Rubicon Research Ltd. has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI).

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. Based on the peer set (of six listed Indian companies assessed by F&S, and the company), Rubicon Research is the only Indian pharmaceutical player with a complete focus on regulated markets.

The company’s initial public offering comprises a fresh issue of up to INR 5,000 million and an offer for sale aggregating up to INR 5,850 million by the promoter-selling shareholder, General Atlantic Singapore RR Pte Limited.

The company proposes to utilize the Net Proceeds from the fresh issue offer towards prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the company, funding inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes. The proceeds from the offer for sale shall be received by the selling shareholder, General Atlantic Singapore RR Pte Ltd.

According to F&S, between Fiscals 2022 and 2024, Rubicon Research was the fastest-growing Indian pharmaceuticals formulations company with a CAGR for total revenue of 62.5 percent which was five times higher than the average (of 11 companies, including us) assessed by F&S. As per F&S, in Fiscal 2024, Rubicon Research were ranked among the top 10 Indian companies in terms of total Abbreviated New Drug Application (ANDA) approvals.

The company received 14 ANDA approvals from the US FDA in Fiscal 2024, 12 ANDA approvals in Fiscal 2023 and nine ANDA approvals in Fiscal 2022. According to F&S, in Fiscal 2024, among Rubicon’s 55 commercialized products (Commercialized Products) in the US, the company held a market share of more than 25 percent by volume for seven products. Furthermore, according to F&S, none of their manufacturing facilities have received an “Official Action Indicated” (OAI) status by the US FDA since 2013.