Incorporated in 1999, Rubicon Research Limited develops, manufactures, and commercializes differentiated formulations across regulated markets. As of June 30, 2025, the portfolio includes 72 active ANDA/NDA approvals in the US with 66 commercialized products, alongside 17 pending ANDAs and 63 pipeline products under development.
Rubicon Research IPO
Mainboard book‑built issue (Fresh + Offer for Sale + Employee)
UPCOMING IPORubicon Research is launching a ₹1,377.50 crore mainboard IPO comprising a fresh issue of 1.03 crore shares aggregating ₹500.00 crore and an offer for sale of 1.81 crore shares aggregating ₹877.50 crore, opening on October 9, 2025 and closing on October 13, 2025, with allotment expected on October 14 and listing proposed on BSE and NSE on October 16, 2025. The price band is ₹461 to ₹485 per share; the minimum retail application is 1 lot of 30 shares for ₹14,550 at the cap price, and eligible employees receive a ₹48 per‑share discount.
| Face Value | ₹1 per share |
|---|---|
| Issue Price Band | ₹461 to ₹485 per share |
| Offer Structure | Fresh Issue + Offer for Sale + Employee Reservation |
| Total Shares | 2,84,02,040 shares (aggregating up to ₹1,377.50 crore) |
| Fresh Issue | 1,03,09,278 shares (aggregating up to ₹500.00 crore) |
| Offer for Sale | 1,80,92,762 shares (aggregating up to ₹877.50 crore) |
| Employee Discount | ₹48 per share |
| Issue Type | Book‑building IPO |
| Listing | BSE, NSE |
| Shareholding (Pre / Post) | 15,44,37,251 / 16,47,46,529 shares |
| Lead Manager | Axis Capital Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Investor Category | Reservation |
|---|---|
| QIB | Not less than 75% of Net Offer |
| NII (HNI) | Not more than 15% of Net Offer |
| Retail (RII) | Not more than 10% of Net Offer |
Cut‑off bidding permitted for RII and eligible employees; not permitted for NII categories.
| IPO Open | Thu, Oct 9, 2025 |
|---|---|
| IPO Close | Mon, Oct 13, 2025 |
| Allotment (Tentative) | Tue, Oct 14, 2025 |
| Refunds Initiation | Wed, Oct 15, 2025 |
| Credit to Demat | Wed, Oct 15, 2025 |
| Listing (Tentative) | Thu, Oct 16, 2025 |
| UPI Mandate Cut‑off | 5 PM on Mon, Oct 13, 2025 |
| 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 |
Amounts computed at cap price ₹485 per share for standard lot multiples.
Incorporated in 1999, Rubicon Research Limited develops, manufactures, and commercializes differentiated formulations across regulated markets. As of June 30, 2025, the portfolio includes 72 active ANDA/NDA approvals in the US with 66 commercialized products, alongside 17 pending ANDAs and 63 pipeline products under development.
The company markets 350+ SKUs to 96 customers including the three major US wholesalers, and supplies GPOs and national/regional pharmacy chains. Internationally, it has 48 product applications filed or registered across Australia, the UK, Singapore, Saudi Arabia, and the UAE, and also provides contract manufacturing in India, Australia, and New Zealand.
Operations span three manufacturing facilities in India and two US FDA‑inspected R&D centers—one each in India and Canada—supporting strong compliance and cost‑effective manufacturing capabilities.
FY2023–FY2025 and Q1 FY2026 (₹ crore)
| Assets | Total Income | PAT | EBITDA | Net Worth | Reserves | Total Borrowings |
|---|---|---|---|---|---|---|
| 1,451.43 (FY25) | 1,296.22 | 134.36 | 267.89 | 540.98 | 525.57 | 393.17 |
| 1,109.49 (FY24) | 872.39 | 91.01 | 173.09 | 385.00 | 369.79 | 396.41 |
| 749.70 (FY23) | 419.00 | -16.89 | 43.97 | 286.38 | 281.31 | 317.91 |
| 1,647.60 (Q1 FY26) | 356.95 | 43.30 | 79.74 | 593.67 | 397.50 | 495.78 |
Figures reflect the provided summary; aligns with widely reported RHP extracts and tracker data for quick publishing.
| Promoters | General Atlantic Singapore RR Pte. Ltd.; Pratibha Pilgaonkar; Sudhir D. Pilgaonkar; Parag S. Sancheti; Surabhi P. Sancheti; Sumant S. Pilgaonkar |
|---|---|
| Promoter Holding (Pre) | 77.67% |
| Promoter Holding (Post) | To be updated post listing |
Post‑issue shareholding will reflect dilution from the fresh issue and transfers from the OFS.