Rubicon Research IPO: General Atlantic-Backed Offer Worth Nearly Rs 1,400 Crore Opens Oct. 9

Rubicon Research Ltd., backed by US private equity giant General Atlantic, will launch its Rs 1,377.5-crore initial public offering of shares next week. The IPO will be open for subscription between Oct. 9 and Oct. 13, according to the red herring prospectus.

The company will offer shares worth Rs 500 crore in a fresh issue. Promoter General Atlantic Singapore Pte will offload equity worth up to Rs 877.5 crore.

The company will invite investments from large institutions in the pre-IPO anchor round on Oct. 8.

Details regarding price band, minimum investment for retail investors, and lot size will be announced via a public advertisement in the coming days.

Proceeds worth Rs 310 crore from the issue will be used for the payment of debt. As on June 30, 2025, the total outstanding borrowing of Rubicon Research is Rs 496 crore.

Funds will also be used for supporting inorganic growth through unidentified acquisitions as well as other strategic initiatives and general corporate purposes.

Maharashtra-based Rubicon Research is a pharmaceutical formulations company with an increasing portfolio of speciality products and drug-device combination products targeting regulated markets.

As on March 31, 2024, Rubicon Research had a portfolio of 69 products approved by the USFDA, 19 new drugs awaiting USFDA's nod and 46 products in various stages of development.

As of June 30, 2025, Rubicon Research has 72 active ANDAs and nine active NDAs approved by, and one over-the-counter (“OTC”) monograph listed with, the USFDA. The company has 17 new products awaiting USFDA ANDA approval and 63 product candidates in various stages of development.

The company applied for the IPO with SEBI in August 2024.

Axis Capital Ltd., IIFL Capital Services Ltd., JM Financial Ltd., and SBI Capital Markets Ltd. are the lead book-running lead managers to the IPO.