The initial public offering (IPO) of Rubicon Research kicks-off for bidding on Thursday, October 09 and will close for bidding on Monday, October 13. The pharmaceuticals player is offering its shares in the range of Rs 461-485 apiece and investors can apply for a minimum of 30 equity shares and its multiples thereafter.
Rubicon Research is looking to raise a total of Rs 1,377.50 crore via IPO, which includes a fresh share sale of Rs 500 crore and an offer-for-sale (OFS) of up to 1,80,92,762 equity shares worth Rs 877.50 crore. The net proceeds from the issue shall be utilized towards prepayment or repayment of debt; funding inorganic growth; and general corporate purposes.
Incorporated in 1999, Thane-based Rubicon Research is a pharmaceutical company engaged in the development, manufacturing, and commercialization of differentiated formulations. Rubicon had a portfolio of 72 active abbreviated new drug application (ANDA) and new drug application (NDA) products approved by the USFDA as of June 30, 2025.
Rubicon Research mopped up Rs 619.08 crore from 32 anchor investors as it allocated 1,27,64,691 shares at Rs 485 apiece. Its anchor book included names like Goldman Sachs, Fidelity, Nomura Funds, Amansa Holdings, Societe Generale, University of Notre Dame GP Emerging Markets Strategies, PGIM India, Mirae Asset, Bajaj Finserv and others.
For the three-months ended on June 30, 2025, the company reported a net profit of Rs 43.30 crore with a revenue of Rs 356.95 crore. The company clocked a net profit of Rs 134.36 crore with a revenue of Rs 1,296.22 crore for the financial year 2024-25. The company shall command a total market capitalization of Rs 7,990 crore.
Rubicon has served shares worth Rs 1.75 crore for its eligible employees who will get a discount of Rs 46 per share. Of the net offer, 75 per cent shares are reserved for qualified institutional bidders and 15 per cent for HNI investors. Retail investors have only 10 per cent allocation in the IPO. Last heards, its grey market premium (GMP) stood at Rs 98-100 apiece, suggesting 20 per cent gains.
Axis Capital, JM Financial and IIFL Capital Services are the book running lead managers for the Rubicon Research IPO and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on Thursday, October 16. Here’s what a host of brokerage firms are suggesting for the IPO of Rubicon Research:
Arihant Capital Markets
Rating: Subscribe
Rubicon Research is an integrated pharmaceutical product development company with a strong presence in the US generics and specialty markets. It focuses on complex generics, specialty formulations, and value-added products, supported by robust in-house R&D and regulatory capabilities, said Arihant Capital Markets.
“With over 65 commercialized products, a deep development pipeline, and manufacturing facilities in India serving global markets, Rubicon combines innovation with cost efficiency. Its recent entry into the specialty branded space through the validus acquisition enhances growth visibility, while its data-driven portfolio strategy and integrated supply chain ensure sustainable profitability and scalability,” it said with a ‘subscribe’ rating.
Ventura Securities
Rating: Subscribe
Rubicon has been proactively expanding its operational footprint to support its growth trajectory, notably with the acquisition of Alkem Laboratories’ formulations facility in Pithampur, Madhya Pradesh, in June 25. The firm maintains a data-driven product selection framework, which relies on extensive market analytics to identify products with favorable risk-adjusted returns, said Ventura.
“This framework is key to minimizing the failure rate associated with R&D in the generic space. With a high commercialization rate and a strong focus on regulatory compliance, Rubicon Research is strategically positioned to capitalize on opportunities in the global specialty and generic pharmaceutical landscape,” it said with a ‘subscribe’ rating.
SMIFS
Rating: Subscribe
“We recommend subscribing to the issue as a good long-term investment, backed by Rubicon’s strong US market leadership, high-margin specialty portfolio, and expanding presence across regulated markets, with capacity utilization expected to ramp up as new products receive regulatory approvals, potentially enabling revenue to double over the next 2-3 years,” said SMIFS.
BP Equities
Rating: Subscribe
With Rubicon’s strong US market leadership, high-margin specialty portfolio, and expanding presence across regulated markets, capacity utilisation is expected to ramp up as new products receive regulatory approvals, potentially enabling revenue to double over the next 2-3 years, said BP Equities. “We recommend a ‘subscribe’ rating for this issue,” it said.
Kunvarji Wealth
Rating: Subscribe
“We recommend subscribing to this IPO with a medium to long-term view. Rubicon Research, with a strong focus on R&D, has established a niche presence in the US market and demonstrated strong financial performance, supported by an expanding portfolio of specialized generic products. However, any changes in trade policy could warrant closer monitoring,” said Kunvarji Wealth.