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Rubicon Research Limited is an innovative pharmaceutical formulations company specializing in specialty and drug-device combination products for regulated markets, with a primary focus on the United States. As of March 31, 2024, the company has a portfolio of 69 active ANDA and NDA products approved by the USFDA, with a strong pipeline of 19 products awaiting approval and 46 in development. Rubicon Research operates two USFDA-inspected R&D facilities in India and Canada and two manufacturing facilities in India, producing a range of dosage forms including oral solids, oral liquids, and nasal sprays.
Opening Date
Oct 09, 2025
Closing Date
Oct 13, 2025
Listing Date
Oct 16, 2025
IPO Type
Mainboard
IPO Status
Closed
Issue Size
1377.5 Cr
Fresh Issue
500 Cr
Offer for Sale
877.5 Cr
Price Band
₹461 - ₹485
Lot Size
30
The main objectives of the issue are to utilize the Net Proceeds for the following purposes:
Prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the company, amounting to an estimated ₹310.00 crores, to reduce indebtedness and debt servicing costs.
Funding inorganic growth through unidentified acquisitions and other strategic initiatives, along with supporting general corporate purposes to expand business operations and pursue synergistic opportunities.
P/E Ratio
31.18
EPS
12.75
ROE
29.02%
ROCE
26.45%
RONW
29.02%
Debt to Equity Ratio
0.73
PAT Margin
10.37%
EBITDA Margin
20.67%
P/B
13.65
Fastest-growing Indian pharmaceutical company among assessed peers, with a complete focus on regulated markets, particularly the US.
Data-driven product selection framework enabling a portfolio of specialty products that helps withstand pricing pressures.
Strong R&D capabilities with dedicated facilities for complex products like drug-device combinations (nasal sprays).
Robust track record of regulatory compliance, with no 'Official Action Indicated' (OAI) status from the US FDA for its manufacturing facilities since 2013.
History of net losses and negative cash flows from operations in Fiscal 2022 and 2023, raising concerns about sustained profitability.
Significant dependence on a limited number of customers, with the top five customers accounting for 65.14% of revenue from sale of goods in Fiscal 2024.
High working capital and capital expenditure requirements which may strain financial resources.
The Corporate Promoter, General Atlantic, is a financial investor and lacks direct operational experience in the pharmaceutical industry.
Upcoming patent expirations in the US market, particularly in the CNS and CVS therapy areas, create significant opportunities for new generic product launches.
Leveraging existing US FDA approvals to gain accelerated entry into other regulated markets like the UK, Canada, and Australia.
Expanding the portfolio of complex drug-device combinations, such as nasal sprays, which is a high-growth market segment with fewer competitors.
Pursuing synergistic acquisitions to expand manufacturing capabilities and enhance the product portfolio.
Heavy reliance on the United States market, which contributed 97.40% of revenue from operations in Fiscal 2024, making the company vulnerable to US-specific regulatory changes and economic downturns.
Intense competition from other pharmaceutical manufacturers, leading to pricing pressures and potential market share erosion.
Healthcare reforms and changes in pharmaceutical pricing and reimbursement policies by governmental authorities could adversely affect profitability.
Potential for product recalls, regulatory inspection failures, or disruptions at its manufacturing facilities, which could impact sales and reputation.