Rubicon Research GMP
According to market observers, Rubicon Research’s grey market premium (GMP) stood at Rs 90, or around 19% above the upper price band, indicating a firm listing expectation driven by investor interest in the healthcare sector.
Brokerage review
Arihant Capital has recommended a “Subscribe” rating on the issue, citing strong growth momentum and a diversified product pipeline.
“Rubicon Research is an integrated pharmaceutical product development company with a strong presence in the US generics and specialty markets. Its leadership in the US generics space, combined with expansion into specialty pharmaceuticals through the Validus acquisition, positions it well for long-term growth,” the brokerage said in its IPO note.
The issue is fairly valued at a P/E of around 60 times FY25 earnings, but offers scalability and visibility in global markets.
Company overview
Rubicon operates across the US, Canada, and India, offering differentiated formulations across generics and specialty drugs. As of June 2025, the company had 72 approved products with the US FDA, 17 awaiting approval, and another 63 in development. It manages three manufacturing facilities in India and two R&D centres — one in India and another in Canada.
The company’s acquisition of Validus Pharmaceuticals in the US marks a strategic entry into branded specialty drugs, allowing direct access to prescribers across 44 states.
Financials
Financially, Rubicon has seen a sharp turnaround. Revenue surged from Rs 4,190 crore in FY23 to Rs 12,962 crore in FY25, while net profit jumped to Rs 1,344 crore from a loss of Rs 169 crore two years earlier. EBITDA margins improved to 21% in FY25, up from 10% in FY23, indicating stronger operational leverage.
Analysts believe the IPO could attract both institutional and retail investors looking for exposure to a fast-scaling mid-sized pharma exporter. With improving profitability, global reach, and strategic US expansion, the company appears well placed for long-term value creation.
The issue will list on both the NSE and BSE, with Axis Capital as the lead manager and MUFG Intime India as the registrar.
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