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The global pharmaceutical market is poised for sustained growth, supported by strong supply-side drivers such as the launch of new therapies and a rising wave of generic introductions from the impending patent cliff, alongside demand-side factors including an aging population, higher prevalence of chronic diseases, and greater healthcare prioritization. Between FY24 and FY29, the market is projected to grow at a CAGR of 6.7% from USD 1,733.1 billion to USD 2,395.6 billion, outpacing the historical 6.3% growth seen during FY19-FY24. The United States remains the largest prescription pharmaceutical market with a 46.9% share in FY24, underpinned by its strong healthcare infrastructure, favourable regulatory and reimbursement frameworks, significant R&D spending, and high healthcare affordability.
| Detail | Information |
|---|---|
| IPO Open Date | Sep 09, 2025 |
| IPO Close Date | Oct 14, 2025 |
| Price Band | ₹461– ₹485 per share |
| Lot Size | 30 shares |
| Issue Size | ₹13,775 million |
| Listing At | BSE, NSE |
| Tentative Listing Date | To be announced |
Rubicon Research Limited is a pharmaceutical formulations company with a strong innovation-led approach, driven by focused research and development and an expanding portfolio of specialty and drug device combination products for regulated markets, particularly the United States. The company is the only Indian player, among its assessed peers, with an exclusive focus on regulated markets. As of Q1FY26, Rubicon and its subsidiaries have secured approvals for 72 ANDAs, nine NDAs, and one OTC monograph from the USFDA, with 17 ANDA applications pending approval and 63 product candidates under development. The company derives the majority of its revenues from the US market, with non-branded formulations contributing 95.05% and branded products 4.95% of revenue for Q1FY26, underscoring its strong presence in the generic segment.
Rubicon Research has demonstrated a strong turnaround between FY23 and FY25, with total income more than tripling from ₹4,189.99 million in FY23 to ₹12,962.19 million in FY25. EBITDA surged over sixfold from ₹184.92 million to ₹2,559.46 million, with margins expanding sharply from 4.7% to 19.93%, reflecting improved operating efficiency and scale benefits. The company swung from a net loss of ₹168.88 million in FY23 to a profit of ₹1,343.61 million in FY25, translating into a healthy PAT margin of 10.46%. Return on capital employed (ROCE) also improved significantly from 1.35% in FY23 to 26.45% in FY25, underscoring enhanced capital productivity. Additionally, Rubicon strengthened its product portfolio with commercialized products in the US rising from 28 in FY23 to 66 in FY25, while USFDA-approved products grew from 45 to 77, highlighting the company’s consistent focus on innovation and regulated market growth.
Objects of the issue:
- Prepayment and/or Repayment of Borrowings – INR 3100 million
- Funding Inorganic Growth through Unidentified Acquisitions and other Strategic Initiatives and General Corporate Purposes
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