IPO bound company, Rubicon Research Limited, has filed an Addendum to its Draft Red Herring Prospectus (DRHP) with SEBI, with updated financial information for FY25 and the June quarter of FY26.
According to the addendum, the company's operating income tripled in the past 3 fiscals, rising to ₹1,284.27 crores in FY25 from ₹ 393.5 Crores in FY23. EBITDA grew 6 folds to ₹ 267.8 Crores in FY25, while profit after tax (PAT) stood at ₹ 134.3 Crores in FY25, against a loss of ₹ 16.8 crores in FY23. The EBITDA margin improved to 20.7%, and return on net worth (RoNW) expanded to 29% in FY25 from negative 5.7% in FY23.
The company continues to invest heavily in innovation, with R&D spend at 10.4% of income in FY25. As of June 30, 2025, it had 81 US FDA-approved products, of which 70 were commercialised.
Last week, Rubicon completed a ₹250 crore pre-IPO placement with Amansa Investments Ltd., following which promoter General Atlantic's stake was reduced to 54.01% from 57.34% at the time of the DRHP filing in July 2024.
The proposed IPO consists of a fresh issue of equity shares worth Rs 500 crore alongside an offer-for-sale of shares valued at ₹ 585 crore. However, the final IPO size will be known at the time of IPO launch.
As per the SEBI website, Rubicon Research had filed a DRHP in July 2024 and received SEBI observations received in October 2024, which suggests that the IPO will launch soon.
The company plans to utilise proceeds from the fresh issue for payment of debt, supporting inorganic growth through unidentified acquisitions, as well as other strategic initiatives and general corporate purposes.
Axis Capital, IIFL Capital, JM Financial, and SBI Capital Markets are the book-running lead managers, while MUFG Intime India is the registrar to the issue. The equity shares will be listed on BSE and NSE.
In June, Rubicon Research completed the acquisition of Alkem Laboratories' formulations manufacturing facility in Pithampur, Madhya Pradesh, in an all-cash deal for Rs 149 crore.
Rubicon Research is a pharmaceutical formulations company, 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 pharma firm has two US FDA-inspected research and development (R&D) facilities, one each in India and Canada, and two manufacturing facilities in India with multiple accreditations from multiple regulatory agencies such as USFDA, Food and Drugs Administration, Maharashtra (WHO-GMP accreditation), and Health Canada.
