Rubicon Research files DRHP for Rs 1,085 crore IPO

Rubicon Research has filed its draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) for ₹1085 crore initial public offer (IPO).

The company’s IPO comprises a fresh issue of up to ₹500 crore and an offer for sale of up to ₹ 585 crore by the promoter selling shareholder, General Atlantic Singapore RR Pte Limited.

Rubicon Research is a pharmaceutical formulations manufacturer, 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.


The company proposes to utilize the net proceeds from the fresh issue offer towards debt repayment, funding inorganic growth through acquisitions and other strategic initiatives and general corporate purposes.

Axis Capital, IIFL Securities, and SBI Capital Markets are the Book Running Lead Managers to the issue.

Private equity firm General Atlantic acquired a majority stake for $100 million in 2019.
Rubicon is one of the fastest growing Indian drug makers in the US market. As on March 31, 2024, the company had revenue of ₹832 crore of which the US alone accounts for 97.40%. The company has an EBITDA margin of 20%.

As per F&S, in Fiscal 2024, Rubicon was ranked among the top 10 Indian companies in terms of total Abbreviated New Drug Application (ANDA) approvals. The company received 14 ANDA approvals from the US FDA in FY24, 12 ANDA approvals in FY23, and nine ANDA approvals in FY22.

According to F&S, in fiscal 2024, among Rubicon’s 55 commercialized products in the US, the company held a market share of more than 25% by volume for seven products.

The company has two USFDA-inspected R&D facilities – one each in India and Canada, and two manufacturing facilities equipped to make various dosage forms.