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| IPO Listing At | BSE, NSE |
| IPO Issue Type | Book Build Issue |
| Issue Size | ₹1377.68 Cr |
| Fresh Issue | ₹500.18 Cr |
| Offer for Sale | ₹877.50 Cr |
| Face Value | ₹1 Per Equity Share |
| Price Band | ₹461.00-485.00 per share |
| Discount | Employee: 46.00 |
| BSE Code | 544578 |
| NSE Code | RUBICON |
| Registrar | MUFG Intime India Pvt.Ltd. |
| Lead Managers | JM Financial Ltd. |
Disclaimer: GMP is sourced from grey market dealers and is indicative only. Always conduct your own due diligence.
* Allotment, Refund, Demat Credit & Listing dates are tentative and subject to change.
Minimum bid: 30 shares and in multiples thereof
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, Rubicon Research had a portfolio of 72 active Abbreviated New Drug Application (ANDA) and New Drug Application (NDA) products approved by the US FDA. The company’s portfolio includes 66 commercialized products, with a US generic pharmaceutical market size of USD 2,455.7 million, of which Rubicon Research Limited contributed USD 195 million in Fiscal 2024.
As of June 30, 2025, the company has 17 new products awaiting US FDA ANDA approval and 63 products at various stages of development.
As of June 30, 2025, the company marketed over 350 SKUs to 96 customers, including three major wholesalers who, account for more than 90% of wholesale drug distribution in the US. The company also supplies group purchasing organizations (GPOs), national pharmacy chains, regional pharmacy chains, and managed care organizations.
Beyond the US market, Rubicon Research Limited, directly or through third-party distribution partners, has registered or filed 48 product applications across Australia, the United Kingdom, Singapore, Saudi Arabia, and the United Arab Emirates and expects to commence commercial activities upon approval. The company also provides contract manufacturing services to select customers in India, Australia, and New Zealand.
Rubicon Research Limited operates three manufacturing facilities in India and two US FDA inspected R&D facilities-one each in India and Canada.
Competitive strengths
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the Company | 310.00 |
| 2 | Funding inorganic growth through unidentified acquisitions and other strategic initiatives and General corporate purposes | 161.27 |
| Period Ended | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 1,647.60 | 1,451.43 | 1,109.49 | 749.70 |
| Total Income | 356.95 | 1,296.22 | 872.39 | 419.00 |
| Profit After Tax | 43.30 | 134.36 | 91.01 | -16.89 |
| EBITDA | 79.74 | 267.89 | 173.09 | 43.97 |
| NET Worth | 593.67 | 540.98 | 385.00 | 286.38 |
| Reserves and Surplus | 397.50 | 525.57 | 369.79 | 281.31 |
| Total Borrowing | 495.78 | 393.17 | 396.41 | 317.91 |
| Amount in ₹ Crore | ||||
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 29.02% |
| ROCE | 26.45% |
| Debt / Equity | 0.73% |
| RoNW | 29.02% |
| PAT Margin | 10.37% |
| EBITDA Margin | 20.67% |
| Price to Book Value | 13.65 |
| Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 8.70 | 10.51 |
| P/E (x) | 55.75 | 46.13 |
| Promoter Holding | 75.71% | 59.78% |
| Market Cap | ₹7990.21 Cr. | |
