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Rubicon Research IPO

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WEBSITE Inc. Year: 1999 Industry: Miscellaneous Listed Page

Profile
Issue Size 798.1 Cr
Profile
Price Range 461  to  485 per share
Profile
Min Investment ₹485
Profile
Lot Size 1
Profile
Face Value ₹1
Profile
Draft Prospectus
Invest Before the IPO Goes Live

Buy unlisted shares early and participate in the growth before public listing.

Profile
  • Basic Info
  • IPO Tentative Timetable
  • IPO Lot Size
  • Subscription Status
  • Financials
  • Profit & Loss
  • Balance Sheet
  • Cash Flow
  • Ratios
  • Growth Rates
  • Other info

Overview

We are a pharmaceutical formulations company, driven by innovation through focused research and development, with an increasing portfolio of specialty products and drug-device combination products targeting regulated markets and in particular the United States. Based on the peer set (of six listed Indian companies assessed by F&S, and our Company), we are the only Indian pharmaceutical player with a complete focus on regulated markets. Read More

Basic Info

Face Value 1 per share

Price 461  to  485 per share

P/E (x) 55.1

Sales( Cr.) 1284

PAT( Cr.) 134

EPS 8.8

Draft Prospectus

Exchange BSE-NSE

Promoter

Company Promoters

General Atlantic Singapore RR Pte. Ltd. Pratibha Pilgaonkar Sudhir Dhirendra Pilgaonkar Parag Suganchand Sancheti Surabhi Parag Sancheti Sumant Sudhir Pilgaonkar

Pre Issue Share Holding 77.97%

Post Issue Share Holding 59.99%

Listing Details:

Listing Price: 620.1

Listing Gain: 21.79%

Current Price: 1005.6

Gain On Issue: 1005.6 | 0%

GMP: 120

GMP %: 24.7 %

IPO Tentative Timetable

Opening Date Oct 09, 2025
Closing Date Oct 13, 2025
Allotment Oct 14, 2025
Refund Oct 15, 2025
Delivery of Shares Oct 15, 2025
Listing Date Oct 16, 2025

IPO Lot Size

Application Lots Shares Amount
Retail (Min) 1 30 14,550
Retail (Max) 13 390 189,150
S-HNI (Min) 14 420 203,700
S-HNI (Max) 68 2040 989,400
B-HNI (Min) 69 2070 1,003,950

Objective of the Issue

1. Prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by our Company2. Funding inorganic growth through unidentified acquisitions and other strategic initiatives and General corporate purposes

Issue

Category Nos Bid Bid (x)
QIB 8952820 1166167740 130.3x
NII 4476409 436939170 97.6x
Retail 2984273 105865470 35.5x
EMP 42168 708240 16.8x
Total 16455670 1709680620 103.9x

Net Sales (in cr.)

Total Income (in cr.)

Operating Profit (in cr.)

Net Profit (in cr.)

Shareholder Funds (in cr.)

Total Assets (in cr.)

Rubicon Research Profit & Loss

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 65 154 263 315 314 394 854 1284
Other Income 4 6 18 10 17 25 18 12
Total Income 69 160 281 325 330 419 872 1296
Total Expenditure 61 122 182 223 353 375 699 1028
Operating Profit 9 38 99 102 -22 44 173 268
Interest 2 3 6 9 10 19 31 37
Depreciation 6 8 18 29 34 36 39 37
Exceptional Income / Expenses 0 0 0 0 0 0 0 0
Profit Before Tax 0 27 74 63 -66 -11 103 195
Provision for Tax 0 9 25 32 1 6 12 60
Profit After Tax 0 18 49 31 -67 -17 91 134
Adjustments 0 0 0 0 0 0 0 0
Profit After Adjustments 0 18 49 31 -67 -17 91 134
Adjusted Earnings Per Share 0 1.3 3.2 2 -4.4 -1.1 6 8.7

Rubicon Research Balance Sheet

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 178 197 341 374 305 286 385 541
Minority's Interest 0 0 0 0 0 0 0 0
Borrowings 12 28 4 38 64 97 93 64
Other Non-Current Liabilities 2 3 5 14 7 5 58 58
Total Current Liabilities 35 69 78 111 184 361 572 786
Total Liabilities 227 296 427 538 560 750 1109 1450
Fixed Assets 44 69 157 188 193 199 307 327
Other Non-Current Assets 29 63 5 14 38 49 38 59
Total Current Assets 154 165 265 336 328 502 763 1063
Total Assets 227 296 427 538 560 750 1109 1450

Rubicon Research Cash Flow

#(Fig in Cr.) Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 2 3 10 9 84 39 54 51
Cash Flow from Operating Activities -16 -14 5 57 -63 -75 21 159
Cash Flow from Investing Activities 20 4 -84 -36 -55 -34 -69 -65
Cash Flow from Financing Activities -3 16 80 52 63 123 44 -40
Net Cash Inflow / Outflow 1 7 1 73 -55 14 -4 55
Closing Cash & Cash Equivalent 3 10 11 84 39 54 51 105

Rubicon Research Ratios

# Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 0.02 1.31 3.25 2.02 -4.41 -1.11 5.98 8.72
CEPS(Rs) 0.46 1.89 4.46 3.94 -2.18 1.26 8.55 11.09
DPS(Rs) 0 0 0.07 0.03 0.05 0.02 0 0
Book NAV/Share(Rs) 12.66 13.97 21.85 23.79 19.27 17.87 23.75 33.4
Core EBITDA Margin(%) 7.1 20.58 30.64 29.13 -12.51 4.7 18.1 19.93
EBIT Margin(%) 4.07 19.34 30.5 23.03 -17.98 2.01 15.71 18.01
Pre Tax Margin(%) 0.76 17.65 28.14 20.06 -21.08 -2.81 12.05 15.15
PAT Margin (%) 0.33 11.98 18.79 9.75 -21.4 -4.29 10.66 10.46
Cash Profit Margin (%) 9.94 17.35 25.8 19.06 -10.56 4.87 15.22 13.31
ROA(%) 0.09 7.04 13.65 6.36 -12.23 -2.58 9.8 10.5
ROE(%) 0.12 9.82 18.67 8.84 -20.49 -5.98 28.75 30.68
ROCE(%) 1.27 13.09 26 17.3 -11.97 1.47 19.36 26.97
Receivable days 208.51 144.39 155.79 160.21 160.5 169.07 112.52 88.85
Inventory Days 78.67 39.59 39.61 58 88.37 119.09 99.96 116.82
Payable days 264.75 158.53 159.03 183.24 252.95 280.34 194.81 228.78
PER(x) 0 0 0 0 0 0 0 0
Price/Book(x) 0 0 0 0 0 0 0 0
Dividend Yield(%) 0 0 0 0 0 0 0 0
EV/Net Sales(x) 0.48 0.28 -0 0.05 0.39 0.67 0.41 0.23
EV/Core EBITDA(x) 3.5 1.14 -0 0.14 -5.45 6.01 2.04 1.09
Net Sales Growth(%) 0 135.95 71.02 19.65 -0.37 25.5 116.99 50.4
EBIT Growth(%) 0 1022.32 169.64 -9.63 -177.79 114.03 1595.31 72.47
PAT Growth(%) 0 8583.73 168.16 -37.89 -318.7 74.84 638.92 47.63
EPS Growth(%) 0 8583.73 148.52 -37.89 -318.7 74.84 638.92 45.69
Debt/Equity(x) 0.17 0.25 0.09 0.26 0.58 1.17 1.1 0.76
Current Ratio(x) 4.45 2.4 3.42 3.02 1.79 1.39 1.33 1.35
Quick Ratio(x) 4.05 2.12 2.93 2.46 1.3 0.93 0.81 0.69
Interest Cover(x) 1.23 11.39 12.93 7.74 -5.8 0.42 4.29 6.29
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0

Sihora Industries Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 50% 60% 37% 0%
Operating Profit CAGR 55% 0% 22% 0%
PAT CAGR 47% 0% 22% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR NA% NA% NA% NA%
ROE Average 31% 18% 8% 9%
ROCE Average 27% 16% 11% 12%

Company Contact Information

Rubicon Research Ltd.

Deepashree Tanksale

022 61414 000

investors@rubicon.co.in

Medone House, B-75 Road No. 33 Wagle Estate, Thane (West)

IPO Lead Manager(s)

Rubicon Research Ltd.

Axis Capital Ltd.

IIFL Securities Ltd.

JM Financial Ltd.

SBI Capital Markets Ltd

Registrar Info

Rubicon Research Ltd.

MUFG Intime India Pvt Ltd.

C-101, 1st Floor, 247 Park, Lal Bahadur Shastri Marg, Vikhroli (West), Mumbai Mumbai City Maharashtra 400083

rnt.helpdesk@in.mpms.mufg.com

https://in.mpms.mufg.com/

Frequently Asked Questions

All You Need To Know About IPO

When you leave without vesting, generally unvested ESOPs are cancelled. Vested ESOPs usually can be exercised after you depart, often within 3 to 6 months, depending on the company's ESOP plan.

For companies listed on a stock exchange, you can sell the shares any time after you exercise the ESOP option and the shares are in your demat account. If the company is unlisted or otherwise a startup, you can only sell the shares if and when the company announces a buyback or has a process for secondary sales.

Whenever you exercised your options to hold shares, you entered into a market risk situation, and if the valuation of the company drops, so do the shares.

Yes. ESOPs are valuable to the employer in that the employer is able to retain the best talent, align employee interests with company goals, and preserve cash while rewarding performance.

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