Rubicon Research IPO Opens on October 9: Check Issue Details & Key Highlights

Pharmaceutical company, Rubicon Research Ltd, is opening its Initial Public Offering (IPO) tomorrow on October 9, 2025. The subscription window for the Rubicon Research IPO will remain open from October 9, 2025, to October 13, 2025. The company is engaged in the development and commercialisation of differentiated formulations, speciality products and drug-device combination products. 

The allotment process for Rubicon Research is expected to be finalised on October 14, 2025, and the company’s shares will be listed on both BSE and NSE. The tentative listing date is fixed as October 16, 2025.

Rubicon Research Ltd - IPO Details

Rubicon Research IPO will be a bookbuilding of ₹1,377.50 crores. The issue is a combination of fresh issue of 1.03 crore shares aggregating to ₹500.00 crores and offer for sale of 1.81 crore shares aggregating to ₹877.50 crores. The issue price band is set at ₹461 to ₹485 per share. The minimum lot size for an application is 30, and the minimum amount required for a retail investor is ₹13,830 (30 shares).

Axis Capital Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited), JM Financial Limited and SBI Capital Markets Limited are the book-running lead managers for the issue. MUFG Intime India Private Limited (formerly Link Intime India Private Limited) is the registrar for the Rubicon Research IPO.

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Utilisation of Proceeds

The Company will utilise the net proceeds from the issue for the following purposes:

• Prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the Company.
• Funding inorganic growth through unidentified acquisitions and other strategic initiatives, and General corporate purposes.

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About Rubicon Research Ltd

Rubicon Research Ltd is an IP-led speciality pharmaceuticals company, founded in 1999 and based in Thane, India. It focuses on developing, manufacturing and commercialising value-added formulations for regulated markets (especially the US). Its product portfolio spans multiple dosage forms — oral solids, liquids, nasal & inhalation, ophthalmic, topical, injectables, and drug-device combinations. It operates R&D centres in Thane (India) and Concord (Canada), and has manufacturing plants in Ambernath and Satara (India).

Financially, in FY 2025, Rubicon Research reported total income of about ₹1,296.2 crore (up by 48.5% from ₹872.4 crore in FY 2024) and a Profit After Tax (PAT) of ₹134.36 crore, compared to ₹91.01 crore in FY 2024. Its EBITDA rose to ₹267.9 crore with margins improving to 20.7%.

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