Rubicon Research IPO

About Rubicon Research IPO

The Rubicon Research IPO opens on Thursday, 9 October 2025 and closes on Monday, 13 October 2025. The tentative listing is on Thursday, 16 October 2025. The initiation of refund will take place on Wednesday, 15 October 2025. The credit of shares to the demat account will take place on Wednesday, 15 October 2025. The allotment of bids will take place on Tuesday, 14 October 2025.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 1,03,09,278 shares (aggregating up to ₹500.00 crores). The offer for sale is 1,80,92,762 shares of ₹1 (aggregating up to ₹877.50 crores). The total number of shares is 2,84,02,040 while the aggregate amount is ₹1,377.50.

Rubicon Research is a pharmaceutical formulations company delivering value to their customers and investors by developing, manufacturing, and marketing branded specialty and generic prescription pharmaceutical products. They commenced operations in 1999 as a provider of contract formulation development services to pharmaceutical companies. They operationalised their first manufacturing facility at Ambernath, Maharashtra, India in 2011 and expanded their service offering to contract development and manufacturing services for products intended for regulated markets. In 2012, they changed focus from providing contract services to developing, manufacturing, and commercialising their own products in the US market.

Objective of Rubicon Research IPO

• Prepayment or scheduled repayment of all or a portion of certain outstanding borrowings taken by the company (estimated amount: 310 crores).

• To fund inorganic growth through unidentified acquisitions and other strategic initiatives along with general corporate purposes.

Industry Outlook

As India strengthens its position in the global manufacturing landscape, the pharmaceutical industry holds significant potential. By serving both domestic and export markets, pharmaceutical companies can make the most of India's momentum as a prominent manufacturing destination.

The growth in the global pharmaceutical market is anticipated to surpass historical averages during the forecast period of 2024 to 2029F, driven by dual supply-side factors: value expansion from the launch of new therapies and drugs, and volume expansion from the introduction of new generics due to the upcoming patent cliff. According to market forecasts, the global pharmaceutical market is projected to grow at a CAGR of 6.7% from 2024 to 2029F, measurably higher than the historical average growth rate of 6.3% observed between 2019 and 2024.

According to F&S, Indian pharmaceutical companies possess several advantages over their US counterparts, notably lower manufacturing costs, robust research and development capabilities. These factors enable them to maintain profitability within the fiercely competitive US generics market.

Rubicon Research Company Information

Rubicon Research is a pharmaceutical formulations company, driven by innovation through focused research and development. They have an increasing portfolio of specialty products and drug-device combination products targeting regulated markets and in particular the United States. Based on the peer set (of seven listed Indian companies assessed by F&S, and their Company), they are the only Indian pharmaceutical player with a complete focus on regulated markets (Source: F&S Report).

They believe their multi-disciplinary, data-driven, and return on investment (“ROI”) centric product selection framework is geared towards identifying sustainable opportunities for new product development. They identify and pursue such opportunities in a manner that provides them with a competitive advantage by leveraging their development, manufacturing, and commercialisation capabilities to create and grow their share of the market.

Their branded products, i.e. products prescribed by brand name, are marketed through their subsidiary, Validus Pharmaceuticals LLC (“Validus”). Their non-branded products, i.e. those for which a prescription with the specific active ingredient (but not a specific brand name) is required, are marketed by their wholly-owned subsidiary AdvaGen Pharma Ltd. (“AdvaGen Pharma”) and selectively via third-party distributors.

Strengths of Rubicon Research IPO

• The company is the fastest-growing Indian pharmaceutical company amongst its peers, and the only Indian company focused completely on the US market.
  
• Its data-driven product selection framework has allowed it to build a product portfolio with a combination of new and specialty products, allowing it to withstand pricing pressures.
  
• Rubicon Research’s R&D capabilities and continuing investment allow them 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.
  

Risks of Rubicon Research IPO

• Any adverse developments in the United States such as imposition of tariffs.
  
• Loss of one or more of their top five customers.
  
• Failure to successfully introduce products into the market.
  
• Any disruption, breakdown or shutdown of their research and development and manufacturing facilities.
  
• Negative cash flows in the future will impact the business
  
• Competitive pressures from other pharmaceutical manufacturers.
  
• Foreign, federal, and state, anti-kickback, false claims, fraud and abuse laws.
  
• Healthcare reform and changes in pharmaceutical pricing, reimbursement and coverage, by governmental authorities and third-party payors.
  
• Healthcare reform and changes in respect of Medicaid in the United States.
  
• Failure to maintain optimum inventory levels.
  

#To be included in respect of Rubicon Research in the Prospectus based on the Offer Price.

Notes: 1) All the financial information for listed industry peers mentioned above is on an audited consolidated basis and sourced from the audited financial statements of the relevant companies for Fiscal 2025, as available on the websites of the Stock Exchanges.

2. Details for Rubicon Research have been sourced/ calculated from the Restated Financial Information.

3. Basic and diluted EPS refers to the Basic and diluted EPS sourced from the publicly available financial results of the listed industry peers for Fiscal 2025.

4. P/E Ratio for the listed industry peers has been computed based on the closing market price September 30, 2025 of equity shares on BSE, divided by the Diluted EPS. 154

5. Return on Net Worth is calculated as net profit or loss for the year/ period attributable to equity shareholders divided by average equity at the end of the year/ period.

6. net worth means the aggregate value of the paid-up equity share capital and other equity.

7. Net Asset Value per share is calculated as net worth at the end of the year/ period / Weighted number of equity shares outstanding at the end of the year/ period.

Anchor Investor Bidding Date: Wednesday, 8 October 2025

Registrar: MUFG Intime India Private Limited
Book Running Lead Managers:
Axis Capital Limited
IIFL Securities Limited
JM Financial Limited
SBI Capital Markets Limited

Business Model

The company earns its revenue through the following:

• Research and development of specialty products and drug-device combination products targeting regulated markets, particularly the United States.
  
• Sale of approved and commercialised pharmaceutical products.
  

Rubicon Research Company Growth Trajectory

Rubicon Research’s total income increased by 48.58% to ₹1,296.22 crores for fiscal 2025 from ₹872.39 crores for fiscal 2024. This increase was primarily due to an increase in revenue from operations for the year.

Their revenue from operations increased by 50.40% to ₹1,284.27 crores for fiscal 2025 from ₹853.89 crores for fiscal 2024, primarily due to a 50.28% increase in revenue from sale of goods to ₹1,262.10 crores for fiscal 2025 from ₹839.83 crores for fiscal 2024. This increase was mainly driven by: (i) the increase in sales due to the launch of their 12 new generic and specialty products in fiscal 2025 amounting to ₹25.02 crores and ₹5.51 crores, respectively; and (ii) the increase in the sales of their existing generic and specialty products amounting to ₹268.84 crores and ₹104.67 crores, respectively. Furthermore, in fiscal 2025, sales of their CNS, CVS and pain therapy area products grew by 114.99%, 15.61% and 26.35%, respectively, from fiscal 2024. Furthermore, there was also an increase in their revenue from sale of their research services of 69.67% to ₹5.01 crores in fiscal 2025 from ₹2.95 crores in fiscal 2024, as a result of increased provision of research services, such as stability activity, for customers.

Their other income decreased by 35.41% to ₹11.95 crores for fiscal 2025 from ₹18.50 crores for fiscal 2024. This was primarily due to a decrease in their net foreign exchange gain to ₹8.31 crores in fiscal 2025 from ₹15.68 crores in fiscal 2024.

Their profit for the year increased by 47.63% to ₹134.36 crores for fiscal 2025 from ₹91.01 crores for fiscal 2024.

Their total comprehensive income for the year increased by 44.56% to ₹129.62 crores for fiscal 2025 from ₹89.66 crores for fiscal 2024.

Rubicon Research Company Market Position

According to F&S, between fiscals 2023 and 2025, Rubicon Research was the fastest growing Indian pharmaceutical formulations company with a total revenue CAGR of 75.89% which was over seven times higher than the average (of 11 companies) assessed by F&S. Accordingly, their rate of growth is calculated on the basis of a relatively low base of total revenue from operations for fiscal 2023 as compared to fiscal 2025. According to F&S, in fiscal 2025, they ranked among the top 12 Indian companies in terms of total Abbreviated New Drug Application (“ANDA”) approvals. They received 5 ANDA approvals and 1 New Drug Application (“NDA”) approval from the US FDA in the three month period ended 30 June 2025, 3 ANDA approvals in the three month period ended 30 June 2024, 12 ANDA approvals in fiscal 2025, 14 ANDA approvals in fiscal 2024 and 12 ANDA approvals in fiscal 2023. According to F&S, in fiscal 2025, among their 66 commercialised products (“Commercialised Products”) in the US, they held a market share of more than 25% by value for nine products, and in fiscal 2024 and 2023, they held a market share of more than 25% by value for seven products and two products, respectively. Furthermore, according to F&S, as of 15 July 2025, none of their manufacturing facilities have received an “Official Action Indicated” (“OAI”) status from the US FDA since 2013.

As of 30 June 2025, they – directly or through their Subsidiaries – collectively have 72 active ANDAs and nine active NDAs approved by, and one over-the-counter (“OTC”) monograph listed with, the US FDA. According to F&S, their company’s portfolio includes 66 Commercialized Products as of 31 March 2025, with a US generic pharmaceutical market size of USD 245.57 crores, of which the company contributed USD 19.5 crores in fiscal 2025. These products are being marketed and are available for purchase by customers in the US. According to F&S, in June 2025, they had a commercialisation rate of 86.4% in the US market, with 70 Commercialised Products out of a total of 81 active ANDA and NDA US FDA approvals.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹1296.219 crores, ₹134.361 crores, and ₹267.893 crores, respectively.

How to check the allotment status of Rubicon Research IPO?

1. Visit the Registrar's Website

To check the Rubicon Research IPO Allotment Status, visit the official website of MUFG Intime India Private Limited, the registrar for this IPO. On their IPO allotment status page, enter your Permanent Account Number (PAN), application number, or Demat account ID. Then, click the ‘Submit’ button to view your allotment status. Ensure you have the necessary details ready for a quick and accurate check.

2. Check on the Bombay Stock Exchange Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page.

On the BSE IPO page, follow these steps

• Select 'Equity' from the dropdown menu
  
• Choose 'Rubicon Research' in the next dropdown
  
• Enter your application number
  
• Enter your PAN
  
• Click 'Search'
  

Your Rubicon Research IPO allotment status will be displayed.

3. Verify on the National Stock Exchange Website

The National Stock Exchange (NSE) has an IPO Bid Verification module. Use this to check Rubicon Research IPO allotment status.

Go to the NSE website and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.

On the NSE IPO Bid Verification page, enter:

• Application number
• PAN

Then click 'Submit'. Your Rubicon Research IPO bid and allotment details will be displayed.

How to apply for the Rubicon Research IPO?

• Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
  
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
  
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
  
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
  
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.