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Rubicon Research IPO
Rubicon Research Ltd
₹13,830 /30 sharesMinimum Investment
Rubicon Research IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| BSE | ₹485.00 | ₹620.00 | ₹135.00 (27.84%) |
Rubicon Research IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 9 Oct ‘25 - 13 Oct ‘25 | ₹13,830 | 30 | ₹461 - ₹485 |
| Issue Size | IPO Doc |
|---|---|
| 1377.50Cr | RHP PDF |
Subscription rate
As of 13 Oct'25, 04:01 PM
| Qualified Institutional Buyers | 99.20x |
| Non-Institutional Investor | 90.94x |
| Retail Individual Investor | 29.34x |
| Employees | 14.25x |
| Total | 84.07x |
About Rubicon Research
Founded in
1999
Managing director
Mrs Pratibha Pilgaonkar
Parent organisation
Rubicon Research Ltd
Rubicon Research Ltd IPO
https://www.youtube.com/watch?v=nVF7ehItFc8
Strengths & Financials of Rubicon Research
Strengths
Risks
Rubicon Research claims to be the only Indian pharmaceutical formulations company concentrating entirely on regulated markets, with a primary focus on the United States.
The company claims to have significant research and development (R&D) resources, with 170 scientists based in India and Canada. It claims that its R&D facility in Thane, Maharashtra, covers 38,421.72 square feet and houses three laboratories for general, sterile, and potent compounds, while its Ontario facility in Canada spans 13,609.69 square feet and focuses on nasal and inhalation products.
The company claims to have developed nine proprietary drug delivery technologies, including RubiSRL for sustained release liquids and RubiReten, a gastro-retentive system for drugs with poor solubility. The company claims that as of June 30, 2025, these technologies were supported by 10 patents across countries such as India and the US.
The company claims to have a dedicated marketing, sales, and distribution platform in the US through its wholly owned subsidiary, AdvaGen Pharma. The subsidiary handles non-branded prescription products, supplying them to wholesalers, pharmacy chains, and group purchasing organisations. Additionally, the company claims to maintain product inventories across three US locations, working with specialised third-party logistics providers.
The company has witnessed a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 393.52 crore in FY23 to Rs 853.89 crore in FY24 and Rs 1,284.27 crore in FY25. PAT increased from a loss of Rs 16.89 crore in FY23 to a profit of Rs 91.01 crore in FY24 and further to Rs 134.36 crore in FY25.
The company derives a large portion of its revenue from the United States. It accounted for Rs 1,264.92 crore (98.49 percent) of the company’s total revenue in FY25, Rs 831.71 crore (97.40 percent) in FY24, and Rs 366.96 crore (93.25 percent) in FY23. Any political, social, or economic developments in the US, including regulatory changes or imposition of tariffs, could adversely affect the company’s business operations and financial performance.
The company’s top six customers accounted for Rs 922.31 crore (73.08 percent) of its revenue in FY25, Rs 578.36 crore (68.87 percent) in FY24, and Rs 253.17 crore (67.27 percent) in FY23. Any failure to retain these key customers, expand the customer base, or loss of business from them could adversely affect the company’s finances and operations.
The company’s top 10 suppliers accounted for Rs 197.43 crore (37.76 percent) of its total purchases in FY25, Rs 167.43 crore (32.85 percent) in FY24, and Rs 101.55 crore (36.39 percent) in FY23. Any disruption in supplies from one or more of these suppliers could adversely affect the company’s business and financial condition.
The company is dependent on a limited number of products for a substantial portion of its revenue. Its top 10 products contributed 59.32 percent of total revenue in FY25, 68.30 percent in FY24, and 77.10 percent in FY23. Decline in sales of any of these key products or adverse developments affecting them could hurt the company’s revenue and financial performance.
The company has high working capital requirements. Working capital stood at Rs 277.34 crore (21.40 percent) of total income in FY25, Rs 190.67 crore (21.86 percent) in FY24, and Rs 140.27 crore (33.48 percent) in FY23. Inability to have access to an adequate amount of working capital at all times may impact the company’s operations.
As of June 30, 2025, the company had total contingent liabilities and commitments amounting to Rs 368.58 crore. Any adverse outcome of these liabilities may affect the company’s financial condition and cash flows.
The company reported negative cash flows from investing activities amounting to Rs 64.81 crore in FY25, Rs 68.51 crore in FY24, and Rs 33.82 crore in FY23. These cash outflows were primarily due to expenditure on property, plant and equipment, intangible assets, and acquisitions. The company also reported negative cash flows from financing activities of Rs 39.81 crore in FY25. This was primarily due to repayment of non-current borrowings, payment of finance costs, and payment of lease liabilities. If these negative cash flows persist, it could adversely affect the company's ability to meet its working capital needs or repay loans without raising additional external financing, thereby impacting its financial condition and operations.
The company is involved in various legal proceedings, including tax and criminal cases. Any adverse judgment in any of these cases could be detrimental to the company’s business prospects.
As of June 30, 2025, the company reported total indebtedness of Rs 495.78 crore. Any failure to service or repay these loans on time can harm the company’s operations and financial position.
Rubicon Research Financials
*All values are in Rs. Cr
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Application Details of Rubicon Research IPO
| Apply as | Price band | Apply Range |
|---|---|---|
| Regular | ₹461 - 485 | Upto ₹2 Lakh |
| Employee | ₹415 - 439 | Upto ₹2 Lakh |
| High Networth Individual | ₹461 - 485 | ₹2 - 5 Lakh |
For Rubicon Research IPO, eligible investors can apply as Regular & Employee.