Rubicon Research Limited, established in 1999, is a pharmaceutical formulations company focused on innovation through R&D, specializing in complex generics and drug-device combination products for highly regulated markets, primarily the United States. The company is among the fastest-growing Indian formulations companies, with a strong focus on high-margin specialty products. As of June 2025, Rubicon had 72 active ANDA/NDA approvals from the US FDA, with a high commercialization rate of 86.4%. It operates two US FDA-inspected R&D centers (India and Canada) and three manufacturing facilities in India, maintaining a strong regulatory compliance track record. The fresh issue proceeds will be used primarily for debt repayment and funding strategic inorganic growth initiatives.