Rubicon Research secures SEBI approval for IPO

Rubicon Research has received approval from the Securities and Exchange Board of India (SEBI) to proceed with an Initial Public Offering (IPO). The IPO will include a fresh issue of equity shares worth Rs 500 crore and an Offer For Sale (OFS) of shares valued at Rs 585 crore, sold by General Atlantic Singapore RR Pte, Rubicon’s promoter, as outlined in the Draft Red Herring Prospectus (DRHP) filed in July 2024.

General Atlantic currently holds a stake of over 57 per cent in Rubicon Research. Proceeds from the fresh issue will be directed towards multiple financial objectives, with ₹310 crore allocated for debt repayment. Additional funds will support inorganic growth through potential acquisitions, along with other strategic initiatives and general corporate purposes.

Rubicon Research operates as a pharmaceutical formulations company, focusing on innovation in speciality products and drug-device combination products targeted at regulated markets, particularly the United States. The company’s infrastructure includes two research and development facilities, inspected by the USFDA, one located in India and the other in Canada. It also has two manufacturing sites in India, accredited by regulatory agencies including the USFDA, Maharashtra FDA (WHO-GMP), and Health Canada.

As of March 31, 2024, Rubicon’s product portfolio included 69 USFDA-approved products, 19 new drug applications pending approval, and 46 products in various stages of development.

Axis Capital, IIFL Securities, JM Financial, and SBI Capital Markets will act as the book-running lead managers for the IPO.