TIMF Holdings, 360 ONE invest ₹140 cr in Rubicon Research ahead of IPO

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Funds from 360 ONE and TIMF Holdings have invested ₹140 crore in Mumbai-based pharmaceutical company Rubicon Research during a pre-IPO financing round. One of Rubicon’s promoters — General Atlantic Singapore RR Pte. Ltd. — sold 2.88 million equity shares to TIMF Holdings and 360 ONE funds at ₹484.47 per share, according to a statement released by the pharmaceutical firm.

 

Prior to this transaction, General Atlantic held 83.7 million shares, about 54.01 per cent of the company’s total shares. After selling the 2.88 million shares, it remains the largest shareholder with 80.8 million shares, representing a 52.15 per cent stake. This is General Atlantic’s second recent share sale — in August, it sold 5.16 million shares to Amansa Investments at the same price of ₹484.47 per share.

 

Other promoters of Rubicon Research include Pratibha Pilgaonkar, Sudhir Pilgaonkar, Parag Sancheti, Surabhi Sancheti, and Sumant Pilgaonkar.

 

The pharmaceutical firm is expected to launch its initial public offering (IPO) later this year, according to a report by news agency PTI. In August, the company filed an addendum to its red herring prospectus in which it stated that it will launch the IPO with a total issue size of up to approximately ₹1,085 crore. The issue is structured as a combination of a fresh issue of equity shares worth around ₹500 crore and an offer for sale of up to around ₹585 crore by its promoter shareholder, General Atlantic Singapore RR Pte. Ltd.

 

On the business front, Rubicon has built a strong pipeline of products for the US market. By financial year 2024-25 (FY25), the company had 66 commercialised products in the United States and received 12 Abbreviated New Drug Application (ANDA) approvals in FY23, 14 in FY24, and 12 in FY25. In the first quarter of FY26, it secured five additional ANDA approvals along with one New Drug Application (NDA) approval.

 

In the last three financial years, Rubicon Research has delivered a strong financial turnaround, with operating income more than tripling from ₹393.5 crore in FY23 to ₹1,284.27 crore in FY25. Over the same period, EBITDA surged sixfold to ₹267.8 crore, reflecting improved operating efficiency, while net results shifted from a loss of ₹16.8 crore in FY23 to a profit of ₹134.3 crore in FY25. Profitability metrics have also strengthened, with EBITDA margin rising to 20.7 per cent and return on net worth (RoNW) improving sharply to 29 per cent in FY25 from a negative 5.7 per cent in FY23.

 

By June 2025, Rubicon had secured approvals for 81 products from the USFDA, of which 70 were already commercialised. It operates two USFDA-inspected R&D facilities in India and Canada, along with two manufacturing facilities in India accredited by multiple regulatory agencies, including the USFDA and Health Canada.

 

Proceeds from the fresh issue are planned to be utilised for multiple purposes, including debt repayment, pursuing inorganic growth through acquisitions, funding strategic initiatives, and meeting general corporate requirements. As part of its expansion strategy, Rubicon recently acquired Alkem Laboratories’ formulations manufacturing facility in Pithampur, Madhya Pradesh, for ₹149 crore in an all-cash transaction, strengthening its production capabilities and market presence.