Amansa invests Rs 250 crore in Rubicon Research ahead of IPO

Rubicon

Rubicon Research Ltd, a drug formulations company, has raised Rs 250 crore in a pre-IPO placement from Amansa Investments ahead of its Rs 1,085-crore initial public offering (IPO).

The deal involved the transfer of 5.16 million equity shares by General Atlantic Singapore RR Pte Ltd to Amansa at Rs 484.47 a share.

The transaction was approved by Rubicon’s board on August 12 and executed under a share-purchase agreement dated August 11.

General Atlantic’s stake in Rubicon has now declined from 57.34 percent to 54.01 percent. The overall promoter group stake dropped from 83.20 percent to approximately 79.87 percent.

IPO structure revised

Rubicon had filed a draft red herring prospectus (DRHP) for a Rs 1,085 crore IPO, comprising a Rs 500- crore fresh issue and a Rs 585 crore offer for sale by General Atlantic. The revised issue size will be detailed in the RHP at the IPO launch.

Axis Capital, IIFL Capital Services, JM Financial, and SBI Capital Markets are the lead managers to the issue.

Rubicon’s revenue from operations surged from Rs 313.57 crore in FY22 to Rs 853.89 crore in FY24, growing at a CAGR of 62.5 percent, five times faster than its peers, according to Frost & Sullivan. The company ranked among the top 10 Indian firms by US FDA ANDA approvals in FY24, with 14 approvals during the year.

Rubicon has 69 active US FDA-approved products and maintains a strong innovation focus, with R&D spend accounting for 13 percent of revenue in FY24 — 2.5x higher than the peer average.