Rubicon Research IPO - Listing Performance & Details

Rubicon Research Limited was incorporated in 1999 and works in the pharmaceutical sector, focused on the development, manufacturing and commercialisation of differentiated drug formulations.

The company develops specialty formulations and drug-device combination products aimed at regulated markets, particularly the United States, and describes itself as the only Indian pharmaceutical company with a complete focus on regulated markets. It operates three manufacturing facilities in India along with two US FDA-inspected R&D facilities, one each in India and Canada, and had a portfolio of 72 active ANDA and NDA products approved by the US FDA as of June 2025. Its US sales and distribution run through wholly owned subsidiary AdvaGen Pharma, which supplies non-branded prescription products to wholesalers, pharmacy chains and group purchasing organisations, with product inventories maintained across three US locations. The promoters are General Atlantic Singapore RR Pte. Ltd., Parag Suganchand Sancheti, Pratibha Pilgaonkar, Sudhir Dhirendra Pilgaonkar, Sumant Sudhir Pilgaonkar and Surabhi Parag Sancheti.

Revenue from operations rose from Rs 393.52 crore in FY23 to Rs 853.89 crore in FY24 and Rs 1,284.27 crore in FY25, with the company turning profitable at Rs 91.01 crore in FY24 (from a loss of Rs 16.89 crore in FY23) and further to Rs 134.36 crore in FY25, as per the RHP. The IPO was a mainboard book-built issue of Rs 1,377.50 crore on the NSE and BSE, comprising a fresh issue of Rs 500 crore and an offer for sale of Rs 877.50 crore by promoter selling shareholder General Atlantic Singapore RR Pte. Ltd., priced at Rs 461-475 per share, and it listed on 16 October 2025. Net proceeds from the fresh issue were earmarked for prepayment or scheduled repayment of certain outstanding borrowings (Rs 310 crore), funding inorganic growth through unidentified acquisitions and other strategic initiatives, and general corporate purposes.