Rubicon Research subscribed 103.90 times

The offer received bids for 170.96 crore shares as against 1.64 crore shares on offer.

The initial public offer of Rubicon Research received bids for 1,70,96,76,420 shares as against 1,64,55,670 shares on offer, according to stock exchange data at 17:30 IST on Monday (13 October 2025). The issue was subscribed 103.90 times.

The issue opened for bidding on 9 October 2025 and it will close on 13 October 2025. The price band of the IPO is fixed between Rs 461 to 485 per share. An investor can bid for a minimum of 30 equity shares and in multiples thereof.

The IPO comprises fresh issue of equity shares worth up to Rs 500 crore and an offer for sale aggregating up to Rs 877.49 crore by corporate promotor General Atlantic Singapore RR.

The objectives of the fresh issue include Rs 310 crore for the repayment of certain outstanding borrowings, with the remaining amount allocated towards funding inorganic growth and general corporate purposes.

The promoters are General Atlantic Singapore RR, Pratibha Pilgaonkar, Sudhir Dhirendra Pilgaonkar, Parag Suganchand Sancheti, Surabhi Parag Sancheti and Sumant Sudhir Pilgaonkar. The promoters and promoter group hold an aggregate of 12,04,07,506 equity shares, aggregating to 77.97% of the pre-offer issued and paid-up equity share capital. Their post IPO shareholding is expected to be around 62.10%.

Rubicon Research is a pharmaceutical player developing, manufacturing, and commercialization of differentiated formulations, with a primary emphasis on regulated markets, particularly the United States. The company derives most of its revenue from the US market, which accounted for 99.5% of total revenue in Q1 FY26. Of this, 75.15% of product sales were through its own distribution channel, while 24.85% were via third-party partners.

As of March 31, 2025, the portfolio comprised 66 commercialized products. In FY25, nine of its products each held over 25% share in value in the US market. By June 2025, its commercialization rate in the US reached 86.4%, with 70 commercialized products out of 81 active Abbreviated New Drug Application (ANDA) and New Drug Application (NDA) approvals granted by the US FDA. This high commercialization rate enables more effective monetization of product development investments.

Ahead of the IPO, Rubicon Research, on 8 October 2025, raised Rs 619.08 crore from anchor investors. The board allotted 1.27 crore shares at Rs 485 each to 32 anchor investors.

The firm reported a consolidated net profit of Rs 43.30 crore and sales of Rs 352.49 crore for the three months ended on 30th June 2025.

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