General Atlantic-promoted pharma company Rubicon Research is set to launch its Rs 1,377.5-crore initial public offering (IPO) on October 9. This would be the third public issue hitting Dalal Street next week along with Tata Capital's Rs 15,512-crore IPO, and LG Electronics India's Rs 11,607-crore offer.
The IPO anchor book will be opened for a day on October 8, while the bidding for the public will remain open till October 13.
The company will issue fresh shares worth Rs 500 crore, while General Atlantic Singapore RR, which holds 52.15 percent stake in the company, will be selling Rs 877.5 crore worth shares through offer-for-sale route, as per the RHP filed on October 1.
Promoters own 77.97 percent shareholding in Rubicon, while public shareholders hold 22.03 percent stake including Shivanand Mankekar HUF (14.42 percent shares), and Amansa Investments (3.3 percent).
In September this year, General Atlantic Singapore offloaded 28.89 lakh equity shares (1.86 percent stake) for Rs 140 crore at Rs 484.47 per share to TIMF Holdings, and 360 ONE, while in August, Amansa Investments acquired 3.3 percent stake in the company at same price for Rs 250 crore from the said foreign promoter.
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The Maharashtra-based drug formulations company will utilise Rs 310 crore of fresh issue proceeds for repayment of certain outstanding borrowings, and the remaining amount for funding inorganic growth through unidentified acquisitions and general corporate purposes.
"The total outstanding borrowings are Rs 495.8 crore as of June 2025," Rubicon said.
The financial performance of the pharma company has been healthy in the recent past periods, turning profitable in FY24. Profit in June quarter of 2025 grew by 69.4 percent to Rs 43.3 crore, up from Rs 25.6 crore in same period last year, and revenue during the same period increased 11.3 percent to Rs 352.5 crore against Rs 316.7 crore.
Profit in the year ended March 2025 soared 47.6 percent to Rs 134.4 crore, up from Rs 91 crore in previous fiscal year 2024. Revenue in the same period surged 50.4 percent to Rs 1,284.3 crore against Rs 853.9 crore.
The share allotment will be finalised by the company on October 14, while Rubicon Research shares will be available for trading on the BSE and NSE effective October 16.
Axis Capital, IIFL Capital Services, JM Financial, and SBI Capital Markets are appointed as the merchant bankers for the Rubicon Research IPO.
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