Band
₹461 to ₹485 per share
Issue Price Final
₹485 per share
Lot Size
30 Shares
Sale Type
Fresh Capital-cum-Offer for Sale
Total Issue Size
2,84,02,040 shares (aggregating up to ₹1,377.50 Cr)
Fresh Issue
1,03,09,278 shares (aggregating up to ₹500.00 Cr)
Offer for Sale
1,80,92,762 shares of ₹1 (aggregating up to ₹877.50 Cr)
Employee Discount
₹46.00
Issue Type
Bookbuilding IPO
Listing At
BSE, NSE
Share Holding Pre Issue
15,44,37,251 shares
Share Holding Post Issue
16,47,46,529 shares
IPO Subscription Details
| Anchor Investors | 1 |
| QIB (Ex Anchor) | 137.09 |
| Non-Institutional Buyers | 102.70 |
| bNII (bids above ₹10L) | 117.77 |
| sNII (bids below ₹10L) | 72.57 |
| Retail Investors | 37.40 |
| Employees | 17.68 |
| Total ** | 109.35 |
Anchor Investors
1
QIB (Ex Anchor)
137.09
Non-Institutional Buyers
102.70
bNII (bids above ₹10L)
117.77
sNII (bids below ₹10L)
72.57
Retail Investors
37.40
Employees
17.68
Total **
109.35
Day Wise Sub
| Day | QIB (Ex Anchor) | NII | NII (> ₹10L) | NII (< ₹10L) | Retail | EMP | Total |
|---|---|---|---|---|---|---|---|
| Day 1 Oct 9, 2025 | 0.27 | 0.49 | 0.40 | 0.66 | 1.43 | 0.97 | 0.54 |
| Day 2 Oct 10, 2025 | 2.22 | 1.92 | 1.60 | 2.55 | 4.16 | 2.33 | 2.49 |
| Day 3 Oct 13, 2025 | 137.09 | 102.70 | 117.77 | 72.57 | 37.40 | 17.68 | 109.35 |
DayDay 1
Oct 9, 2025
QIB (Ex Anchor)0.27
NII0.49
NII (> ₹10L)0.40
NII (< ₹10L)0.66
Retail1.43
EMP0.97
Total0.54
DayDay 2
Oct 10, 2025
QIB (Ex Anchor)2.22
NII1.92
NII (> ₹10L)1.60
NII (< ₹10L)2.55
Retail4.16
EMP2.33
Total2.49
DayDay 3
Oct 13, 2025
QIB (Ex Anchor)137.09
NII102.70
NII (> ₹10L)117.77
NII (< ₹10L)72.57
Retail37.40
EMP17.68
Total109.35
Day Wise GMP
| Date | Price | GMP | Estimate List Price |
|---|---|---|---|
| 16-10-2025 | 485.00 | 120(24.74%) | 605 |
| 15-10-2025 | 485.00 | 151(31.13%) | 636 |
| 14-10-2025 | 485.00 | 128(26.39%) | 613 |
| 13-10-2025 | 485.00 | 127(26.19%) | 612 |
| 12-10-2025 | 485.00 | 96(19.79%) | 581 |
| 11-10-2025 | 485.00 | 110(22.68%) | 595 |
| 10-10-2025 | 485.00 | 111(22.89%) | 596 |
| 09-10-2025 | 485.00 | 100(20.62%) | 585 |
| 08-10-2025 | 485.00 | 98(20.21%) | 583 |
| 07-10-2025 | 485.00 | 80(16.49%) | 565 |
| 06-10-2025 | 485.00 | 80(16.49%) | 565 |
| 05-10-2025 | 485.00 | 68(14.02%) | 553 |
| 04-10-2025 | 485.00 | 60(12.37%) | 545 |
| 03-10-2025 | 485.00 | 0(0.00%) | 485 |
| 02-10-2025 | 0(%) | (%) |
Date16-10-2025
Price485.00
GMP120(24.74%)
Estimate List Price605
Date15-10-2025
Price485.00
GMP151(31.13%)
Estimate List Price636
Date14-10-2025
Price485.00
GMP128(26.39%)
Estimate List Price613
Date13-10-2025
Price485.00
GMP127(26.19%)
Estimate List Price612
Date12-10-2025
Price485.00
GMP96(19.79%)
Estimate List Price581
Date11-10-2025
Price485.00
GMP110(22.68%)
Estimate List Price595
Date10-10-2025
Price485.00
GMP111(22.89%)
Estimate List Price596
Date09-10-2025
Price485.00
GMP100(20.62%)
Estimate List Price585
Date08-10-2025
Price485.00
GMP98(20.21%)
Estimate List Price583
Date07-10-2025
Price485.00
GMP80(16.49%)
Estimate List Price565
Date06-10-2025
Price485.00
GMP80(16.49%)
Estimate List Price565
Date05-10-2025
Price485.00
GMP68(14.02%)
Estimate List Price553
Date04-10-2025
Price485.00
GMP60(12.37%)
Estimate List Price545
Date03-10-2025
Price485.00
GMP0(0.00%)
Estimate List Price485
Date02-10-2025
Price
GMP0(%)
Estimate List Price(%)
IPO Important Dates
| IPO Open Date | Thu, Oct 9, 2025 |
| IPO Close Date | Mon, Oct 13, 2025 |
| Tentative Allotment | Tue, Oct 14, 2025 |
| Initiation of Refunds | Wed, Oct 15, 2025 |
| Credit of Shares to Demat | Wed, Oct 15, 2025 |
| Tentative Listing Date | Thu, Oct 16, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Mon, Oct 13, 2025 |
IPO Open Date
Thu, Oct 9, 2025
IPO Close Date
Mon, Oct 13, 2025
Tentative Allotment
Tue, Oct 14, 2025
Initiation of Refunds
Wed, Oct 15, 2025
Credit of Shares to Demat
Wed, Oct 15, 2025
Tentative Listing Date
Thu, Oct 16, 2025
Cut-off time for UPI mandate confirmation
5 PM on Mon, Oct 13, 2025
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 30 | ₹14,550 |
| Retail (Max) | 13 | 390 | ₹1,89,150 |
| S-HNI (Min) | 14 | 420 | ₹2,03,700 |
| S-HNI (Max) | 68 | 2,040 | ₹9,89,400 |
| B-HNI (Min) | 69 | 2,070 | ₹10,03,950 |
ApplicationRetail (Min)
Lots1
Shares30
Amount₹14,550
ApplicationRetail (Max)
Lots13
Shares390
Amount₹1,89,150
ApplicationS-HNI (Min)
Lots14
Shares420
Amount₹2,03,700
ApplicationS-HNI (Max)
Lots68
Shares2,040
Amount₹9,89,400
ApplicationB-HNI (Min)
Lots69
Shares2,070
Amount₹10,03,950
Financial Information
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 |
| Assets | 1,647.60 | 1,451.43 | 1,109.49 |
| Total Income | 356.95 | 1,296.22 | 872.39 |
| Profit After Tax | 43.30 | 134.36 | 91.01 |
| EBITDA | 79.74 | 267.89 | 173.09 |
| NET Worth | 593.67 | 540.98 | 385.00 |
| Reserves and Surplus | 397.50 | 525.57 | 369.79 |
| Total Borrowing | 495.78 | 393.17 | 396.41 |
Period EndedPeriod Ended
30 Jun 202530 Jun 2025
31 Mar 202531 Mar 2025
31 Mar 202431 Mar 2024
Period EndedAssets
30 Jun 20251,647.60
31 Mar 20251,451.43
31 Mar 20241,109.49
Period EndedTotal Income
30 Jun 2025356.95
31 Mar 20251,296.22
31 Mar 2024872.39
Period EndedProfit After Tax
30 Jun 202543.30
31 Mar 2025134.36
31 Mar 202491.01
Period EndedEBITDA
30 Jun 202579.74
31 Mar 2025267.89
31 Mar 2024173.09
Period EndedNET Worth
30 Jun 2025593.67
31 Mar 2025540.98
31 Mar 2024385.00
Period EndedReserves and Surplus
30 Jun 2025397.50
31 Mar 2025525.57
31 Mar 2024369.79
Period EndedTotal Borrowing
30 Jun 2025495.78
31 Mar 2025393.17
31 Mar 2024396.41
Peers Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio |
|---|---|---|---|---|---|---|
| Rubicon Research | 8.82 | 8.68 | 35.53 | 29.02 | ||
| Sun Pharmaceutical Industries | 45.60 | 45.60 | 300.99 | 34.98 | 16.16 | 5.31 |
| Aurobindo Pharma | 59.81 | 59.81 | 560.22 | 18.12 | 11.15 | 1.93 |
| Zydus Lifesciences | 44.97 | 44.97 | 238.05 | 21.83 | 21.34 | 4.12 |
| Strides Pharma Science | 45.05 | 45.05 | 277.34 | 18.27 | 17.21 | 2.97 |
| Dr. Reddy’s Laboratories | 67.89 | 67.79 | 402.78 | 18.05 | 18.53 | 3.04 |
| Alembic Pharmaceuticals | 29.68 | 29.68 | 264.09 | 30.43 | 11.63 | 3.41 |
| Lupin | 71.95 | 71.69 | 377.18 | 26.64 | 21.00 | 5.07 |
Company NameRubicon Research
EPS (Basic)8.82
EPS (Diluted)8.68
NAV (per share) (Rs)35.53
P/E (x)
RoNW (%)29.02
P/BV Ratio
Company NameSun Pharmaceutical Industries
EPS (Basic)45.60
EPS (Diluted)45.60
NAV (per share) (Rs)300.99
P/E (x)34.98
RoNW (%)16.16
P/BV Ratio5.31
Company NameAurobindo Pharma
EPS (Basic)59.81
EPS (Diluted)59.81
NAV (per share) (Rs)560.22
P/E (x)18.12
RoNW (%)11.15
P/BV Ratio1.93
Company NameZydus Lifesciences
EPS (Basic)44.97
EPS (Diluted)44.97
NAV (per share) (Rs)238.05
P/E (x)21.83
RoNW (%)21.34
P/BV Ratio4.12
Company NameStrides Pharma Science
EPS (Basic)45.05
EPS (Diluted)45.05
NAV (per share) (Rs)277.34
P/E (x)18.27
RoNW (%)17.21
P/BV Ratio2.97
Company NameDr. Reddy’s Laboratories
EPS (Basic)67.89
EPS (Diluted)67.79
NAV (per share) (Rs)402.78
P/E (x)18.05
RoNW (%)18.53
P/BV Ratio3.04
Company NameAlembic Pharmaceuticals
EPS (Basic)29.68
EPS (Diluted)29.68
NAV (per share) (Rs)264.09
P/E (x)30.43
RoNW (%)11.63
P/BV Ratio3.41
Company NameLupin
EPS (Basic)71.95
EPS (Diluted)71.69
NAV (per share) (Rs)377.18
P/E (x)26.64
RoNW (%)21.00
P/BV Ratio5.07
IPO Reservation
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| QIB Shares Offered | 2,12,71,495 (74.89%) | NA |
| − Anchor Investor Shares Offered | 1,27,64,691 (44.94%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 85,06,804 (29.95%) | NA |
| NII (HNI) Shares Offered | 42,54,299 (14.98%) | NA |
| − bNII > ₹10L | 28,36,200 (9.99%) | 6,752 |
| − sNII < ₹10L | 14,18,100 (4.99%) | 3,376 |
| Retail Shares Offered | 28,36,200 (9.99%) | 94,540 |
| Employee Shares Offered | 40,046 (0.14%) | NA |
| Total Shares Offered | 2,84,02,040 (100.00%) |
Investor CategoryQIB Shares Offered
Shares Offered2,12,71,495 (74.89%)
Maximum AllotteesNA
Investor Category− Anchor Investor Shares Offered
Shares Offered1,27,64,691 (44.94%)
Maximum AllotteesNA
Investor Category− QIB (Ex. Anchor) Shares Offered
Shares Offered85,06,804 (29.95%)
Maximum AllotteesNA
Investor CategoryNII (HNI) Shares Offered
Shares Offered42,54,299 (14.98%)
Maximum AllotteesNA
Investor Category− bNII > ₹10L
Shares Offered28,36,200 (9.99%)
Maximum Allottees6,752
Investor Category− sNII < ₹10L
Shares Offered14,18,100 (4.99%)
Maximum Allottees3,376
Investor CategoryRetail Shares Offered
Shares Offered28,36,200 (9.99%)
Maximum Allottees94,540
Investor CategoryEmployee Shares Offered
Shares Offered40,046 (0.14%)
Maximum AllotteesNA
Investor CategoryTotal Shares Offered
Shares Offered2,84,02,040 (100.00%)
Maximum Allottees
Information about company
Incorporated in 1999, Rubicon Research Limited is a pharmaceutical company engaged in the development, manufacturing, and commercialization of differentiated formulations.
As of June 30, 2025, Rubicon Research had a portfolio of 72 active Abbreviated New Drug Application (ANDA) and New Drug Application (NDA) products approved by the US FDA. The company’s portfolio includes 66 commercialized products, with a US generic pharmaceutical market size of USD 2,455.7 million, of which Rubicon Research Limited contributed USD 195 million in Fiscal 2024.
As of June 30, 2025, the company has 17 new products awaiting US FDA ANDA approval and 63 products at various stages of development.
As of June 30, 2025, the company marketed over 350 SKUs to 96 customers, including three major wholesalers who, account for more than 90% of wholesale drug distribution in the US. The company also supplies group purchasing organizations (GPOs), national pharmacy chains, regional pharmacy chains, and managed care organizations.
Beyond the US market, Rubicon Research Limited, directly or through third-party distribution partners, has registered or filed 48 product applications across Australia, the United Kingdom, Singapore, Saudi Arabia, and the United Arab Emirates and expects to commence commercial activities upon approval. The company also provides contract manufacturing services to select customers in India, Australia, and New Zealand.
Rubicon Research Limited operates three manufacturing facilities in India and two US FDA inspected R&D facilities-one each in India and Canada.
Competitive strengths
Fastest-growing Indian pharmaceutical company amongst peers.
Data-driven product selection framework
Strong R&D capabilities
Robust sales and distribution capabilities in the US
Strong track record of compliance combined with expertise in cost effective manufacturing
Experienced and entrepreneurial management team
Objectives of IPO
The Company Rubicon Research IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
S.No.
Objects of the Issue
Expected Amount (in Millions)
1
Prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the Company
3,100
2
Funding inorganic growth through unidentified acquisitions and other strategic initiatives and General corporate purposes
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