Rubicon Research Raises INR 619 Cr from Anchor Investors Ahead of IPO

Following the IPO, General Atlantic’s shareholding is expected to reduce to over 35 percent.

Pharmaceutical company Rubicon Research mobilized INR 619 crore from anchor investors, ahead of the opening of its initial public offering (IPO) for public subscription.

The anchor book attracted participation from both foreign and domestic institutional investors, including Goldman Sachs, HDFC Mutual Fund, Fidelity Funds, ICICI Prudential MF, Kotak Mahindra MF, Amansa Holdings, and Aranda Investments Pte, as per a circular on the BSE website.

Rubicon Research allotted over 1.27 crore equity shares to 32 funds at INR 485 per share.

Rubicon Research’s INR 1,377.5 crore IPO consists of a fresh issue of equity shares worth INR 500 crore and an Offer For Sale (OFS) of INR 877.5 crore by the promoter, General Atlantic Singapore RR Pte Ltd.

Following the IPO, General Atlantic’s shareholding is expected to reduce to over 35 percent.

The IPO will open for subscription on October 9 and close on October 13, with a price band of INR 461-485 per share. Proceeds from the fresh issue, amounting to INR 310 crore, will be used for debt repayment, with the remainder allocated to inorganic growth through acquisitions, strategic initiatives, and general corporate purposes.

Earlier in the day, Rubicon Research stated that Kotak Mutual Fund and Motilal Mutual Fund together invested around INR 169 crore. As part of the transaction, General Atlantic transferred a total of 34.86 lakh equity shares, representing a 2.25 percent stake, at INR 484.47 per share, totaling approximately INR 169 crore.

In prior months, General Atlantic sold 28.89 lakh equity shares (1.86 per cent stake) in September for INR 140 crore to TIMF Holdings and 360 ONE, and in August, transferred 51.60 lakh equity shares (3.3 per cent stake) to Amansa Investments for INR 250 crore at the same price.

Apart from General Atlantic, other promoters include Pratibha Pilgaonkar, Sudhir D. Pilgaonkar, Parag S. Sancheti, Surabhi P. Sancheti, and Sumant S. Pilgaonkar.

Rubicon Research operates two US FDA-inspected R&D facilities in India and Canada, along with two manufacturing plants in India accredited by multiple regulatory authorities, including USFDA, Maharashtra FDA (WHO-GMP), and Health Canada.

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