Pharmaceutical company Rubicon Research announced on Wednesday that it has secured ₹619 crore from anchor investors ahead of its initial public offering (IPO), which opens for public subscription on October 9. The anchor book saw substantial participation from a mix of foreign and domestic institutional investors, including notable names such as Goldman Sachs, HDFC Mutual Fund, Fidelity Funds, ICICI Prudential Mutual Fund, Kotak Mahindra Mutual Fund, Amansa Holdings, and Aranda Investments Pte, according to a circular posted on the Bombay Stock Exchange (BSE) website.
In total, Rubicon Research has allotted more than 1.27 crore equity shares to 32 funds at a price of ₹485 per share, the circular detailed. The company’s IPO is valued at ₹1,377.5 crore, consisting of a fresh issue of equity shares worth ₹500 crore and an Offer For Sale (OFS) of ₹877.5 crore from its promoter, General Atlantic Singapore RR Pte Ltd. Following the IPO, General Atlantic’s stake is expected to decrease to just over 35 percent.
The IPO will remain open for subscription until October 13, with a price range set between ₹461 and ₹485 per share. Proceeds from the fresh equity issue are intended for debt repayment, as well as supporting inorganic growth through acquisitions and other strategic initiatives.
In a related announcement, Rubicon Research revealed that Kotak Mutual Fund and Motilal Mutual Fund have collectively invested around ₹169 crore in the company. This transaction involved General Atlantic transferring a total of 34.86 lakh equity shares, which represents a 2.25 percent stake, at a price of ₹484.47 per share, totaling approximately ₹169 crore.
In a series of transactions earlier this year, General Atlantic sold 28.89 lakh equity shares (1.86 percent stake) for ₹140 crore at ₹484.47 per share to TIMF Holdings and 360 ONE. In August, it transferred 51.60 lakh equity shares (3.3 percent stake) to Amansa Investments at the same price for ₹250 crore.
In addition to General Atlantic, other company promoters include Pratibha Pilgaonkar, Sudhir D. Pilgaonkar, Parag S. Sancheti, Surabhi P. Sancheti, and Sumant S. Pilgaonkar. Rubicon Research specializes in pharmaceutical formulations and emphasizes research and development, focusing on an expanding portfolio of specialty products and drug-device combinations aimed at regulated markets, especially in the United States.
The company is also expanding its manufacturing capabilities; in June, it acquired Alkem Laboratories’ formulations facility in Pithampur, Madhya Pradesh, for ₹149 crore in an all-cash deal. Rubicon operates two R&D facilities inspected by the US FDA—one in India and another in Canada—along with two manufacturing plants in India that have received accreditation from multiple regulatory authorities, including the USFDA, Maharashtra FDA (WHO-GMP), and Health Canada.
For its IPO, 75 percent of the issue size is reserved for qualified institutional buyers, 15 percent for non-institutional investors, and the remaining 10 percent for retail investors. Rubicon Research is anticipated to make its stock market debut on October 16.
