Rubicon Research IPO in focus: Rubicon Research’s initial public offering (IPO) is set to open for subscription on Thursday, October 09, and will remain open until Monday, October 13.
The ₹1377.50 crore issue is a combination of a fresh issue of 1.03 crore shares aggregating to ₹500 crore and an offer for sale of 1.81 crore shares aggregating to ₹877.50 crore. Of the total offering, the company has reserved 75% for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 10% for Retail Investors.
The IPO lot size is fixed at 30 shares, requiring a minimum investment of ₹14,550 for retail investors. The mainboard IPO is to list on both NSE and BSE tentatively on Thursday, October 16.
In other issue details, the Rubicon Research IPO allotment of shares is expected to be finalized on Tuesday, October 14. The company will initiate refunds on Wednesday, October 15, and the shares will be credited to the demat accounts of allottees on the same day following refunds.
The company proposes to use the proceeds from the issue toward debt repayment, funding inorganic growth and other strategic initiatives, and general corporate purposes.
Axis Capital Ltd. is the book-running lead manager, and MUFG Intime India Pvt. Ltd. is the registrar of the issue.
Let us take a look at some of the key points from the Rubicon Research IPO
About the Company: Rubicon Research is a pharmaceutical formulations company with a portfolio of specialty products and drug-device combination products targeting regulated markets, particularly in the United States. The company claims that it is the only Indian pharmaceutical player with a complete focus on regulated markets.
Product Portfolio: As of June 30, 2025, the company, directly or through its subsidiaries, collectively holds 72 active ANDAs and nine active NDAs approved by, and one over-the-counter (‘OTC’) monograph listed with, the US FDA.
Its portfolio includes 66 commercialized products as of March 31, 2025, within a US generic pharmaceutical market size of USD 2,455.7 million, of which the company contributed USD 195 million in fiscal year 2025. These products are actively marketed and available for purchase in the US.
Regulatory Compliance: As of July 15, 2025, none of the company’s manufacturing facilities have received an ‘Official Action Indicated’ status by the US FDA since 2013, reflecting strong compliance standards.
Market Share in US: Citing the F&S report, among its 66 commercialized products in the US, Rubicon held a market share of more than 25% by value for nine products in Fiscal 2025, seven products in Fiscal 2024, and two products in Fiscal 2023.
Commercialization Rate: The company achieved a commercialization rate of 86.4% in the US market, with 70 commercialized products out of 81 active ANDA and NDA US FDA approvals.
A high commercialization rate allows the company to better monetize its product development expenditure. As of June 30, 2025, Rubicon has 17 new products awaiting US FDA ANDA approval and 63 product candidates in various stages of development.
Revenue Growth: The company’s total revenue from operations has more than tripled from Fiscal 2023 to Fiscal 2025. During the same period, as the portfolio of commercialized products expanded, the contribution of its top five and top ten products to total revenue steadily decreased, indicating diversification.
Revenue Share in US: Revenue from the US market remains dominant, contributing 99.50% and 98.59% of revenue from operations in the three-month periods ended June 30, 2025, and 2024, respectively, and 98.49%, 97.40%, and 93.25% of revenue in Fiscals 2025, 2024, and 2023, respectively.
Specialty Products: Rubicon defines specialty products as products with no competitors or only one competitor for at least one year from the date of commercial launch. As of June 30, 2025, the company has 16 specialty products, including one co-developed and licensed specialty NDA within its commercial products portfolio.
Strategic Acquisition: To develop its marketing and promotion channels for branded products, in 2024 Rubicon acquired Validus, a New Jersey-headquartered marketer of brand-name formulation products in the US.
Growth Outlook: The company continues to focus on regulated markets, expand its commercialized portfolio, and invest in new product development and specialty products, positioning itself for sustained growth in the US pharmaceutical market.
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