Rubicon Research IPO

Incorporated in 1999, Rubicon Research Limited is a pharmaceutical company focused on developing, manufacturing, and commercialising differentiated formulations. The company has 72 US FDA approved products, 17 pending approvals, and 63 products in pipeline. Its portfolio includes 350+ SKUs marketed to 96 customers worldwide, with significant presence in the US, UK, UAE, Australia, and Singapore. Rubicon operates three manufacturing facilities in India and two US FDA-inspected R&D centres in India and Canada.

Rubicon Research Limited IPO Overview

Rubicon Research Ltd. IPO is a book-built issue worth ₹1,377.50 crores, comprising a fresh issue of 1.03 crore shares aggregating to ₹500.00 crores and an offer for sale of 1.81 crore shares aggregating to ₹877.50 crores.

The IPO will open for subscription on October 9, 2025, and close on October 13, 2025. The basis of allotment is expected to be finalized on October 14, 2025, with the tentative listing date on October 16, 2025, at both BSE and NSE.

The price band for the issue has been fixed at ₹461 to ₹485 per share, with a lot size of 30 shares. For retail investors, the minimum investment required is ₹14,550 (30 shares at the upper price band). For sNII investors, the minimum application is 14 lots (420 shares), amounting to ₹2,03,700, while for bNII investors, it is 69 lots (2,070 shares), amounting to ₹10,03,950. Axis Capital Ltd. is the book-running lead manager, and MUFG Intime India Pvt. Ltd. is the registrar of the issue.

Rubicon Research Limited IPO Details

Particulars	Details
IPO Date	October 9 – October 13, 2025
Listing Date	October 16, 2025
Face Value	₹1 per share
Issue Price Band	₹461 – ₹485 per share
Lot Size	30 Shares
Total Issue Size	2,84,02,040 shares (aggregating up to ₹1,377.50 Cr)
Fresh Issue	1,03,09,278 shares (₹500.00 Cr)
Offer for Sale	1,80,92,762 shares (₹877.50 Cr)
Employee Discount	₹48 per share
Listing At	BSE, NSE
Shareholding Pre-Issue	15,44,37,251 shares
Shareholding Post-Issue	16,47,46,529 shares

Rubicon Research IPO Reservation

Investor Category	Shares Offered
QIB	Not less than 75% of Net Offer
Retail	Not more than 10% of Net Offer
NII	Not more than 15% of Net Offer

Rubicon Research 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

Promoter Holding

Shareholding Status	Percentage
Pre-Issue	77.67%
Post-Issue	TBD

Valuation Overview (KPIs)

KPI	Value
ROE	29.02%
ROCE	26.45%
Debt/Equity	0.73
RoNW	29.02%
PAT Margin	10.37%
EBITDA Margin	20.67%
EPS (Pre-IPO)	₹8.70

Objectives of the Issue

• Prepayment or repayment of outstanding borrowings (₹3,100 Million).

• Fund acquisitions and strategic growth initiatives.

• Strengthen R&D and expand manufacturing capacity.

• General corporate purposes, working capital, and operational needs.

Key Financials (₹ Crores)

Particulars	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
Reserves & Surplus	397.50	525.57	369.79	281.31
Borrowings	495.78	393.17	396.41	317.91