Rubicon Research sets IPO price band at ₹461-475; check key dates, lot size

Rubicon Research IPO will open for subscription on Thursday, October 9, 2025, and close on Monday, October 13, 2025

Rubicon Research IPO: Rubicon Research, a pharmaceutical company, has set the price band for its initial public offering (IPO) in the range of ₹461 to ₹475 per equity share. The mainline issue is a combination of a fresh issue worth ₹500 crore and an offer for sale (OFS) of ₹877.5 crore. General Atlantic Singapore RR is the promoter selling shareholder.

 

According to the red herring prospectus (RHP), the company has reserved not less than 75 per cent of the issue for qualified institutional buyers (QIBs), not more than 15 per cent for retail investors and not more than 10 per cent for non-institutional investors (NIIs).

Rubicon Research IPO key dates

According to the RHP, the issue will open for subscription on Thursday, October 9, 2025, and close on Monday, October 13, 2025. The anchor investor period shall be one day prior to the opening date, i.e. Wednesday, October 8, 2025. The basis of allotment of shares is likely to be finalised on Tuesday, October 14, 2025. The stock will be listed on the National Stock Exchange (NSE) and BSE, tentatively on Thursday, October 16, 2025. 

Rubicon Research lot size

The lot size for an application is 23 shares. Accordingly, a retail investor would require a minimum investment amount of ₹14,904 to bid for one lot or 23 shares at the upper end price. 

Rubicon Research IPO registrar, lead manager

MUFG Intime India is the registrar of the issue. Axis Capital, IIFL Capital Services, JM Financial and SBI Capital Markets are the book-running lead managers. 

Rubicon Research lot size

The lot size for an application is 30 shares. Accordingly, a retail investor would require a minimum investment amount of ₹14,250 to bid for one lot or 30 shares at the upper end price.  

Rubicon Research IPO objective

According to the red herring prospectus (RHP), the company plans to utilise ₹310 crore from the net fresh issue proceeds for prepayment or repayment of certain debt availed by the company. The remaining funds will be used for funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes.

About Rubicon Research

Incorporated in 1999, Rubicon Research is a pharmaceutical company involved in the development, manufacturing, and commercialisation of differentiated formulations. The company's portfolio comprises an increasing portfolio of speciality products and drug-device combination products targeting regulated markets and, in particular, the United States. 

 

As of June 30, 2025, the company directly or through its subsidiaries collectively has 2 ANDAs (Abbreviated New Drug Application) and nine active NDAs (New Drug Application) approved by, and one over-the-counter (OTC) monograph listed with, the US Food and Drug Administration (FDA). 

  Outside the US, Rubicon Research Limited, either directly or via third-party distributors, has filed 48 product applications in countries including Australia, the UK, Singapore, Saudi Arabia, and the UAE, with plans to begin commercial operations once approvals are secured. The company also offers contract manufacturing services to select clients in India, Australia, and New Zealand.

 

Rubicon Research runs three manufacturing plants in India and maintains two US FDA-inspected R&D centres -one located in India and the other in Canada.

Rubicon Research financial overview

In the financial year ended March 31, 2025 (FY25), the company reported total income of ₹1,296.2 crore, up 48.5 per cent from ₹872.38 crore in the previous fiscal. The company's earnings before interest, tax, depreciation and amortisation (Ebitda) rose 54.8 per cent to ₹267.9 crore from ₹173 crore in FY24. The company's profit after tax (PAT) stood at ₹134.36 crore in FY25 compared to ₹91 crore in FY24.