About Rubicon Research Limited - Mainboard IPO
Rubicon Research Limited is a pharmaceutical formulations company incorporated in 1999, focused on developing, manufacturing, and commercializing differentiated formulations for regulated markets, primarily the United States. The company specializes in innovation through dedicated research and development, with a strong portfolio of specialty products and drug-device combination products.
As of June 2025, Rubicon Research has 72 active ANDA (Abbreviated New Drug Application) and NDA (New Drug Application) products approved by the US FDA, with 66 commercialized products generating $195 million in the US generic pharmaceutical market worth $2.46 billion. The company operates manufacturing facilities in India and R&D centers in both India and Canada.
READ FULL DRHP HERE: | SBEI DRHP RUBICON RESEARCH |
IPO Details
Key Information
Details Information
IPO Opening Date October 9, 2025
IPO Closing Date October 13, 2025
Listing Date October 16, 2025
IPO Price Band ā¹461 - ā¹485 per share
Minimum Lot Size 30 shares (about ā¹14,550 at highest price)
Issue Size ā¹1,377.50 crore (ā¹500 crore fresh + ā¹877.50 crore OFS)
Face Value ā¹1 per share
Stock Exchanges BSE and NSE (Mainboard IPO)
Registrar MUFG Intime India Private Limited CLICK HERE
Book-running Managers Axis Capital, IIFL Securities, JM Financial, SBI Capital Markets
IPO Timeline (Important Dates)
| Event | Date |
|---|---|
| IPO Opens | October 9, 2025 |
| IPO Closes | October 13, 2025 |
| Allotment Date | October 14, 2025 |
| Refunds/Unsuccessful Bids | October 15, 2025 |
| Shares in Demat Account | October 15, 2025 |
| Listing Date | October 16, 2025 |
What Is the Money Used For?
The funds raised will be used for:
- ā¹310 crore (62%) - Repayment of existing borrowings
- ā¹190 crore (38%) - Funding acquisitions and general corporate purposes
- ā¹877.50 crore (OFS) - Existing shareholders selling their stakes
Key Financials (as per Company Reports and SEBI Filings)
Financial Performance Summary
| Financial Metric | FY23 (ā¹ Cr) | FY24 (ā¹ Cr) | FY25 (ā¹ Cr) | Q1 FY26 (ā¹ Cr) |
|---|---|---|---|---|
| Revenue from Operations | 393.50 | 853.80 | 1,284.27 | 352.49 |
| EBITDA | 43.90 | 173.00 | 267.88 | 79.73 |
| Profit After Tax (PAT) | -16.80 | 9.10 | 134.36 | 43.30 |
| Total Assets | 749.70 | 1,109.40 | 1,451.40 | 1,647.59 |
| Net Worth | 286.30 | 385.00 | 412.70 | 593.60 |
| Total Debt | 317.80 | 396.40 | 335.14 | 495.77 |
Key Ratios and Growth Metrics
| Metric | FY23 | FY24 | FY25 | Q1 FY26 |
|---|---|---|---|---|
| Revenue Growth (YoY) | - | 117.0% | 50.4% | - |
| EBITDA Margin (%) | 11.16% | 20.26% | 20.86% | 22.62% |
| PAT Margin (%) | -4.27% | 1.07% | 10.46% | 12.28% |
| ROE (%) | -5.87% | 2.36% | 32.56% | 7.29% |
| ROCE (%) | 1.35% | 18.62% | 26.45% | 6.80% |
| Debt to Equity | 1.11 | 1.03 | 0.81 | 0.84 |
Business Metrics
| Metric | As of June 2025 |
|---|---|
| US FDA Approved ANDAs/NDAs | 72 active products |
| Commercialized Products | 66 products |
| Products in Development | 63 products at various stages |
| Awaiting FDA Approval | 17 new products |
| SKUs Marketed | 350+ SKUs to 96 customers |
| Manufacturing Facilities | 3 in India |
| R&D Facilities | 2 (India and Canada) |
FINANCIAL STATEMENT ANALYSIS:
-
Revenue skyrocketed from ā¹394 crore (FY23) to ā¹1,284 crore (FY25) - 226% growth over two years.
-
Revenue CAGR of 81.5% between FY23-FY25 showing explosive expansion.
-
EBITDA margin expanded from 11.16% to 20.86%, PAT margin from -4.27% to 10.46%.
-
Debt-to-equity improved from 1.11 to 0.84, showing better leverage management.
-
ROE improved dramatically from -5.87% to 32.56%, ROCE from 1.35% to 26.45%
-
Strong returns indicate excellent management of shareholder funds and capital deployment.
Points of Caution:
- US market dependency: Heavy reliance on US market creates geographic concentration risk.
- Regulatory risks: Pharmaceutical industry subject to strict regulatory oversight.
- Competition: Intense competition in generic pharmaceutical market.
- R&D uncertainty: Not all R&D investments may lead to successful marketable products.
- Currency exposure: US market exposure creates foreign exchange risks.
- Debt obligations: Company has restrictive debt covenants that must be complied with.
- High valuation: IPO priced at premium given recent strong performance.
Why Some Investors Like This Mainboard IPO
- Pure pharma play: Direct exposure to high-growth US generic pharmaceutical market.
- Strong fundamentals: Exceptional financial turnaround with sustainable profitability.
- Pipeline strength: Strong product pipeline for future growth.
- Market leadership: Dominant positions in multiple product categories.
- Growth sector: Pharmaceutical industry expected to continue strong growth.
IPO FAQS
What is an IPO?
- An IPO (Initial Public Offering) is when a private company sells its shares to the public for the first time to raise money.
- Example: If a well-known pizza company wants to grow, it can list its shares on the stock exchange so anyone can buy a piece of the company.
How can you apply for an IPO (using Zerodha or Upstox)?
- Make sure you have a Demat account and your bank account is linked.
- Steps:
- Log in to your brokerās app (e.g., Zerodha Kite, Upstox).
- Go to the IPO section.
- Select the companyās IPO you want to apply for.
- Enter how many shares (or ālotsā) you want and the price you wish to bid.
- Enter your UPI ID, submit your application, and approve the UPI payment request.
How are IPO shares allotted?
- If more people want shares than are available, the company uses a lottery system to decide who gets them.
- If you donāt get shares, your money is simply returned.
What is GMP (Grey Market Premium)?
- GMP shows the extra price people are willing to pay for IPO shares before they officially start trading.
- Example: If IPO price is ā¹100 and GMP is ā¹20, people are unofficially ready to pay ā¹120. It hints at the IPOās popularity but isnāt a guarantee.
Where to check upcoming IPOs (IPO calendar)?
- Visit popular finance sites like Chittorgarh, IPOWatch, or official exchange websites (NSE, BSE) and look for the āUpcoming IPOā section.
What are IPO listing gains?
- If the shareās price rises on the first trading day, you can make instant profit.
- Example: You buy at ā¹150, and it opens at ā¹200, you gain ā¹50 per share.
How can you make profit from an IPO?
- Quick gains on listing day (if the stock price goes up).
- Long-term: If the company grows, the share price could increase further.
Which IPO is best to buy?
- There is no single best IPO. Check the companyās background, current demand, and GMP, but always research before investing.
- High GMP or popularity doesnāt guarantee profits.
Are IPOs safe?
- IPOs can be profitable but also risky; prices can go up or down sharply.
- Only invest if you are ready for potential losses.
How to check IPO allotment status?
- After the IPO process, check on exchanges (BSE/NSE websites) or the IPO registrarās site (like K-Fintech, Bigshare,or mufg-intime) by entering your PAN or application number to see if you got shares.
Important Tips for Retail Investors Applying for an IPO
- Use Only Your Own PAN Card:
Avoid using the same PAN card for multiple IPO applications. For example, if you have already applied using your PAN for one IPO, donāt try to apply again with the same PAN under different accounts or through others. - Apply in the Right Category:
Ensure you select the correct investor category (such as Retail Individual Investor) when filling out your application. Applying under a wrong category can lead to rejection or disqualification. - Maintain Sufficient Bank Balance:
Before applying, ensure your bank account linked to the application has enough funds to cover the full bid amount. For instance, if the IPO application requires a payment of ā¹15000, make sure your account holds at least that amount. - Use Your Own Bank Account:
Always apply through your own bank account. Using someone elseās account can cause your application to be rejected during the verification process. - Avoid Last-Minute Applications:
Donāt wait until the deadline day or moments before to apply. Last-minute submissions may face technical glitches or processing delays, reducing the chances of success.