Rubicon Research Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹485
Per ShareLot Size
30 Shares
Minimum Investment
₹14,550
Issue Size
₹1,377.5 Cr
Face Value
₹1
Per ShareIPO Type
Book Building
Retail Quota
10%
QIB Quota
75%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Rubicon Research Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
77.34%
Promoter Holding (Post-Issue)
61.79%
Issue Type
Book Building
ISIN
INE506V01022
About the Company
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, particularly, the United States. Based on the peer set (of seven listed Indian companies assessed by F&S, and our Company), we are the only Indian pharmaceutical player with a complete focus on regulated markets*. (Source: F&S Report) As on June 30, 2025, we directly or through our Subsidiaries have a portfolio of 72 active ANDA and nine NDA products approved by, and one over-the-counter monograph listed with, the USFDA. As on June 30, 2025, we have 17 new products awaiting USFDA ANDA approval and 63 product candidates in development. Our Company sells branded and non-branded pharmaceutical products, and for the three months ended June 30, 2025, derived 95.05% and 4.95% of our revenue from sale of goods from the sale of non-branded and branded products, respectively. The following table sets forth the therapy area-wise split of our revenue from sale of goods for the three month periods ended June 30, 2025 and 2024, and Fiscals 2025, 2024 and 2023.
Industry Overview
In 2024, the US dominated the global prescription pharmaceutical market with a commanding 46.9% share. This dominance is attributed to several factors, including a robust healthcare infrastructure, a favorable regulatory environment, an innovative reimbursement mechanism, significant investments in R&D, and a large population with high healthcare expenditure and affordability. Additionally, according to F&S, the US leads in the share of first launches globally, with 65% of new medicines launched in 2021 being first launched in the US.
Company History
Our Company was incorporated on May 6, 1999, as a private limited company under the Companies Act, 1956, under the name `Rubicon Consultants Private Limited', pursuant to a certificate of incorporation issued by the Registrar of Companies, Maharashtra at Mumbai ("RoC"). Subsequently, pursuant to a resolution passed by our Board and by our Shareholders on May 6, 2002 and June 15, 2002, respectively, the name of our Company was changed from `Rubicon Consultants Private Limited' to `Rubicon Research Private Limited' as we had set-up a pharma research laboratory, entered into contracts with customers from the pharma industry and was in the process of making applications to secretary, Department of Scientific and Industrial Research, Ministry of Science and Technology for carrying on scientific research development in our laboratories, consequent to which a fresh certificate of incorporation was issued by the RoC dated September 2, 2002 under the Companies Act, 1956. Furthermore, our Company's status was converted from a private limited company to a public limited company pursuant to a resolution passed by our Board and by our Shareholders on April 11, 2024 and May 13, 2024, respectively, the name of our Company was changed from `Rubicon Research Private Limited' to `Rubicon Research Limited' under Companies Act, 2013. A fresh certificate of incorporation dated July 23, 2024 was issued by the registrar of companies, central processing centre, Manesar, Haryana consequent to our Company's conversion into a public limited company.
Products & Services
- The Company is a pharmaceutical formulations company, driven by innovation through focused research and development, with an increasing portfolio of specialty products and drug-device combination products.
Growth Strategy
- Grow our Portfolio of specialty Products and drug-device combinations.
- Continue to develop new products and build leadership positions in regulated markets for generic products.
- Expand our US market presence and leverage our intellectual property and product portfolio in other key regulated markets.
- Pursue synergistic business development and external innovation opportunities.
Customer Base
Wholesaler and Retailer
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY24 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of up to 28,405,841 equity shares of face value of Re. 1 each ("Equity Shares") of Rubicon Research Limited (Formerly Known as Rubicon Research Private Limited)(the "Company" or the "Issuer") for cash at a price of Rs. 485 per equity share (Including a Share Premium of Rs.484 per equity share) ("Offer Price") aggregating up to Rs. 1377.50 crores (the "Offer") comprising a fresh issue of up to 10,313,058 equity shares of face value of Re. 1 each aggregating up to Rs. 500.00 crores by the company (the "Fresh Issue") and an offer for sale of up to 18,092,783 equity shares of face value of Re. 1 each aggregating up to Rs. 877.50 crores by the promoter selling shareholder, general Atlantic Singapore RR Pvt Ltd (the "Offer for Sale"). This offer includes a reservation of up to 39,863 equity shares of face value of Re.1 each, aggregating up to Rs. 1.75 Crore (Constituting up to 0.02% of the Post-Offer Paid-up Equity Share Capital), for subscription by eligible employees ("Employee Reservation Portion"). The offer less the employee reservation portion is hereinafter referred to as the "Net Offer". the company in consultation with the BRLMS, may offer a discount of up to Rs.46 to the offer price (Equivalent of Rs.46 Per Equity Share) to eligible employees bidding in the employee reservation portion ("Employee Discount"). the offer and the net offer shall constitute at least 17.24% and 17.22%, respectively, of the post-offer paid-up equity share capital of the company. A discount of Rs. 46 per equity share is being offered to eligible employees bidding in the employee reservation portion.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- We are the fastest growing Indian pharmaceutical company amongst our peers and the only Indian company focused completely on the US market.
- Our data-driven product selection framework has allowed us to build a product portfolio with a combination of new and specialty products allowing us to withstand pricing pressures.
- Our R&D capabilities and continuing investment allow us to pursue complex products that offer strong revenue opportunities.
- Robust sales and distribution capabilities in the US.
- Strong track record of compliance combined with expertise in cost effective manufacturing
- We derive Rs.3,507.36 million and 99.50%, and Rs.12,649.23 million and 98.49%, respectively, of our revenue from operations from the United States for the three month period ended June 30, 2025 and Fiscal 2025, respectively, and any adverse developments in the United States such as imposition of tariffs could have an adverse effect on our business and results of operations.
- As the manufacture of our products is technically complex and highly regulated, product recalls, regulatory inspection failures or shortcomings at our manufacturing facilities or other problems may reduce sales, adversely affect our business, financial condition and results of operations and delay the launch of new products, and in some cases may lead to closures of our facilities.
- We have a history of net losses, negative earnings per share ("EPS") and return on capital employed. We need to generate and sustain increased revenues while managing our expenses to achieve profitability, and our inability to achieve these goals may have an adverse effect on our business, results of operations, cash flows and financial condition.
- In Fiscals 2025, 2024 and 2023, and the three month period ended June 30, 2025 and 2024 we derived 71.22%, 65.14% and 62.99%, and 77.04% and 70.46%, respectively, of our revenue from sale of goods from our top five customers and the loss of one or more such customers could adversely affect our business and prospects.
- Our operations are subject to high working capital and capital expenditure requirements, and our inability to maintain an optimal level of working capital or financing required may impact our operations adversely.