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Rubicon Research caters to Pharmaceutical sector; pharmaceutical formulations company engaged in developing, manufacturing, and marketing branded specialty and generic prescription pharmaceutical products. Globally, India is the 11 th largest exporter of pharmaceutical finished formulations (FDF) by value . Formulation exports from India have grown from USD 15.9 billion (INR 1,132.1 billion) in 2019 to USD 22.9 billion (INR 1,961.4 billion) in 2024 and is projected to grow to USD 35.4 billion (INR 3,026.3 billion) by 2029 at a CAGR of 9.1% from 2024 to 2029.
Indian pharmaceutical player with a complete focus on regulated markets, particularly US. The company has 72 active ANDAs and nine active NDAs approved by, and one over-the-counter (“OTC”) monograph listed with, the US FDA.
| Revenue | ₹1,284.27 cr | ₹1.00 cr | |
| PAT | ₹134.36 cr | ₹173.20 cr (+28.91%) | |
| PAT Margin | 10.46 % | 12.28 % (+17.40%) | |
| EBITDA | ₹267.88 cr | ₹79.73 cr (-70.24%) | |
| EBITDA Margin | 20.86 % | 22.62 % (+8.44%) | |
| ROE | 32.56 % | 7.29 % (-77.61%) | |
| ROCE | 26.45 % | 6.80 % (-74.29%) | |
| D/E | 0.81 | 0.84 (+3.70%) |
Manufacturing and export of formulations spanning a diverse range of dosage forms and therapeutic areas. Technologically advanced manufacturing units are equipped to produce various oral solid dosage forms, oral liquid dosage forms, and nasal sprays, across therapy areas such as CNS, CVS, pain management, musculoskeletal and respiratory health. Revenue from the sale of pharmaceutical goods is the prime source of revenue and the US market is the major contributor to revenues.
PE Ratio: 46.13x Average Sector PE Ratio: 27.74x
| NII (HNI) Shares Offered: | 4254299 |
| Retail Shares Offered: | 2836200 |
| Total Shares Offered: | 7090499 |
| Application | Lot | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 30 | ₹14550 |
| Retail (Max) | 30 | 390 | ₹189150 |
| S-HNI (Min) | 14 | 420 | ₹203700 |
| S-HNI (Max) | 68 | 2040 | ₹989400 |
| B-HNI (Min) | 69 | 2070 | ₹1003950 |
Avg IPO Size (Sector Based):
₹ 1,326.67 cr.
Average Sector PE Ratio:
27.74 X
Listing Price:
₹ [●]
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 and in particular the United States.
Based on the peer set (of six listed Indian companies assessed by F&S, and Company's Company). Rubicon Research is the only Indian pharmaceutical player with a complete focus on regulated markets. According to F&S, between Fiscals 2022 and 2024, Rubicon Research were the fastest growing Indian pharmaceuticals formulations company with a CAGR for total revenue of 62.5% which was five times higher than the average (of 11 companies, including us) assessed by F&S.
According to F&S, in Fiscal 2024, Rubicon Research ranked among the top 10 Indian companies in terms of total Abbreviated New Drug Application (ANDA) approvals. Rubicon Research received 14 ANDA approvals from the US FDA in Fiscal 2024, 12 ANDA approvals in Fiscal 2023 and nine ANDA approvals in Fiscal 2022.
According to F&S, in Fiscal 2024, among Company's 55 commercialized products (Commercialized Products) in the US, Rubicon Research held a market share of more than 25% by volume for seven products. Furthermore,according to F&S, none of Company's manufacturing facilities have received an Official Action Indicated (OAI) status by the US FDA since 2013.
Axis Capital Limited, based in Mumbai is the Lead Manager (BRLM) of Rubicon Research IPO. Axis Capital Limited has handled (17) SME IPOs till date of which (76%) of the SME IPOs have been listed with listing gains. Read full review of Axis Capital Limited .
IIFL Securities Limited, based in Mumbai is the Lead Manager (BRLM) of Rubicon Research IPO. IIFL Securities Limited has handled (17) SME IPOs till date of which (76%) of the SME IPOs have been listed with listing gains. Read full review of IIFL Securities Limited .
Jm Financial Limited, based in Mumbai is the Lead Manager (BRLM) of Rubicon Research IPO. Jm Financial Limited has handled (17) SME IPOs till date of which (76%) of the SME IPOs have been listed with listing gains. Read full review of Jm Financial Limited .
SBI Capital Markets Limited, based in Mumbai is the Lead Manager (BRLM) of Rubicon Research IPO. SBI Capital Markets Limited has handled (17) SME IPOs till date of which (76%) of the SME IPOs have been listed with listing gains. Read full review of SBI Capital Markets Limited .
Rubicon Research IPO may offer opportunites, depending on your investment strategy. For in-depth analysis, risk factors, and KPIs, check our detailed report on Rubicon Research Financial Review Page
Merchant Banker(s) of Rubicon Research IPO: Axis Capital Limited , IIFL Securities Limited , Jm Financial Limited , SBI Capital Markets Limited
Rubicon Research IPO subscription was X. IPO subscription refers to applications received in an IPO by each quota, i.e., QIB, Retail, and NII. In some IPOs, Eligible employee quota and shareholder’s quota are also present. Learn more about IPO subscriptions here.
Rubicon Research IPO listed at a listing price of against the offer price of 485.00.
The current market price of Rubicon Research is .
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