Rubicon Research IPO Date, Review, Price and Key Informations

Rubicon Research Limited IPO is fully book build issue and total IPO size is ₹1085crores. The offering includes a fresh issue worth ₹500 crores and an offer for sale of ₹585 crores.

The dates for the Rubicon Research IPO have not been announced yet.

The allotment process is expected to be finalized by [.]. The Rubicon Research IPO is scheduled to list on BSE, NSE, with a tentative listing date of [.].

The price band for the Rubicon Research IPO has not been announced yet.

Registrar for this IPO is Link Intime India Private Limited and lead managers for Rubicon Research IPO are Axis Capital Limited, IIFL Securities Limited, JM Financial Limited, SBI Capital Markets Limited.

IPO Schedule

IPO Open Date	-
IPO Close Date	-
IPO Allotment Date	-
Refund Initiation	-
Share credit in Demat	-
Listing Date	-

Key Details

Price Band	TBA
Lot Size	TBA
Face Value	₹1 Per Equity Share
Total Issue Size	₹1,085.00 Crores
Fresh Issue	₹500.00 Crores
OFS Issue	₹585.00 Crores
Issue Type	Fresh Issue and Offer for Sale
Listing At	BSE, NSE

Share Reservation

Investor Category	Shares Offered
QIB	75%
Retail	10%
NII/HNI	15%

About Rubicon Research Limited Company

Rubicon Research is a pharmaceutical formulations company focused on innovation through R&D, specializing in regulated markets, particularly the US. It stands out as the only Indian pharmaceutical player with a complete focus on regulated markets. Between FY22 and FY24, Rubicon Research experienced rapid revenue growth of 62.5%, significantly higher than the average of assessed companies.

As of March 2024, Rubicon Research had 69 active ANDA and NDA products approved by the US FDA, including 55 commercialized products. The US generic pharmaceutical market size for these products is USD 2,386.6 million, with Rubicon Research contributing USD 154.3 million in FY24. The company held a market share by volume of over 25% for 7 products during FY24. Key therapeutic areas include CNS and CVS drugs, contributing significantly to the company's revenue. The company has a diverse portfolio of formulations, including oral capsules, ophthalmic drops, and advanced formulations like delayed-release tablets.

Rubicon Research is committed to R&D, with expenditure accounting for a substantial portion of its operating revenue. With a strong focus on regulated markets and innovative formulations, Rubicon Research continues to expand its product portfolio and strengthen its market position in the pharmaceutical industry.

Rubicon Research Limited Financial Details

Particulars	March, 2024	March, 2023	March, 2022
Total Assets	₹110.949	₹74.97	₹55.952
Total Liabilities	₹110.949	₹74.97	₹55.952
Total Expenses	₹76.953	₹43.005	₹39.653
Total Revenue	₹87.239	₹41.9	₹33.042
Profit After Tax	₹9.101	₹-1.689	₹-6.712
EBITDA	₹17.309	₹4.397	₹-2.238

₹ In Crore

Key Performance Indicator

Basic EPS (in ₹)	Return on Net Worth (RoNW)	Net Asset Value (NAV)	Debt-Equity Ratio	Return on Equity (ROE)	Return on Capital Employed (ROCE)
5.98	27.11	25.31

Offer Objectives

The company's Employee Stock Option Scheme (ESOS 2022) shows the following details. As of the beginning of Fiscal 2024, there were 17,48,460 options outstanding, which increased to 26,45,580 till the date of filing the DRHP. Options granted during Fiscal 2023 were 17,48,460 and 9,08,640 options granted during Fiscal 2024, with an additional 6,02,460 granted from April 1, 2024, to the filing date.

The exercise price varied, including ₹ 107.73 in Fiscal 2023, and ₹ 16.00 and ₹ 107.73 in Fiscal 2024, further ₹ 122.10 till the filing date. As of the filing date, a total of 32,37,315 equity shares could arise from the full exercise of outstanding options. The KMPs and senior management do not intend to sell Equity Shares allotted on exercise of options granted within three months after the date of listing of Equity Shares pursuant to the Offer.

Regarding the Objects of the Offer, the company aims to utilize the net proceeds from the fresh issue for: (1) Prepayment or scheduled repayment of certain outstanding borrowings, estimated at ₹ 31 crore and (2) Funding inorganic growth through unidentified acquisitions and other strategic initiatives, and general corporate purposes. The cumulative amount for inorganic growth and corporate purposes will not exceed 35% of the total amount raised. As per SEBI ICDR Regulations, the amount utilized for unidentified acquisitions or general corporate purposes shall not exceed 25% of the amount being raised in the Offer.