Here’s a detailed summary of what is currently known (as of mid-2025) about the Rubicon Research IPO in India. If you want updates closer to the IPO opening, I can help with that too.

📌 Key Highlights & Structure

• Rubicon Research filed its DRHP (Draft Red Herring Prospectus) with SEBI in July 2024.
• The IPO is sized at ₹1,085 crore in total.
  • Fresh issue: ₹500 crore
  • Offer for Sale (OFS): ₹585 crore (by the promoter, General Atlantic Singapore RR)
• After a recent pre-IPO placement of ₹250 crore (share purchase) with Amansa Investments, the fresh issue size may get reduced.
• The IPO is to be listed on
• Book-running lead managers (BRLMs) are Axis Capital, IIFL Securities, JM Financial, SBI Capital Markets
• The registrar is Link Intime India Private Limited

🧾 Business & Financials

• Rubicon Research is a pharmaceutical formulations company focusing on specialty products and drug-device combinations, with a strong orientation toward regulated markets (notably the U.S.).
• As of March 31, 2024:
   • 69 products approved by the US FDA
   • 19 new drugs awaiting USFDA approval
   • 46 products in various stages of development
• The company has R&D facilities in India and Canada (both US FDA inspected) and two manufacturing facilities in India with multiple accreditations (USFDA, WHO-GMP, etc.).
• It recently acquired a manufacturing facility from Alkem Laboratories in Pithampur (Madhya Pradesh) in an all-cash deal (~₹149 crore) to expand capacity.
• Between FY22 and FY24, the company posted a strong growth in revenue (CAGR ~62.5%) per Frost & Sullivan analysis.
• In its DRHP, the company indicated that ~₹310 crore from fresh issue proceeds will be used for debt repayment.
• Other proceeds will be used for general corporate purposes and acquisitions / strategic initiatives.

✅ Strengths & ⚠ Risks

Strengths

1. Innovation & R&D focus — high involvement in product development, niche formulations, combination products.
2. Strong regulatory approvals — many US FDA approved products, pipeline under review.
3. Growth track record — robust revenue and EBITDA expansion.
4. Capacity expansion / acquisitions — taking steps to scale manufacturing capabilities.

Risks / Challenges

• Execution risk of acquisitions and integration.
• Dependency on approvals (regulatory / US market) — delays or rejections can affect value.
• Competitive pressures in regulated generics / specialty space.
• The dilution / pre-IPO placement could affect shareholding / control.
• Market sentiment and valuation comparables may be volatile.

📌 Rubicon Research IPO – FAQs

1. What is Rubicon Research Ltd.?
Rubicon Research is a specialty pharmaceutical company focused on formulations, complex generics, and drug-device combinations with a strong presence in regulated markets like the U.S.

2. What is the size of the Rubicon Research IPO?
The IPO size is around ₹1,085 crore, including a fresh issue of ₹500 crore and an Offer for Sale (OFS) of ₹585 crore. The fresh issue size may be reduced due to a ₹250 crore pre-IPO placement.

3. What are the tentative dates of the IPO?
As per market sources, the IPO is expected to open between 21 April – 23 April 2025, with allotment on 24 April 2025 and listing on 28 April 2025. Final dates are subject to official confirmation.

4. What is the price band of the IPO?
The official price band has not yet been announced. Market speculation suggests around ₹805 per share, but this is unconfirmed.

5. On which exchanges will the shares be listed?
The equity shares will be listed on both BSE and NSE.

6. Who are the lead managers for the IPO?
The book-running lead managers (BRLMs) are Axis Capital, IIFL Securities, JM Financial, and SBI Capital Markets.

7. Who is the registrar for the IPO?
The registrar is Link Intime India Private Limited.

8. How will the company use the IPO proceeds?

• Around ₹310 crore will be used for debt repayment.
• The balance will go toward general corporate purposes, acquisitions, and strategic initiatives.