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Rubicon Research IPO
Price Band
₹461.0–485.0
Issue Size
₹1377.68 Cr
Lot Size
30 shares
Min Investment
₹14,550
GMP
+₹120.0 (24.74%)
Issue Price
₹485.0
Subject to Sauda
₹2700
Paid only if allotted
Rubicon Research IPO AI Summary
- Rubicon Research IPO is listed on BSE, NSE in the Pharmaceuticals sector.
- Price band: ₹461.0–₹485.0 per share, lot size 30 shares (min. investment ₹14,550).
- Subscription window: 09 Oct–13 Oct 2025, listing on 16 Oct 2025.
- Current GMP is +₹120.0 (24.74%), an estimated listing price of ₹605 — unofficial and can change daily.
Rubicon Research Limited is a growing player in the pharmaceutical sector with a diverse product portfolio and strong market presence. The IPO aims to raise funds for debt repayment, strategic growth, and other expenses, with an attractive pricing range and positive market sentiment indicated by its GMP.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Rubicon Research IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 13 Oct 2025 — not a current signal.
Reviewers are split — see individual calls below.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Rubicon Research IPO Grey Market Premium (GMP) Today
GMP
+₹120.0
GMP %
+24.74%
Est. Listing
₹605.0
Updated: 25 Jul 2026 14:15
About the 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
Company Financials (₹ Cr)
As of 2025-06-30
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 1,647.60 | 1,451.43 | 1,109.49 | 749.70 |
| Total Income | 356.95 | 1,296.22 | 872.39 | 419.00 |
| Profit After Tax | 43.30 | 134.36 | 91.01 | -16.89 |
| EBITDA | 79.74 | 267.89 | 173.09 | 43.97 |
| NET Worth | 593.67 | 540.98 | 385.00 | 286.38 |
| Reserves and Surplus | 397.50 | 525.57 | 369.79 | 281.31 |
| Total Borrowing | 495.78 | 393.17 | 396.41 | 317.91 |
Key Ratios
EPS
₹8.70
NAV
₹35.53
ROE
29.02%
ROCE
26.45%
RoNW
29.02%
P/B Value
13.65
P/E Ratio
55.75
Market Cap
₹7990.21 Cr
PAT Margin
10.37%
Debt/Equity
0.73
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Lupin | 377.18 | 21% | 26.64 | 71.95 | 71.69 |
| Alembic Pharmaceuticals | 264.09 | 11.63% | 30.43 | 29.68 | 29.68 |
| Dr. Reddy’s Laboratories | 402.78 | 18.53% | 18.05 | 67.89 | 67.79 |
| Strides Pharma Science | 277.34 | 17.21% | 18.27 | 45.05 | 45.05 |
| Zydus Lifesciences | 238.05 | 21.34% | 21.83 | 44.97 | 44.97 |
| Aurobindo Pharma | 560.22 | 11.15% | 18.12 | 59.81 | 59.81 |
| Sun Pharmaceutical Industries | 300.99 | 16.16% | 34.98 | 45.6 | 45.6 |
| Rubicon Research This IPO | 35.53 | 29.02% | — | 8.82 | 8.68 |
Promoters
General Atlantic Singapore RR Pte.Ltd., Pratibha Pilgaonkar, Sudhir Dhirendra Pilgaonkar, Parag Suganchand Sancheti, Surabhi Parag Sancheti and Sumant Sudhir Pilgaonkar
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the Company 310.00 2 Funding inorganic growth through unidentified acquisitions and other strategic initiatives and General corporate purposes 161.27 3 Issue Expenses 79.12 Total 550.40
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total Income was ₹419.00 Cr in the period ending 31 Mar 2023, rising to ₹872.39 Cr by 31 Mar 2024. However, it increased significantly to ₹1,296.22 Cr in the period ending 31 Mar 2025, before dropping to ₹356.95 Cr as of 30 Jun 2025, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit After Tax was a loss of ₹16.89 Cr in the period ending 31 Mar 2023, which improved to a profit of ₹91.01 Cr by 31 Mar 2024. This continued to grow to ₹134.36 Cr in the period ending 31 Mar 2025, but decreased to ₹43.30 Cr as of 30 Jun 2025, though this is a 9-month figure, not a full year, so isn't directly comparable.
Valuation
Rubicon Research's implied P/E at the issue price of ₹485.0 is approximately 55.75, compared to peers trading at a P/E range of 18.05 to 34.98.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the price at which the shares are expected to trade in the unofficial market before their official listing. A positive GMP suggests that the shares may list at a premium to the issue price, while a negative GMP indicates potential losses.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against the company's growth potential, market conditions, and individual risk tolerance.
Who May Want to Wait
Investors who prefer stable returns and are risk-averse may want to avoid IPOs like this, which can experience significant price fluctuations in the early days of trading.
IPO Timeline, Explained
The IPO process includes several key dates: the issue opens on 9 October 2025 and closes on 13 October 2025. Allotment of shares is expected by 14 October 2025, with the listing date set for 16 October 2025.
Listing Gains — The Risk
Investing in IPOs carries the risk of volatility on listing day. While some investors may achieve quick gains, others could face losses if the stock price falls below the issue price. It's essential to consider market conditions and the company's fundamentals before investing.
This evaluation is generated from Rubicon Research's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Rubicon Research IPO GMP today?
Rubicon Research IPO GMP today is +₹120.0 (24.74%), indicating an estimated listing price of ₹605. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Rubicon Research IPO?
The price band of Rubicon Research IPO is ₹461.0–₹485.0 per share.
When does Rubicon Research IPO open and close?
Rubicon Research IPO opens on 09 October 2025 and closes on 13 October 2025.
When does Rubicon Research IPO list on the stock exchange?
Rubicon Research IPO listed on 16 October 2025 at ₹605.0.
What is the lot size for Rubicon Research IPO?
The lot size for Rubicon Research IPO is 30 shares, requiring a minimum investment of ₹14,550.
What is the price band for the Rubicon Research IPO?
The price band for the Rubicon Research IPO is ₹461.0 to ₹485.0.
What is the minimum investment required?
The minimum investment required is ₹14,550.0.
What is the lot size for the IPO?
The lot size for the IPO is 30 shares.
When is the listing date for the shares?
The listing date for the shares is 16 October 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected premium at which the shares may trade in the grey market before their official listing.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
09 Oct 2025
Close
13 Oct 2025
Allotment
14 Oct 2025
Listing
16 Oct 2025
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