Rubicon Research Sets IPO Price Band at ₹461-₹485; to Raise ₹1,377.5 Crore

Mumbai, 7 October 2025: Rubicon Research Limited, a Mumbai-based pharmaceutical formulations company, has set a price band of ₹461-₹485 per share for its upcoming ₹1,377.5 crore Initial Public Offering (IPO). The issue will open for subscription on 9 October and close on 13 October 2025, with anchor investor bidding scheduled for 8 October 2025, a day ahead of the launch.

Headquartered in Mumbai, Rubicon Research Limited specialises in pharmaceutical formulations, specialty drugs, and drug-device combination products. The company focuses heavily on research and development (R&D) and operates across multiple regulated international markets, with a growing emphasis on the US. Its product portfolio spans oral solids, ophthalmic preparations, topical applications, and complex formulations, reinforcing its position in the pharma innovation ecosystem.

Rubicon Research Launches ₹1,377.5 Crore IPO with ₹461-₹485 Price Band to Fund Expansion

Rubicon Research’s IPO comprises a fresh issue of ₹500 crore and an offer-for-sale (OFS) worth ₹877.5 crore by its key promoter, General Atlantic Singapore RR Pte Ltd. The IPO proceeds will be used to repay or prepay borrowings worth ₹310 crore, while the remaining funds are earmarked for strategic acquisitions, inorganic growth, and general corporate purposes.

The announcement signals Rubicon’s intent to strengthen its capital base and reduce leverage, as it gears up for broader international operations and product diversification.

Rubicon Research Promoter Stake Movements Ahead of IPO Reflect Strategic Realignment

Before the IPO, General Atlantic Singapore, the company’s largest shareholder, maintained a 52.15% stake despite recent stake sales. In September 2025, it sold 28.89 lakh shares (1.86%) for ₹140 crore to TIMF Holdings and 360 ONE. Similarly, in August 2025, it transferred 51.60 lakh shares (3.3%) to Amansa Investments for ₹250 crore, both transactions executed at ₹484.47 per share.

Other significant shareholders include Pratibha Pilgaonkar, Sudhir D. Pilgaonkar, Parag S. Sancheti, Surabhi P. Sancheti, and Sumant S. Pilgaonkar, all of whom continue to hold notable stakes in the company. The promoter-level stake shifts indicate a strategic capital reallocation to enhance institutional participation and market depth ahead of the IPO.

Rubicon Research Expansion and Acquisition Strategy Boosts Rubicon’s R&D Footprint Across India and Canada

Rubicon Research has expanded its operational capacity through targeted acquisitions, most notably the ₹149 crore all-cash purchase of Alkem Laboratories’ formulations facility in Pithampur, Madhya Pradesh, completed in June 2025. This acquisition strengthens Rubicon’s manufacturing base and enables greater control over its supply chain for complex formulations.

The company operates two USFDA-inspected R&D centres – one in India and another in Canada – along with two manufacturing plants accredited by USFDA, Health Canada, and Maharashtra FDA (WHO-GMP). This infrastructure expansion aligns with Rubicon’s goal of scaling its research-led product pipeline across regulated global markets, especially the United States.

Rubicon Research IPO Allocation Structure Ensures Broad Market Participation

According to the draft red herring prospectus (DRHP), the IPO allocation will be divided as follows:

• 75% of the issue for Qualified Institutional Buyers (QIBs)
• 15% for Non-Institutional Investors (NIIs)
• 10% for Retail Investors

Rubicon Research’s shares are expected to list on the stock exchanges on 16 October 2025. The balanced allocation structure underscores the company’s plan to broaden shareholder participation while maintaining compliance with the Securities and Exchange Board of India (SEBI) norms.

Rubicon Research’s ₹1,377.5 crore IPO, priced between ₹461 and ₹485 per share, reflects its plan to optimise debt, fund acquisitions, and expand R&D capacity across global markets. The issue structure, promoter stake changes, and upcoming listing indicate a strategic growth phase, focusing on operational scale-up and financial consolidation within the pharmaceutical formulations industry.

REF:https://www.rubicon.co.in/pdf/Rubicon Research Limited – DRHP.pdf

https://www.rubicon.co.in/pdf/Rubicon Research Limited – Addendum to the DRHP.pdf

https://www.rubicon.co.in/pdf/RHP.pdf

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