IPO Details
Issue Opening Date: October 9, 2025
Issue Closing Date: October 13, 2025
Issue size: Rs.1,377.50 Cr.(@ upper Price Band of Rs. 485)
Fresh Issue: Rs.500 Cr.
Offer For Sale (OFS): Rs. 877.5 Cr.
Price Band: Rs.461 to Rs. 485 per Equity Share
Employee Discount: Rs. 46/Share
Lot Size: 30 Shares & in multiples thereafter
Minimum Application Amount: Rs. 14,550/- (30 Shares)
Maximum Application Amount: Rs.1,89,150/- (390 Shares)
Small HNI: Rs.2,03,700/- (420 Shares)
Big HNI: Rs.10,03,950/- (2,070 Shares)
Our View: Subscribe for Long Term Horizon
Company Overview
Rubicon Research Ltd. is a pharmaceutical formulations company, driven by innovation through focused research and development, with an increasing portfolio of specialty products and drug-device combination products targeting regulated markets and in particular the United States (“US”). Based on the peer set, they are the only Indian pharmaceutical player with a complete focus on regulated markets.
The company has a total of 72 active ANDAs and 9 active NDAs (81 products) as of 30th June 2025. Between Fiscals 2023 and 2025, Rubicon was the fastest growing Indian pharmaceuticals formulations company with a total revenue CAGR of 75.89% which was over 7 times higher than the average (of 11 companies) assessed by F&S. In Fiscal 2025, Rubicon ranked among the top 12 Indian companies in terms of total Abbreviated New Drug Application (“ANDA”) approvals.
To develop its marketing and promotion channels for its branded products pipeline, in 2024, Rubicon acquired Validus, a New Jersey headquartered marketer of brand-name formulation products in the US. Between FY23 and FY25, Rubicon held a market share by value of more than 25% for 9 products in FY25, 7 products in FY24, and 2 products in FY23.
Our View
Incorporated on May 6, 1999, Rubicon Research Ltd. is a specialty pharmaceutical company focused on developing and manufacturing complex drug formulations. Its business combines two strong pillars — in-house product commercialization and contract manufacturing for leading pharma companies.
With 17 pending ANDAs, Rubicon Research could see multiple new launches through FY26, further compounding U.S. revenue. Its strategic acquisitions strengthen branded pipeline. India’s rising stature as a global pharma manufacturing hub supports Rubicon’s cost advantage and global competitiveness. However, Risks to consider are Revenue Concentration in the U.S. Market (~99%), Foreign Exchange Fluctuation, Global Macroeconomic and Geopolitical Volatility, Net loss and negative cash flow in the past, Revenue concentration from top 5 customers, Highly competitive pharma sector with pricing pressures, High working capital requirement, dependence on third parties for the supply of raw materials, Legal and Regulatory Risks could have an adverse effect on business, prospects, financial performance and cash flows.
On the financial front, the company’s Revenue tripled from ₹ 393 Cr. in FY23 to ₹ 1,284 Cr. in FY25., while EBITDA margin expanded from 10.5% to 20.7%, and PAT margin improved from –4.0% to 10.4%. The company turned positive after FY23 and Net Profit stood at ₹ 1,343 Cr. in FY25. ROCE stood at 6.8% and Debt to Equity ratio at 0.84x at Q1FY26.
The issue is priced at a P/BV of 12.59 based on its NAV of Rs. 38.52 as at Q1FY26 and if we annualise FY26 earnings, the P/E stands at ~57x. As per RHP industry average P/E is around 24x. The issue seems aggressively priced.
Rubicon Research is a high-growth pharma company with strong fundamentals, healthy R&D capabilities, and growing global reach. Looking at all the factors, risks, opportunities and valuation, investors can invest with Long term horizon to the issue.
Quick Facts
Issue type: Fresh Issue and Offer for Sale
Focus: Formulations for regulated markets (US focus)
Active products: 72 ANDAs and 9 NDAs (as on 30 Jun 2025)
Strong growth: Revenue CAGR FY23–25 = 75.89%
Frequently Asked Questions (FAQs)
When does the Rubicon Research IPO open and close?
Issue Opening Date - October 9, 2025. Issue Closing Date - October 13, 2025.
What is Rubicon Research’s business focus?
Rubicon is a pharmaceutical formulations company focused on regulated markets (notably the US), with ANDAs/NDAs and branded product capabilities through acquisitions like Validus (NJ, USA).
What are the main risks?
Major risks include heavy concentration of revenues in the US (~99%), FX fluctuations, working capital needs, pricing pressures in pharma, and regulatory/legal risks.
What is Sushil Finance’s view?
Our View: Subscribe for Long Term Horizon. The company offers high growth potential but also carries valuation and market-concentration risks.
Brief Financials
| PARTICULARS |
₹ in Million |
As at
June 30, 2025 |
FY ‘25 |
FY ‘24 |
FY ‘23 |
| Total Income |
3569.45 |
12962.19 |
8723.86 |
4189.99 |
| Total Expenditure |
2973.89 |
11016.96 |
7695.29 |
4300.48 |
| EBITDA |
797.44 |
2,678.93 |
1730.90 |
439.72 |
| Profit before Tax |
595.56 |
1945.23 |
1028.57 |
(110.49) |
| Profit after Tax |
433.01 |
1343.61 |
910.12 |
(168.88) |
| E.P.S. (Diluted) |
2.79* |
8.68 |
5.91 |
(1.11) |
| P/E (x) (Diluted) |
- |
55 |
- |
- |
| RONW (%) |
7.63* |
29.02 |
27.11 |
(5.71) |
* Not Annualised
PRICE CHART (@ ₹ 485) (Retail Category)
| LOT SIZE |
| Amount |
| 30 |
14,550 |
| 60 |
29,100 |
| 90 |
43,650 |
| 120 |
58,200 |
| 150 |
72,750 |
| 180 |
87,300 |
| 210 |
101,850 |
| 240 |
116,400 |
| 270 |
130,950 |
| 300 |
145,500 |
| 330 |
160,050 |
| 360 |
174,600 |
| 390 |
189,150 |
HNI Payment Chart
| Category |
| No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
420 |
203,700 |
| Big HNI |
2,070 |
1,003,950 |
Indicative Time Table
| Tentative Events |
| Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
14/10/2025 |
| Initiation of refunds/unblocking ASBA Fund |
15/10/2025 |
| Credit of Equity Shares to demat accounts of Allottees |
15/10/2025 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
16/10/2025 |
Disclaimer:
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
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