Rubicon Research shares were issued today at an IPO price of ₹485 and listed on BSE/NSE at around ₹620, giving investors a profit of approximately 28%. The company's IPO was subscribed 109 times. Financially, the company is b, and over the past three years, its net profit has grown from a loss of ₹16.89 crore to ₹134.36 crore.
Rubicon Research IPO Listing: Shares of the pharmaceutical company Rubicon Research were listed in the market today. Under the IPO, shares were issued at ₹485 and made their entry on BSE at ₹620.10 and on NSE at ₹620.00. Immediately after listing, the shares fell to ₹600.85, still providing investors with a profit of 23.71%. The IPO received an overwhelming response from investors, being subscribed 109.35 times. The company's financial figures are also robust, with net profit consistently rising to ₹134.36 crore and total income reaching ₹1,296.22 crore over the past three years. Out of the funds raised through the IPO, ₹310 crore will be used to repay debt, with the remainder allocated for acquisitions and other corporate purposes.
Overwhelming Response to IPO
Rubicon Research's ₹1,377.50 crore IPO was open from October 9 to 13. It received an overwhelming response from investors, with an overall subscription of 109.35 times. The portion reserved for Qualified Institutional Buyers (QIB) was subscribed 137.09 times, Non-Institutional Investors (NII) portion 102.70 times, retail investors' portion 37.40 times, and the employees' portion 17.68 times.
Under the IPO, new shares worth ₹500 crore were issued, and in addition, 18,092,762 shares with a face value of ₹1 were sold through an Offer for Sale. The proceeds from the Offer for Sale went to the selling shareholder, General Atlantic Singapore RR. Out of the funds raised through new shares, ₹310 crore will be used for debt repayment, and the remaining amount will be spent on acquisitions and corporate purposes.
About the Company
Rubicon Research was founded in 1999. It is a leading company in the pharmaceutical sector, and as of June 2025, its portfolio includes 72 active Abbreviated New Drug Application (ANDA) and New Drug Application (NDA) products approved by the US FDA. It has 66 commercial products that hold a market size of $245.57 crore in the US generic market. In FY2024, the company's share in this market was $19.5 crore.
As of June 2025, 17 new products of the company are awaiting US FDA NADA approval, and 63 products are in various stages of development. The company has sold over 350 SKUs (Stock Keeping Units) to 96 customers. In the US, three major wholesalers account for over 90 percent of the company's wholesale sales.
Outside the US, the company has filed or registered 48 product applications in Australia, the UK, Singapore, Saudi Arabia, and UAE. In India, the company has three manufacturing facilities and two R&D facilities. One of these R&D facilities is in India and the other in Canada, both of which have been inspected by the US FDA.
Financial Health
Rubicon Research's financial position has been consistently b. In FY2023, the company incurred a net loss of ₹16.89 crore. In the subsequent FY2024, the company turned profitable with a net profit of ₹91.01 crore, which further rose to ₹134.36 crore in FY2025. Total income grew at a Compound Annual Growth Rate (CAGR) of over 75 percent annually, reaching ₹1,296.22 crore.
In the first quarter of FY2026 (April-June 2025), the company reported a net profit of ₹43.30 crore and a total income of ₹356.95 crore. At the end of the June quarter, the company had a debt of ₹495.78 crore and reserves and surplus of ₹397.50 crore.
Benefits for Investors
On the very first day of the IPO listing, the shares demonstrated a premium performance. New investors received a listing gain of up to 28 percent, and employees also benefited from an additional discount. The success of the IPO and the company's b financial health boosted demand for its shares.
