Rubicon Research, a General Atlantic-promoted pharma company, is all set to launch its Rs 1,377.5-crore initial public offering (IPO) on October 9, joining the wave of major public issues next week alongside Tata Capital’s Rs 15,512-crore IPO and LG Electronics India’s Rs 11,607-crore offering.
The anchor book for the IPO will open for a single day on October 8, while public subscription will remain open until October 13. Rubicon plans to issue fresh shares worth Rs 500 crore, with General Atlantic Singapore offloading shares worth Rs 877.5 crore via the offer-for-sale route.
Promoters currently hold 77.97 per cent of the company, while the public owns 22.03 per cent, including Shivanand Mankekar HUF (14.42 per cent) and Amansa Investments (3.3 per cent). In recent months, General Atlantic Singapore and Amansa Investments carried out selective share sales to TIMF Holdings and 360 ONE, strengthening public holding.
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The company intends to use Rs 310 crore of the fresh issue proceeds to repay certain borrowings, while the remaining funds will support inorganic growth through acquisitions and general corporate purposes. Total outstanding borrowings as of June 2025 were Rs 495.8 crore.
Rubicon Research has shown strong financial momentum, turning profitable in FY24. Profit in the June 2025 quarter jumped 69.4 per cent to Rs 43.3 crore from Rs 25.6 crore a year ago, while revenue rose 11.3 per cent to Rs 352.5 crore. For the fiscal year ended March 2025, profit grew 47.6 per cent to Rs 134.4 crore, and revenue surged 50.4 per cent to Rs 1,284.3 crore.
The company will finalise share allotment on October 14, with trading on BSE and NSE commencing from October 16. Axis Capital, IIFL Capital Services, JM Financial, and SBI Capital Markets are appointed as merchant bankers for the IPO.
