November 1, 2024
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Rubicon Research IPO GMP grey market premium, review, Subscription, allotment, listing estimate @ Chanakyanipothi.com
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What is the latest news relating to Rubicon Research IPO?
Rubicon Research has received Sebi green signal to enter the capital market on October 31, 2024.
Who is the promoter of Rubicon Research IPO?
The company’s promoters are GENERAL ATLANTIC SINGAPORE RR PTE. LTD., PRATIBHA PILGAONKAR, SUDHIR DHIRENDRA PILGAONKAR, PARAG SUGANCHAND SANCHETI, SURABHI PARAG SANCHETI, AND SUMANT SUDHIR PILGAONKAR
What are the Objects of Rubicon Research IPO?
The Company proposes to utilize the Net Proceeds towards funding the following objects
1.Prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the Company.
2. Funding inorganic growth through unidentified acquisitions and other strategic initiatives and General corporate purposes.
What is the business of Rubicon Research?
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, it is the only Indian pharmaceutical player with a complete focus on regulated markets. According to F&S, between Fiscals 2022 and 2024, it was the fastest growing Indian pharmaceuticals formulations company with a CAGR for total revenue of 62.5% which was five times higher than the average (of 11 companies, including us) assessed by F&S. According to F&S, in Fiscal 2024, it ranked among the top 10 Indian companies in terms of total Abbreviated New Drug Application (“ANDA”) approvals. It 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 its 55 commercialized products (“Commercialized Products”) in the US, it held a market share of more than 25% by volume for seven products. Furthermore, according to F&S, none of its manufacturing facilities have received an “Official Action Indicated” (“OAI”) status by the US FDA since 2013.
As on March 31, 2024, it had a portfolio of 69 active1 ANDA and New Drug Application (“NDA”) products approved by the US FDA. According to F&S, the Company’s portfolio includes 55 Commercialized Products, with a US generic pharmaceutical market size of USD 2,386.6 million, of which the Company contributed USD 154.3 million in Fiscal 2024. These products are being marketed and are available for purchase by customers in the US. According to F&S, in March 2024, it had a commercialization rate of 79.7% in the US market, with 55 Commercialized Products out of a total of 69 active US FDA approvals. A high commercialization rate allows it to better monetize its expenditure on development of its products. As of March 31, 2024, it has 19 new products awaiting US FDA ANDA approval and 46 product candidates in various stages of development.
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Rubicon Research IPO GMP grey market premium, review, Subscription, allotment, listing estimate
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Rubicon Research IPO Details |
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| IPO opens on | November 2024 |
| IPO closes on | November 2024 |
| Issue Type | Book Built Issue IPO |
| Issue Size | ? Shares / Rs 1085 Crore |
| * Fresh Issue | ? Shares / Rs 500 Crore |
| * Offer for Sale | ? shares/ Rs.585 Crore |
| Face Value per share: | Rs. 1 |
| Price Band | Rs.- |
| Retail Discount | Rs 0 per share |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | ? Shares |
| Listing will at | BSE, NSE |
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Shares offered in |
Shares | Rs. in Cr |
| QIB (75 %) | ? | ? |
| NII (15 %) | ? | ? |
| RII (10 %) | ? | ? |
| Employees | – | – |
| Total Shares | ? | ? |
| Retail portion will be oversubscribed by | ? Forms. | |
| How to apply in Rubicon Research IPO? | Amount Rs. | |
| Min Retail Application | ? Shares | ? |
| Max Retail Application | ?Shares | ? |
| Small HNI (Min) application | ?Shares | ? |
| Small HNI (Max) application | ?Shares | / |
| Big HNI Application | ? Shares | ? |
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What is the timetable of Rubicon Research IPO? |
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| IPO opens on | November 2024 |
| IPO Closes on | November 2024 |
| IPO Allotment on | November 2024 |
| Unblocking of ASBA | November 2024 |
| Credit of Shares | November 2024 |
| Listing on | November 2024 |
| Registered Office of Rubicon Research | |
| MedOne House, B-75, Road No. 33, Wagle Estate, Thane West- 400 604, Maharashtra, India | |
| Who are the Lead Managers of Rubicon Research IPO? Axis Capital Limited IIFL Securities Limited JM Financial Limited SBI Capital Markets Limited |
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| Registrar to IPO | |
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Link Intime India Private Limited |
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Rubicon Research IPO Financial & Analytical Ratios |
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| Year | Total Income | Net Profit | EPS | RoNW |
| Rs. in Cr | Rs.in Cr | Rs. | % | |
| 2021-22 | 330.42 | -67 | -4.41 | |
| 2022-23 | 418.99 | -16 | -1.11 | |
| 2023-24 | 872.39 | 91 | 5.98 | 27.11 |
| Book Value of the Share on 31.03.2024 |
Rs. | 25.31 | ||
| BV after the FPO | Rs. | ? | ||
| Offer Price at Cap | Rs. | ? | ||
| Rubicon Research IPO Ratio Analysis |
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| Price /EPS | – |
| Price/Book Value Ratio | – |
| Price/BV after IPO | ? |
How Rubicon Research IPO compares with the Peers?
| As on date of DRHP | FV | Total | PE |
| Rs. | Income | Ratio of | |
| Rs. In Cr | |||
| Rubicon Research | 1 | 854 | ? |
| Sun Pharma | 1 | 484968 | 42.95 |
| Aurobindo Pharma | 1 | 28704 | 25.60 |
| Strides Pharma | 10 | 4051 | 31.63 |
| Dr. Reddy’s Lab | 5 | 28011 | 20.60 |
| Alembic Pharma | 2 | 6229 | 38.86 |
# This is only coverage of News related to Grey Market. We do not deal in grey market premium, nor we recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
Rubicon Research IPO Review by Paresh Gordhandas C.A. & Research Analyst
We will update our Review & Guidance, once the price band and other details are announced by the company.
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