In a pre-IPO round, General Atlantic Singapore RR Pte. Ltd., one of Rubicon Research’s promoters, has transferred 28.89 lakh equity shares to TIMF Holdings and 360 ONE funds at Rs 484.47 per share, aggregating to Rs 140 crore.
Prior to the transaction, General Atlantic held 8.37 crore equity shares, representing a 54.01% stake; post-transfer, it continues to remain the majority shareholder with 8.08 crore equity shares, or 52.15% of the company.
General Atlantic Singapore RR Pte. Ltd., one of the Promoters of Rubicon Research, held 83,727,262 equity shares (54.01%) earlier (at the time of previous pre-ipo placement in August 2025) and will continue to hold 80,837,506 equity shares (52.15%) in the company post the pre-IPO deal. The other promoters of the company are Pratibha Pilgaonkar, Sudhir D. Pilgaonkar, Parag S. Sancheti, Surabhi P. Sancheti and Sumant S. Pilgaonkar.
Last month, as part of the transaction, General Atlantic Singapore RR Pte Ltd, one of Rubicon Research’s promoters, transferred 51.60 lakh equity shares to Amansa Investments at Rs 484.47 per share, amounting to Rs 250 crore.
The Company had earlier filed its DRHP with SEBI for a proposed IPO comprising a fresh issue of equity shares aggregating up to ₹500 crore and an offer for sale aggregating up to ₹585 crore. The revised issue size will be detailed in the RHP at the IPO launch.
Axis Capital Limited, IIFL Capital Services Limited, JM Financial Limited, and SBI Capital Markets Limited are the Book Running Lead Managers to the Issue.
About Rubicon Research
Rubicon Research Limited is a pharmaceutical formulations company with an expanding portfolio of specialty and drug-device combination products, exclusively focused on regulated markets, particularly the United States.
Rubicon’s total revenue from operations more than doubled from ₹313.57 crores in Fiscal 2022 to ₹853.89 crores in Fiscal 2024, growing at a CAGR of 62.5%, which, according to Frost & Sullivan, was five times higher than the average of 11 assessed peers, making Rubicon the fastest-growing Indian pharmaceutical formulations company among the assessed peers.
According to Frost & Sullivan, Rubicon is the only Indian pharmaceutical player among six listed Indian peers assessed that is entirely focused on regulated markets.
As of March 31, 2024, Rubicon had 69 active US FDA-approved ANDA and NDA products and, according to Frost & Sullivan, ranked among the top 10 Indian companies by total ANDA approvals from the US FDA in Fiscal 2024, securing 14 approvals that year. Between 2018 and 2023, according to Frost & Sullivan, it also ranked 9th among companies receiving specialty product approvals in the US, with 8 approvals in that period. Rubicon maintains a strong innovation focus, with revenue expenditure on R&D in Fiscals 2024, 2023, and 2022 representing 13.00%, 18.52%, and 40.15% of revenue from operations, respectively. Frost & Sullivan noted Rubicon’s R&D expenses as a percentage of revenue from operations in Fiscal 2024 were 2.5 times higher than the average of Indian peers assessed.