Amansa Investments Puts INR 250 Cr in IPO-Bound Rubicon Research

Rubicon Research is a pharmaceutical formulations company with an expanding specialty and drug-device combination product portfolio.

Amansa Investments Ltd. has invested INR 250 crore in Mumbai-based Rubicon Research Limited through a pre-IPO placement.

Corporate Promoter General Atlantic Singapore RR Pte Ltd. transferred 51,60,278 equity shares of face value Re. 1 each to Amansa Investments Ltd. for INR 484.47 per share, including a share premium of INR 483.47 per share. The total transaction value amounted to INR 250 crore.

Rubicon Research is a pharmaceutical formulations company with an expanding specialty and drug-device combination product portfolio.

The company operates with a focus on regulated markets, particularly the United States.

The company had earlier filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a proposed initial public offering (IPO). The offer comprised a fresh issue of equity shares aggregating up to INR 500 crore and an offer for sale (OFS) aggregating up to INR 585 crore.

Following the pre-IPO placement, the fresh issue size has been reduced. The revised size will now be up to INR 250 crore, while the OFS of up to INR 585 crore remains unchanged.

Financial Performance

Rubicon’s revenue from operations has grown sharply in recent years. The company’s revenue more than doubled from INR 313.57 crore in Fiscal 2022 to INR 853.89 crore in Fiscal 2024, reflecting a compound annual growth rate (CAGR) of 62.5%.

According to Frost & Sullivan, Rubicon’s growth rate was five times higher than the average of 11 assessed peers. This performance positioned Rubicon as the fastest-growing Indian pharmaceutical formulations company among the assessed peer group.

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