Rubicon Research, a pharmaceutical company, aims to raise ₹1,377.50 crore through its initial public offering (IPO), which is set to open for subscription on October 9. The subscription will close on October 13, with the bidding for anchor investors starting on October 8, according to the Red Herring Prospectus (RHP).
The company has established a price band for the IPO between ₹461 and ₹485 per share. The offering consists of a fresh issue of equity shares valued at ₹500 crore, in addition to an offer-for-sale (OFS) amounting to ₹877.5 crore, which will be conducted by the promoter, General Atlantic Singapore RR Pte Ltd.
Proceeds from the fresh issue are earmarked for debt repayment, with a portion dedicated to funding inorganic growth through acquisitions and other strategic initiatives, as well as general corporate purposes. In September, General Atlantic Singapore sold 28.89 lakh equity shares, equivalent to a 1.86% stake, for ₹140 crore at a price of ₹484.47 per share to TIMF Holdings and 360 ONE. In August, it transferred 51.60 lakh equity shares, or 3.3% stake, to Amansa Investments for ₹250 crore at the same per-share price. After these transactions, General Atlantic retains a majority stake of 52.15% in the company.
Other promoters associated with Rubicon Research include Pratibha Pilgaonkar, Sudhir D Pilgaonkar, Parag S Sancheti, Surabhi P Sancheti, and Sumant S Pilgaonkar.
Rubicon Research specializes in pharmaceutical formulations and places a strong emphasis on research and development (R&D) and innovation. Its product portfolio is expanding to include more specialty products and drug-device combination products, particularly targeting regulated markets like the United States.
The company has been actively expanding its manufacturing capabilities. Recently, in June, it acquired a formulations facility from Alkem Laboratories in Pithampur, Madhya Pradesh, in an all-cash transaction valued at ₹149 crore. Rubicon operates two R&D facilities inspected by the US FDA—one located in India and another in Canada—along with two manufacturing plants in India that have received accreditation from various regulatory bodies, including the US FDA, Maharashtra FDA (WHO-GMP), and Health Canada.
Regarding the allocation of the IPO, 75% of the issue size is reserved for qualified institutional buyers, 15% for non-institutional investors, and the remaining 10% for retail investors. Rubicon Research is anticipated to make its stock market debut on October 16.
