Rubicon Research Limited IPO

Company Overview:

Incorporated in 1999, Rubicon Research Limited is a pharmaceutical company engaged in the development, manufacturing, and commercialization of differentiated formulations.

As of June 30, 2025, the company had 72 active ANDA and NDA products approved by the US FDA, out of which 66 products are already commercialized. These products cater to a US generic pharmaceutical market worth USD 2,455.7 million, with Rubicon contributing USD 195 million in FY 2024.

The company has 17 new products awaiting US FDA approval and 63 more under various stages of development.

Rubicon Research markets over 350 SKUs to 96 customers, including the three largest US wholesalers who collectively handle over 90% of wholesale drug distribution. It also supplies to GPOs, national & regional pharmacy chains, and managed care organizations.

Beyond the US, Rubicon has 48 product registrations or filings across Australia, the UK, Singapore, Saudi Arabia, and the UAE, and plans to commence commercial operations upon approval. Additionally, it offers contract manufacturing services in India, Australia, and New Zealand.

Objects of the Issue:

• Repayment of Borrowings: ₹310 crore

• Funding Acquisitions & General Corporate Purposes: ₹190 crore

Key Strengths:

• Strong portfolio with market share above 25% for seven US products.

• Advanced R&D capabilities in India and Canada driving product innovation.

• Established US sales & distribution platform covering both branded and non-branded markets.

• Proven regulatory compliance with US FDA inspections and multiple international approvals.

Key Risks:

• Heavy dependence on the US market exposes the company to regional risks.

• Operates in a highly regulated industry—product recalls or inspection failures can impact operations.

• Uncertain R&D outcomes may hinder revenue growth.

• Intense competition in the global pharmaceutical industry could affect margins.

• Foreign exchange fluctuations may impact profitability.

• Debt-related covenants could create financial strain in case of non-compliance.

IPO Details – Rubicon Research IPO

• IPO Dates: 9 – 13 Oct 2025

• Price Band: ₹461 – ₹485 per share

• Lot Size: 30 shares

• Total Issue Size: ₹1,377.50 crore

• Retail Quota: 10%

• GMP (Reference Only): 18%

Allotment Link

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