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Rubicon Research Ltd
PharmaceuticalsIPO
₹485 - 485
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.
Lot30Min Invest₹14,550Face Value₹1Issue Size₹1,378 CrFresh Issue₹500 CrOffer for Sale₹878 CrListing Price₹620CMP₹1,424
Timeline
9 Oct
Bidding opens
13 Oct
Bidding closes
14 Oct
Allotment
15 Oct
Refund & demat credit
16 Oct
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹1,378 Cr2.84 Cr shares
Fresh Issue₹500 Cr
Offer for Sale₹878 Cr
Face Value₹1
Lot Size30 shares
ReservationQIB 75% · NII 15% · RETAIL 10%
Application Sizes
Retail₹14,5501-13 lots
sNII₹2,03,700from 14 lots
bNII₹10,03,950from 69 lots
Managers & Registrar
Lead ManagerAxis Capital Ltd
Co-ManagerIIFL Securities Ltd, JM Financial Ltd, SBI Capital Markets Ltd
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrGeneral Atlantic Singapore RR Pte. Ltd.PRMTR1,80,92,762877.50Total1,80,92,762877.50
Shareholding
CategoryPre IPOPost IPOPromoter Group77.35%61.79%Public22.65%38.21%
Objects of the Issue
- Prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the company
- Funding inorganic growth through unidentified acquisition and other strategic initiatives and general corporate purposes
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 394 | 854 | 1,284 | 1,754 | 1,936 |
| Operating ProfitCr | 18 | 155 | 264 | 400 | 450 |
| OPM% | 4.7 | 18.1 | 20.6 | 22.8 | 23.3 |
| PBTCr | -11 | 103 | 195 | 321 | 371 |
| PATCr | -17 | 91 | 134 | 247 | 288 |
| EPS | -1 | 6 | 9 | 16 | 18 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 5 | 15 | 15 | 17 | - |
| ReservesCr | 281 | 370 | 526 | 1,272 | - |
| BorrowingsCr | 320 | 425 | 418 | 311 | - |
| Fixed AssetsCr | - | - | 327 | 532 | - |
| Total AssetsCr | 750 | 1,109 | 1,451 | 2,327 | - |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | -75 | 21 | 159 | 205 | - |
| Investing Cash FlowCr | -34 | -69 | -65 | -410 | - |
| Financing Cash FlowCr | 123 | 44 | -40 | 283 | - |
| Net Cash FlowCr | 14 | -4 | 55 | 78 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- 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
- Experienced and entrepreneurial management team with a proven track record and marquee private equity investor.
Strategies · as stated in the DRHP
- 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.
Risks · as stated in the DRHP
- 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.
- Any disruption, breakdown or shutdown of our research and development and manufacturing facilities may have a material adverse effect on our business, financial condition, results of operations and cash flows.