Rubicon Research Limited’s IPO has become one of the most discussed public issues in October 2025. Backed by strong fundamentals and visible demand in the grey market, this IPO has generated notable buzz among retail and institutional investors. With a robust premium and positive analyst reviews, the Rubicon Research IPO is being closely tracked for both listing gains and long-term value creation.
About the Company
Rubicon Research Limited is a global pharmaceutical company focused on research-driven product development and manufacturing. Headquartered in Mumbai, the company develops complex generics, specialty formulations, and value-added products catering primarily to the US, Indian, and emerging markets.
Key strengths include:
- Advanced R&D capabilities with over 70 patents filed globally.
- A strong portfolio across oral solids, topicals, ophthalmics, and inhalation segments.
- Manufacturing facilities approved by the USFDA and other global regulators.
- Consistent client base across the US, Canada, and regulated markets.
Rubicon Research IPO Details
| Particulars | Details |
|---|---|
| IPO Open Date | October 9, 2025 |
| IPO Close Date | October 13, 2025 |
| Price Band | ₹461 – ₹485 per share |
| Lot Size | 30 shares (min investment ₹14,550) |
| Issue Size | ₹1,377.5 crore (₹500 cr fresh + ₹877.5 cr OFS) |
| Issue Type | Book Built Issue |
| Face Value | ₹10 per share |
| Allotment Date | October 14, 2025 |
| Refunds/Credit to Demat | October 15, 2025 |
| Listing Date | October 16, 2025 |
| Registrar | KFin Technologies Ltd |
| Listing Exchanges | NSE, BSE |
| Reservation | QIB 75% • NII 15% • Retail 10% |
Grey Market Premium (GMP)
As of October 9, 2025, the Rubicon Research IPO GMP stands between ₹94 – ₹98 per share, reflecting a premium of about 19–20% over the upper price band of ₹485.
📈 Expected Listing Price: Around ₹575 – ₹583 per share, if current sentiment continues.
This strong grey market activity indicates solid investor confidence and potential for healthy listing gains. However, investors should note that GMP is an informal indicator and actual listing prices may vary based on market conditions on debut day.
Financial Summary
| Financial Year | Revenue (₹ Cr) | Net Profit (₹ Cr) | EBITDA Margin (%) | ROE (%) |
|---|---|---|---|---|
| FY 2023 | 1,148 | 124 | 16.8 | 12.2 |
| FY 2024 | 1,278 | 157 | 18.1 | 14.6 |
| FY 2025 | 1,462 | 201 | 19.5 | 17.3 |
Highlights:
- Consistent top-line and bottom-line growth.
- Improved margins and return ratios over the last three years.
- Strong deleveraging and cash-flow stability post-IPO proceeds.
Strengths and Risks
✅ Strengths
- Strong presence in the US market with FDA-approved plants.
- Robust R&D pipeline and formulation expertise.
- Double-digit ROE and improving EBITDA margin.
- Experienced management team and global clientele.
- Deleveraged balance sheet expected post-IPO.
⚠️ Risks
- High dependency on US generics market (pricing pressure risk).
- Regulatory compliance costs.
- Currency fluctuations impacting profitability.
- Competition from established global pharma players.
Expert Review
Leading brokerages such as Arihant Capital, SMIFS, and ICICIdirect have rated the issue “Subscribe” or “Subscribe for Long Term”.
Analysts highlight Rubicon’s:
- Focused growth strategy in complex generics,
- Strong return ratios,
- Attractive post-listing valuation (~28x FY25 EPS), and
- Long-term scalability through R&D-led innovation.
Experts believe the IPO offers both moderate listing gain potential and long-term compounding opportunity in the specialty pharma space.
Conclusion – Apply or Avid?
The Rubicon Research IPO offers a balanced mix of growth, profitability, and reasonable valuation compared with peers. Given the strong GMP trend, improving financials, and analyst confidence, long-term investors can consider applying for steady returns, while short-term investors may benefit from listing gains.
Verdict: ✅ Apply (Moderate to Long-Term)
FAQs
What is the GMP of Rubicon Research IPO today?
As of October 9, 2025, the GMP is around ₹94 – ₹98 per share, showing a 19–20% premium over the issue price.
What are the Rubicon Research IPO dates?
The IPO opens on October 9 and closes on October 13, 2025.
What is the allotment date of Rubicon Research IPO?
Allotment is expected on October 14, 2025, with listing on October 16, 2025.
How much is the Rubicon Research IPO issue size?
The total issue size is ₹1,377.5 crore, including a ₹500 crore fresh issue.
Is Rubicon Research IPO good for long-term investment?
Yes, analysts believe the company’s innovation-driven model and US market presence make it suitable for long-term investors.
Where will Rubicon Research shares be listed?
On both the NSE and BSE.
