TIMF Holdings, 360 ONE Funds Invest Rs 140 Crore In Rubicon Research Ahead Of IPO

TIMF Holdings, which is owned by US-based Think Investments, and 360 ONE funds have invested Rs 140 crore in pharmaceutical company Rubicon Research in a pre-IPO funding round.

As part of the transaction, General Atlantic Singapore RR Pte. Ltd, one of Rubicon Research's promoters, transferred 28.89 lakh equity shares to TIMF Holdings and 360 ONE funds at Rs 484.47 per share, according to a public announcement made by the pharma firm on Sunday.

Prior to the deal, General Atlantic held 8.37 crore equity shares, or a 54.01% stake. Following the transfer, it remains the majority shareholder with 8.08 crore shares, or 52.15% of the company.

This marks General Atlantic's second such transaction in recent months.

In August, it transferred 51.60 lakh equity shares to Amansa Investments, also at Rs 484.47 per share. Apart from General Atlantic, other promoters of the company include Pratibha Pilgaonkar, Sudhir D. Pilgaonkar, Parag S. Sancheti, Surabhi P. Sancheti, and Sumant S. Pilgaonkar.

The Mumbai-based pharmaceutical company is expected to launch its maiden public issue by the end of this year, people familiar with the matter said.

Rubicon Research's proposed IPO comprises a fresh issue of equity shares worth Rs 500 crore along with an offer-for-sale (OFS) of Rs 585 crore.

However, following the latest fundraise, the revised issue size will be specified in the Red Herring Prospectus (RHP) at the time of the IPO launch.

Proceeds from the fresh issue are expected to be used for debt repayment, inorganic growth through acquisitions, strategic initiatives, and general corporate purposes.

The company has also been expanding its manufacturing footprint. In June, it acquired Alkem Laboratories' formulations facility in Pithampur, Madhya Pradesh in an all-cash deal worth Rs 149 crore.

Rubicon Research is a pharmaceutical formulations company with a strong focus on R&D and innovation. Its portfolio includes an increasing number of specialty products and drug-device combination products targeting regulated markets, particularly the United States.

The company currently operates two US FDA-inspected R&D facilities-- one in India and another in Canada-- along with two manufacturing plants in India accredited by multiple regulatory authorities, including USFDA, Maharashtra FDA (WHO-GMP), and Health Canada.

As of March 31, 2024, Rubicon Research had 69 products approved by the USFDA, 19 applications awaiting approval, and 46 products under various stages of development.