Rubicon Research IPO – Review
Rubicon Research Limited, a provider of contract formulation development services to pharmaceutical companies, is planning to raise ₹1,378 Crore through an IPO.
[Fresh Issue ₹500 Cr + OFS ₹878 Cr]
Rubicon research ipo price is ₹461 – ₹485 per share
Rubicon Research: History
The Company was originally incorporated as Rubicon Consultants Private Limited, a private limited company under the Companies Act, 1956, on May 06, 1999.
The Company was then converted into a public limited company under a special resolution passed by the shareholders on April 11, 2024, and its name was changed to Rubicon Research Limited under a fresh certificate of incorporation issued by the RoC on July 23, 2024.
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Rubicon Research: Business
Rubicon Research Ltd. is a pharmaceutical formulations company, driven by innovation through research and development (R&D), with an increasing portfolio of drug-device combination products and specialty products targeting regulated markets (particularly the United States).
According to the F&S Report, Rubicon is the fastest-growing Indian pharmaceutical formulations company (between Fiscal Years 2022 and 2024) with a CAGR for total revenue of 62.5 percent.
The company’s portfolio includes 66 commercialized products, with a US generic pharmaceutical market size of USD 2,456 million, of which Rubicon contributed USD 195 million in FY 2024.
Product Approval
As of June 30, 2025, the company and its subsidiaries had 72 active Abbreviated New Drug Applications (ANDAs), 9 New Drug Applications (NDAs), and one OTC monograph approved, with 17 new products under review.
Manufacturing Facilities
Rubicon operates three manufacturing facilities in India and two US FDA inspected R&D facilities-one each in India and Canada.
Network
As of June 30, 2025, the company marketed over 350 Stock Keeping Units (SKUs) to 96 clients, including three major wholesalers who account for more than 90 percent of wholesale drug distribution in the United States.
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Strategies Ahead
- Expand the US market presence.
- Grow portfolio of drug-device combinations and specialty products.
- Develop new products and build leadership positions in regulated markets for generic products.
- Leverage intellectual property and product portfolio in other regulated markets.
- Pursue synergistic business development and external innovation opportunities.
Company Promoters
- General Atlantic Singapore RR Pte. Ltd.
- Pratibha Pilgaonkar,
- Sudhir Dhirendra Pilgaonkar,
- Parag Suganchand Sancheti,
- Surabhi Parag Sancheti,
- Sumant Sudhir Pilgaonkar
Refer to Rubicon Research DRHP for detailed information.
IPO Details
Rubicon research ipo date = 09 Oct – 13 Oct 2025
Minimum Amount = ₹14,550
Minimum Bid = 30 Shares
Face Value (FV) = ₹1
Listing On = NSE, BSE
Book Running Lead Managers
Axis Capital
IIFL Securities
JM Financial
SBI Capital Markets
Financial
CONCLUSION
FinBlab recommends ‘MAY SUBSCRIBE‘ ratings on Rubicon Research IPO (for the time-being)
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