The issue size of Rubicon Research IPO is ~₹1377.5 crore with ~₹500 Cr as Fresh Issue and Offer for Sale of ~₹877.5 Cr. Expected date for the opening of IPO is 09th Oct’25.
GMP as of 12th Oct is ₹ 101.
Rubicon Research Ltd (formerly Rubicon Research Pvt. Ltd.) is a pharmaceutical formulations company, driven by innovation through focused research and development.
With an increasing portfolio of specialty products and drug-device combination products targeting regulated markets. It provides Innovative Solutions
in Medicines and manufactures High Quality Generic and Specialty Products.
The price range is around ₹461-485.
Rubicon Research IPO Grey market premium today
| Date | IPO Price | IPO GMP | GMP Trend | Estimated listing | Estimated profit per lot |
| 17-Oct | ₹ 461-485 | ₹ 153 | +Positive | ₹ 638 | ₹ 4,590 |
| 16-Oct | ₹ 461-485 | ₹ 145 | +Positive | ₹ 630 | ₹ 4,350 |
| 15-Oct | ₹ 461-485 | ₹ 139 | +Positive | ₹ 624 | ₹ 4,170 |
| 14-Oct | ₹ 461-485 | ₹ 127 | +Positive | ₹ 612 | ₹ 3,810 |
| 13-Oct | ₹ 461-485 | ₹ 115 | +Positive | ₹ 600 | ₹ 3,450 |
| 12-Oct | ₹ 461-485 | ₹ 101 | +Positive | ₹ 586 | ₹ 3,030 |
| 11-Oct | ₹ 461-485 | ₹ 98 | +Positive | ₹ 583 | ₹ 2,940 |
| 10-Oct | ₹ 461-485 | ₹ 95 | +Positive | ₹ 580 | ₹ 2,850 |
| 09-Oct | ₹ 461-485 | ₹ 90 | +Positive | ₹ 575 | ₹ 2,700 |
| 08-Oct | ₹ 461-485 | ₹ 80 | +Positive | ₹ 565 | ₹ 2,400 |
| 07-Oct | ₹ 461-485 | ₹ 80 | +Positive | ₹ 565 | ₹ 2,400 |
| 06-Oct | ₹ 461-485 | ₹ 80 | +Positive | ₹ 565 | ₹ 2,400 |
Revenue , PAT, EBITDA of Rubicon Research
| Year | 2025 |
| Networth | ₹ 413 |
| Revenue: | ₹ 1296 Cr |
| EBITDA | ₹ 267 Cr |
| PAT | ₹ 134.36 Cr |
| EBITDA Margin: | 20.7% |
| PAT Margin | 10.4% |
Rubicon Research Financials (Consolidated Figures)
| Year (Approx Values) | Revenue (₹ Cr) | Profit (₹ Cr) | Assets (₹ Cr) | Net Worth (₹ Cr) |
| 2023 | ₹ 419 | ₹ 17 | ₹ 750 | ₹ 286 |
| 2024 | ₹ 872 | ₹ 91 | ₹ 1,109 | ₹ 385 |
| 2025 | ₹ 1,296 | ₹ 134 | ₹ 1,648 | ₹ 593 |
Rubicon Research Core Offerings & location
Rubicon Research is a pharmaceutical formulations company and it develops, manufactures, and markets both branded specialty and generic prescription pharmaceutical products.
It manufactures wide variety of products like tablets, capsules, granules, pellets, powders, syrups, suspensions, solutions.
It also manufactures Creams, ointments, gels, lotions, foams, nasal sprays and drug-device combinations, inhalation products, Ophthalmics, injectables, and high potency products.
It has three manufacturing plant and three R&D facility as well across the globe.
i) Ambernath, Maharashtra, India.
ii) Satara, Maharashtra, India
iii) Pithampur, Madhya Pradesh, India R&D Facility.
R&D Facilities:
i) Thane, India (HQ & R&D)
ii) Concord, Canada (R&D for nasal/inhalation)
iii) New Jersey / USA (Regulatory / Business Development Office)
Rubicon Research IPO Pros & Cons
Strengths:
- Strong & rapid growth momentum in recent years, along with fast scaling in past few years.
- Multiple regulatory approvals: ANDAs/NDAs, product pipeline targeting regulated markets majorly US.
- Strategic acquisitions to evolve its manufacturing capacity.
- Pre-IPO investment signals confidence from established institutional investors ( ₹ 250 crore pre-IPO placement by Amansa Investments)
Risks:
- Profit margin is still slim, so sustained profitability might be critical.
- The debt exposure is significant relative to net worth (debt/equity ~1.03)
- Execution risk for pipeline and regulatory approvals (ANDA/NDA success uncertain), any slight issues might be challenging
- IPO pricing risk: the valuation multiple assigned by the market may be aggressive given the nascent profitability.
Rubicon Research: IPO date & invest detail
| IPO Open Date: | 09 October 2025 |
| IPO Close Date: | 13 October 2025 |
| Anchor Investor Bidding | 08 October 2025 |
| IPO Allotment Date: | 14 October 2025 |
| Refunds & Demat Credit | 15 October 2025 |
| Tentative Listing Date: | 16 October 2025 |
| IPO Category | Mainboard |
| Symbol | – |
| Face Value: | Rs.10 per Equity Share |
| Issue Size: | ~ ₹ 1,377.5 Cr |
| Lot Size: | 30 |
Rubicon Research Composition & Proceeds
| Fresh Issue: | ~₹ 500 crore |
| Offer for Sale: | ~₹ 877.5 crore |
| Employee reservation | Discount ₹ 46 |
| Price Range | ₹ 461-485 |
| Use of Proceeds: | |
| Acquisitions & Strategic Initiatives | ~₹ 190 crore |
| Office lease Payments | ₹ 0 |
| Marketing | ₹ 0 |
| Debt repayment + general corporate purposes | ~₹ 310 crore |
| IPO Listing on: | NSE & BSE |
| Retail Quota: | ≥ 35% |
| QIB Quota: | ≥ 35% |
| NII Quota: | ≥ 15% |
Rubicon Research Lot Size details
| Application Type | Lot Size | No. of Lots | No. of Shares | Investment Amount |
| Retail(Min) | 30 | 1 | 30 | ₹ 14,550 |
| Retail (Max) | 30 | 13 | 390 | ₹ 1,89,150 |
| Small HNI (Min) | 30 | 14 | 420 | ₹ 2,03,700 |
| Small HNI (Max) | 30 | 66 | 2,040 | ₹ 9,89,400 |
| Big HNI (Min) | 30 | 67 | 2,070 | ₹ 10,03,950 |
Rubicon Research Promoters – Pre offer equity (Approx)
| General Atlantic Singapore RR Pte. Ltd. | 52.15% |
| Pratibha Pilgaonkar | 8.75% |
| Sudhir D. Pilgaonkar | 8.75% |
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