Rubicon Research Files IPO Papers With SEBI To Raise Rs 1,085 Crore

Rubicon Research Ltd. has filed draft papers with the Securities and Exchange Board of India to raise Rs 1,085 crore through an initial public offering.

The pharmaceutical formulation company's IPO is a combination of a fresh issue of equity shares worth Rs 500 crore and an offer for sale of shares valued at Rs 585 crore, according to the draft red herring prospectus.

General Atlantic Singapore RR Pte. will be the sole promoter-selling shareholder during the issue. General Atlantic owns over 57% stake in the company.

Axis Capital Ltd., IIFL Securities Ltd., JM Financial Ltd., and SBI Capital Markets are the book-running lead managers to the issue.

Proceeds worth Rs 310 crore from the issue will be used for the payment of debt. Funds will be also used for supporting inorganic growth through unidentified acquisitions as well as other strategic initiatives and general corporate purposes.

Rubicon Research is a pharmaceutical formulations company with an increasing portfolio of speciality products and drug-device combination products targeting regulated markets.

As on March 31, 2024, Rubicon Research had a portfolio of 69 products approved by the USFDA, 19 new drugs awaiting USFDA's nod and 46 products in various stages of development.