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Home
InvestmentsIPORubicon Research IPO

Rubicon Research IPO

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Open Date

9 Oct 2025

Close Date

13 Oct 2025

Min Investment

₹ 13,830

Max Investment

₹ 5,00,000

Lot Size

30

Issue Size

₹ 1377.50 Cr

Price Range

₹ 461 - ₹ 485
status

This IPO is now Live.

Click here for live price
IPO Timeline
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IPO Offer Start
9 Oct 2025
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IPO Offer Ends
13 Oct 2025
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Allotment Finalisation
14 Oct 2025
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Refund Initialisation
15 Oct 2025
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Non-Institutional Buyers (sHNI)
15 Oct 2025
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Listing of Shares
16 Oct 2025
IPO Subscription Details as on 13 Dec 2025, 09:50 AM
Qualified Instituational Buyers (QiB)
130.26 x
Retail
34.81 x
Employees
16.55 x
Non-Institutional Buyer (bHNI)
111.93 x
Non-Institutional Buyer (sHNI)
68.77 x
Note: This information is provided for general guidance only. Dates may be subject to change.
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About the Company
Rubicon Research is 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. The company is the only Indian pharmaceutical player with a complete focus on regulated markets among its peer set. According to F&S, between Fiscals 2023 and 2025, the company was the fastest growing Indian pharmaceuticals formulations company with a total revenue CAGR of 75.89%. As of June 30, 2025, the company collectively has 72 active ANDAs and nine active NDAs approved by the US FDA, with 66 commercialized products in the US market. The company operates through two wholly-owned subsidiaries: AdvaGen Pharma for non-branded prescription products and Validus for branded prescription products. The company has three US FDA-inspected manufacturing facilities in India capable of producing oral solid dose products, oral liquid products, topical ointments, and nasal spray products. The company maintains two R&D facilities - one in Thane, Maharashtra, India and another in Ontario, Canada - staffed with 170 scientists. The company's revenue from operations has increased more than threefold from Fiscal 2023 to Fiscal 2025, with operating revenue from the US market contributing 98.49%, 97.40% and 93.25% of revenue from operations in Fiscals 2025, 2024 and 2023 respectively. The company focuses on developing specialty products, complex formulations, and drug-device combinations, particularly in CNS and CVS therapy areas, with a data-driven product selection framework aimed at identifying sustainable opportunities for new product development.
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Founded In

1999

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CEO

Parag Suganchand Sancheti

Utilisation of Proceeds

PurposeAmount
The company intends to utilize funds from the Net Proceeds towards prepayment or scheduled repayment of all, or a portion, of the principal amount on certain loans availed by the company and the accrued interest thereon. The company believes that the prepayment or scheduled repayment of a portion of certain outstanding borrowings will help reduce the company's outstanding indebtedness and debt servicing costs, assist in maintaining a favourable debt to equity ratio and enable utilisation of internal accruals for further investment in business growth and expansion. The improved debt to equity ratio will enable the company to raise further resources in the future to fund potential business development opportunities and plans to grow and expand business. The leverage capacity will improve the company's ability to raise further resources in the future to fund potential business development opportunities and plans to grow and expand business.310
The company expects to utilize funds from the Net Proceeds towards funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes. The company intends to seek attractive inorganic opportunities that are believed to fit well with strategic business objectives and growth strategies. The company has in the past undertaken several acquisitions and shall continue to evaluate acquisition opportunities in the future that are believed to fit well with strategic business objectives and growth strategies. The cumulative amount utilised for funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes shall not exceed thirty-five percent of the amount being raised in the Offer. The amount utilised towards funding inorganic growth by way of acquisitions that have not been identified or amount to be utilised for general corporate purposes shall not exceed twenty-five percent of the amount being raised in the Offer.-
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  • Fastest Growing Indian Pharmaceutical Company with Complete Focus on US Market: The company is the only Indian pharmaceutical player focusing completely on regulated markets among seven listed Indian companies assessed by F&S, with operating revenue from the US market 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% in Fiscals 2025, 2024 and 2023 respectively. The company was the fastest growing Indian pharmaceuticals formulations company with a total revenue CAGR of 75.89% between Fiscals 2023 and 2025, which was over seven times higher than the average of 11 companies assessed by F&S. The company held a market share by value of more than 25% for 9 products in Fiscal 2025, 7 products in Fiscal 2024 and 2 products in Fiscal 2023.
  • Data-Driven Product Selection Framework with Specialty Products Portfolio: The company has a robust product selection framework based on a data-driven, multi-disciplinary and ROI-centric selection approach. The company markets sixteen specialty products as of June 30, 2025, which includes two brand name products marketed by Validus in the CNS therapy area. The company's commercialization rate of 86.42% of active approved products demonstrates the effectiveness of the product selection framework. The company achieved gross margins of 70.25%, 72.44%, 70.26%, 66.77% and 69.92% in the three month periods ended June 30, 2025 and 2024, and Fiscals 2025, 2024 and 2023, respectively.
  • Strong R&D Capabilities and Investment in Complex Products: The company had 170 scientists as part of R&D teams based in India and Canada as of June 30, 2025. The company's R&D expenses as a percentage of operating revenue were nearly two times the average of Indian peers assessed by F&S in Fiscal 2025, with R&D expenses representing 10.42%, 13.02%, 10.54%, 13.00% and 18.52% of total revenue from operations for the respective periods. The company has developed nine proprietary technologies for drug delivery and holds 10 patents in various countries including India and the US. The company has a portfolio of 72 active ANDAs and nine active NDAs as of June 30, 2025.
  • Robust Sales and Distribution Capabilities in the US: The company has an established marketing, sales, and distribution platform in the US through wholly-owned subsidiary AdvaGen Pharma and Validus. AdvaGen Pharma is licensed to sell products in 49 states in the US and maintains in-house order-to-cash management systems. The company marketed over 350 SKUs to 96 customers as of June 30, 2025, including the three major wholesalers who account for more than 90% of wholesale drug distribution in the US. Validus has a distribution network across 44 states and has promoted products for over 11 years to CNS prescribers.
  • Strong Compliance Track Record and Cost-Effective Manufacturing: The company has never received an OAI inspection status in any US FDA inspection of manufacturing or R&D facilities. The oral solids manufacturing facility at Ambernath has been inspected seven times by the US FDA with three NAI classifications and four VAI classifications, never receiving OAI status. The company's manufacturing facilities are based in India where the cost of manufacturing is 30-40% lower than in the US according to F&S. The company has cumulative formulations manufacturing capacity of 10,226.61 million tablets of oral solid dosages per annum, 3,459.08 kiloliters per annum of oral liquid dosages, 4.14 million tubes per annum and 24.83 million bottles/microvials of nasal sprays per annum.
  • Experienced Management Team with Marquee Private equity Investor: The company has a seasoned, professional leadership team with experience in research and commercial operations. The Corporate Promoter is part of the General Atlantic group, which has been the majority shareholder since 2019. General Atlantic is a leading global growth investor with more than four decades of experience and approximately USD 114 billion in assets under management as of June 30, 2025. The leadership team has significant experience spanning decades in the pharmaceuticals and related industries.

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