Promoter entity General Atlantic sells Rs 140 crore worth shares in IPO-bound Rubicon Research

Rubicon Research IPO Update

US-based General Atlantic, one of the promoters, sold Rs 140 crore worth shares in the IPO-bound Maharashtra-based pharmaceutical company Rubicon Research to couple of investors in the passing week.

Rubicon filed draft papers with the SEBI to raise Rs 1,085 crore via initial public offering (IPO) on July 31 last year, while the regulator has already approved the said preliminary papers in November last year, paying the way for the IPO launch within the one year from the receipt of observation letter.

"General Atlantic Singapore RR, the selling shareholder in the proposed IPO, has reported the share transfer transaction of 28,89,756 equity shares (equivalent to 1.86 percent of paid-up equity) for cash at Rs 484.47 per share on September 19, amounting to Rs 140 crore," Rubicon in its notice to investors on September 21 said.

TIMF Holdings, a part of the US-based Think Investments, was the largest buyer amongst investors, acquiring 14,44,878 shares worth Rs 70 crore in the pharma company.

Further, General Atlantic sold same number of shares to four funds owned by 360 ONE.

As a result, the US-based promoter reduced its stake in Rubicon to 52.15 percent, from 54.01 percent earlier.

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Before this, on August 12 this year, General Atlantic had sold 51.6 lakh shares or 3.33 percent shareholding in the company to Amansa Investments for Rs 250 crore at same price per share.

In these two deals, General Atlantic offloaded 5.19 percent stake in the company and raised Rs 390 crore.

As per the IPO papers, Rubicon will be raising Rs 500 crore via fresh shares, while General Atlantic will be offloading Rs 585 crore worth shares via offer-for-sale.

The company that competes with top listed entities like Sun Pharma, Aurobindo Pharma, Zydus Lifesciences, Dr Reddy's Laboratories, and Alembic Pharma will utilise Rs 310 crore of fresh issue proceeds for repaying debt, and the remaining funds for unidentified acquisitions and general corporate purposes, while the offer-for-sale money will go to selling shareholder.

Incorporated in 1999, Rubicon Research has recorded strong financial performance in the quarter ended June 2025 with profit growing sharply by 69.4 percent to Rs 43.3 crore, up from Rs 25.6 crore in the corresponding period of last year, with strong topline and operating numbers.

Its revenue during the same period increased by 11.3 percent to Rs 352.5 crore, up from Rs 316.7 crore.

Axis Capital, IIFL Capital Services, JM Financial, and SBI Capital Markets will manage the Rubicon Research IPO.