Rubicon Research Ltd (MAINBOARD)

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Rubicon Research

October 9, 2025 – October 13, 2025

Price ₹461 - ₹485
GMP Rumors * ₹127
Lot size 30
Issue size ₹1377.50 cr
Allotment Oct 14, 2025
Listing Oct 16, 2025

DHRP/RHP
Anchor
* info is indicative, not an investment advice.

Rubicon Research Subscription

Last updated on 13-Oct-2025 18:21:02

CategoryOfferedAppliedTimes
QIBs85068041166167740137.09
HNIs4254299436939170102.71
 HNIs 10+2836200334022190117.77
 HNIs 2+141810010291698072.57
Retail283620010586547037.33
Employees4004670824017.69
Total156373491709680620109.33
Application-Wise Breakup (Approx. no. of Apps)img
CategoryReservedAppliedTimes
HNIs (10L+)675315544823.02
HNIs (2-10L)337623412369.35
Retail94540273795328.96
Employee-15968-
Total Applications: 3143492
© IPO Premium
Subscription Demand (in ₹ crore)
CategoryOfferedDemandTimes
QIBs412.5856559.14137.09
FIIs-16406.1-
DIIs-24566.34-
Mutual funds-2842.57-
Others-12744.13-
HNIs206.3321191.55102.71
HNIs 10+137.5616200.08117.77
HNIs 2+68.784991.4772.57
Retail137.565134.4837.33
Employees1.9434.3517.69
Total758.4182919.51109.33
QIB Interest Cost per share (7 Days)
@7%
₹89.3		@8%
₹102		@9%
₹114.8		@10%
₹127.5		@11%
₹140.3		@12%
₹153

Rubicon Research Lot(s) Distribution

Category Lot(s) Qty Amount Reserved
Retail 1 30 14550 94540
sHNI 14 420 203700 3376
bHNI 69 2070 1003950 6753

Rubicon Research Reservation

Category Shares Offered %
Anchor 12764691 44.94%
QIB 8506804 29.95%
HNI 4254299 14.98%
Retail 2836200 9.99%
Employee 40046 0.14%
Total 28402040 100%

Rubicon Research About

IPO Details
Total Issue Size2,84,02,040 shares (aggregating up to ₹1,377.50 Cr)
Fresh Issue1,03,09,278 shares (aggregating up to ₹500.00 Cr)
Offer For Sale1,80,92,762 shares (aggregating up to ₹877.50 Cr)
Issue TypeBookbuilding IPO
Listing AtBSE, NSE
Share Holding Pre Issue15,44,37,251 shares
Share Holding Post Issue 16,47,46,529 shares
Key Performance Indicators (KPI)
KPIMar-25Mar-24Mar-23
ROE29.0227.11-5.71
ROCE26.45%18.62%1.35%
EPS (BASIC)8.825.98-1.11

Company Financial (In ₹Crore)
Period EndedJun-25Mar-25Mar-24Mar-23
Assets1,647.601,451.431,109.49749.7
Total Income356.951,296.22872.39419
Profit After Tax43.3134.3691.01-16.89
EBITDA79.74267.89173.0943.97
NET Worth593.67540.98385286.38
Reserves and Surplus397.5525.57369.79281.31
Total Borrowing495.78393.17396.41317.91

Peer Comparision (Valuation)
CompanyP/E (x)CMP*(₹)Face value (₹)
Rubicon Research Limited--1.00
Sun Pharmaceutical Industries Limited34.981,594.951.00
Aurobindo Pharma Limited18.121,083.851.00
Zydus Lifesciences Limited21.83981.701.00
Strides Pharma Science Limited18.72824.7510.00
Dr. Reddy’s Laboratories Limited18.051,223.701.00
Alembic Pharmaceuticals Limited30.33900.22.00
Lupin Limited26.641,910.152.00
 
Source: RHP, All the financial information for listed industry peers mentioned above is on an audited consolidated basis and sourced from the audited financial statements of the relevant companies for Fiscal 2025, as available on the websites of the Stock Exchanges. P/E Ratio for the listed industry peers has been computed based on the closing market price September 30, 2025 of equity shares on BSE, divided by the Diluted EPS.

Peer Comparision (Financial Performance)
CompanyNAV/Share (₹)RoNW (%)EPS (Basic) (₹)
Rubicon Research Limited35.5329.028.82
Sun Pharmaceutical Industries Limited300.9916.1645.6
Aurobindo Pharma Limited560.2211.1559.81
Zydus Lifesciences Limited238.0521.3444.97
Strides Pharma Science Limited277.3417.5144.05
Dr. Reddy’s Laboratories Limited402.7818.5367.89
Alembic Pharmaceuticals Limited264.0911.6329.68
Lupin Limited377.1821.0071.95
About Company

Incorporated: 1999

Business: Development, manufacturing & commercialization of differentiated pharmaceutical formulations.

US Portfolio (as of June 30, 2025):

72 approved ANDA/NDA products (66 commercialized).

FY24 US revenue: USD 195 million (vs US generic market size of USD 2,455.7 million).

17 products awaiting US FDA approval; 63 under development.

Customers: Over 350 SKUs supplied to 96 customers, including the 3 largest US wholesalers (covering 90%+ distribution), GPOs, and pharmacy chains.

International Presence: 48 product applications filed/registered across Australia, UK, Singapore, Saudi Arabia, and UAE — commercial launch pending approvals.

Other Services: Contract manufacturing for select customers in India, Australia, and New Zealand.

Strength

Robust Product Portfolio: Data-driven selection ensures a strong mix of new and specialty products, helping withstand pricing pressures.

Strong R&D Capabilities: Ongoing investment in R&D enables development of complex products with high revenue potential.

Proven Compliance & Quality Manufacturing: Strong track record of regulatory compliance supported by cost-effective manufacturing and robust quality systems across facilities.

Weakness

Regulatory & Compliance Risks: Complex, highly regulated manufacturing processes may face recalls, inspection failures, or facility closures, impacting sales and new product launches.

Financial Performance Risks: History of net losses and negative returns; profitability depends on sustaining revenue growth while controlling expenses.

High Capital Requirements: Significant working capital and capex needs; inability to manage financing may adversely affect operations.

Rubicon Research Lead Manager(s)

  1. Axis Capital Limited
  2. Iifl Securities Ltd
  3. Jm Financial Limited
  4. SBI Capital Markets Limited

Rubicon Research Address

Rubicon Research Ltd.
MedOne House, B-75,
Road No. 33, Wagle Estate,
Thane, Maharashtra, 400604
Phone: 022 61414000
Email: investors@rubicon.co.in
Website: https://www.rubicon.co.in/

Rubicon Research Registrar

MUFG Intime India Private Limited - Link Intime
Address:

MUFG Intime India Private Limited (Link Intime)
Link Intime India Private Ltd
C 101, 247 Park,
L.B.S.Marg Vikhroli (West),
Mumbai - 400083

Rubicon Research Reviewers

Reviewer Recommendation File