Rubicon Research Limited has launched an Initial Public Offering to raise funds for repaying existing loans and to support the company’s growth and business activities . The IPO includes fresh issue of 1.03 crore new shares worth Rs.500 crore and an offer for sale of 1.81 crore existing shares worth Rs.877.50 crore, making the total issue size of Rs.1,377.50 crore.
Rubicon Research Limited IPO will open on 9th October, 2025, and end on 13th October, 2025. The shares are expected to be listed on NSE and BSE on 16th October, 2025. Below is a full overview of the IPO:
Rubicon Research Limited is priced between Rs. 461 and Rs. 485 per share with each lot size of 30 shares. For retail investors, the minimum investment is Rs. 14,550 (at the upper price for 30 shares). For S-HNI investors, the minimum is 14 lots (420 shares), totaling Rs.2,03,700, while B-HNI investors need to invest at least 69 lots (2,070 shares), amounting to Rs. 10,03,950.
GMP of Rubicon Research Limited IPO
As of 7th October, 2025, Rubicon Research Limited’s shares were trading in the grey market at an 16.49 percent premium. The grey market price is Rs.565 per share, which is Rs.80 higher than the issue price of Rs.485.
Overview of Rubicon Research Limited
Rubicon Research Limited, incorporated in 1999, is a pharmaceutical company focused on developing, manufacturing, and selling specialized drug formulations.
As of June 30, 2025, the company had 72 US FDA-approved ANDA and NDA products, including 66 commercialized drugs. In Fiscal 2024, Rubicon contributed USD 195 million to the US generic pharmaceutical market, which is valued at USD 2,455.7 million. Additionally, 17 new products are awaiting US FDA approval, and 63 products are in various development stages.
The company has 96 customers, including three major wholesalers that handle over 90% of US drug distribution. It also serves GPOs, national and regional pharmacy chains, and managed care organizations.
Outside the US, Rubicon has filed or registered 48 products in countries such as Australia, the UK, Singapore, Saudi Arabia, and the UAE, with commercial operations expected to commence after approvals. The company also offers contract manufacturing services in India, Australia, and New Zealand.
Promoters of Rubicon Research Limited
The promoters of Rubicon Research Limited are General Atlantic Singapore RR PTE. Limited, Pratibha Pilgaonkar, Sudhir Dhirendra Pilgaonkar, Parag Suganchand Sancheti, Surabi Parag Sancheti, and Sumant Sudhir Pilgaonkar.
Rubicon Research Limited Selling Shareholders
The IPO of Rubicon Research Limited includes an offer for sale, where the promoter General Atlantic Singapore RR PTE. Limited is offloading Rs 877.5 crore worth of shares.
Lead Managers of Rubicon Research Limited
Axis Capital, IIFL Capital Services Limited, JM Financial Limited, and SBI Capital Markets Limited are serving as the book-running lead managers for the IPO, while MUFG Intime India Private Limited is acting as the registrar, managing the offer process.
Objectives of the IPO Offer
Rubicon Research Limited plans to use the money raised from its IPO for repaying existing borrowings, either fully or partially, totaling Rs.3,100 million, and for supporting the company’s growth and business activities, including future acquisitions, strategic initiatives, and general corporate purposes.
Financial analysis of Rubicon Research Limited
The company’s total income grew from Rs.872.39 crore in March 2024 to Rs.1,296.22 crore in March 2025. Its PAT also grew from Rs.91.01 crore to Rs.134.36 crore during the same period.
Similarly, EBITDA, which shows the company’s operating performance, improved from Rs.173.09 crore in March 2024 to Rs.267.89 crore in March 2025.
Rubicon Research Limited Vs Peers
Rubicon Research Limited’s revenue was the smallest, at Rs.1,296.22 crore (consolidated), compared to much larger companies like Sun Pharma, Rs.52,578.44 crore, and Aurobindo Pharma, Rs.31,723.73 crore.
Rubicon stands out in terms of efficiency, with RoNW of 29.02 percent, significantly higher than Sun Pharma’s 16.16 percent and Aurobindo Pharma’s 11.15 percent. Its NAV per share is the lowest at Rs.35.53, compared to Sun Pharma’s Rs.300.99 and Aurobindo’s Rs.560.22, reflecting its smaller size. Even compared to Zydus Lifesciences, which has a RoNW of 21.34 percent and NAV of Rs.238.05.
Strengths of Rubicon Research Limited
- Fastest-growing Indian pharmaceutical company amongst peers
- Data-driven product selection framework
- Strong R&D capabilities
- Robust sales and distribution capabilities in the US
- Strong track record of compliance combined with expertise in cost effective manufacturing
- Experienced and entrepreneurial management team
Weaknesses of Rubicon Research Limited
- Manufacturing is technically complex and highly regulated.
- Profitability depends on increasing revenues and controlling expenses.
- Operations require high working capital and capital expenditures.
- Significant resources will be invested in R&D
Conclusion
Rubicon Research Limited shows strong growth potential, backed by a data-driven product strategy, robust R&D, and effective US sales and distribution capabilities. However, it faces challenges such as the complex and highly regulated nature of manufacturing, dependence on revenue growth for profitability, high working capital and capital expenditure needs, and significant R&D investments. Overall, while Rubicon shows promising strengths for growth and efficiency, careful management of operational and financial challenges will be critical to sustain its success.
Written by Jhanavi Sivakumar
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