Pharma firm Rubicon Research files draft papers for Rs 1,085-cr IPO

Pharmaceutical formulation company Rubicon Research Ltd has filed draft papers with capital markets regulator Sebi to garner Rs 1,085 crore through an initial share sale.

The company's Initial Public Offering (IPO) is a combination of a fresh issue of equity shares worth Rs 500 crore and an Offer For Sale (OFS) of shares valued at Rs 585 crore by promoter, General Atlantic Singapore RR Pte Limited, according to the Draft Red Herring Prospectus (DRHP) filed on Wednesday.

At present, General Atlantic owns over 57 per cent stake in Rubicon Research.

The company proposes to utilise proceeds from the fresh issue to the tune of Rs 310 crore for payment of debt. Also, funds will be used for supporting inorganic growth through unidentified acquisitions as well as other strategic initiatives and general corporate purposes.

Rubicon Research is a pharmaceutical formulations company, driven by innovation through focused research and development, with an increasing portfolio of speciality products and drug-device combination products targeting regulated markets and in particular the United States.

The pharma firm has two USFDA-inspected research and development (R&D) facilities --one each in India and Canada -- and two manufacturing facilities in India with multiple accreditations from multiple regulatory agencies such as USFDA, Food and Drugs Administration, Maharashtra (WHO-GMP accreditation) and Health Canada.

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.

Axis Capital, IIFL Securities, and SBI Capital Markets are the book running lead managers to the issue.