Rubicon Research raised Rs 250 crore from Amansa Holdings in pre-IPO round; check details

IPO-bound Rubicon Research has raised Rs 250 crore by Amansa Investments in a pre-IPO investment round. The investment involves the transfer of 51,60,278 equity shares by General Atlantic Singapore RR, a key promoter of Rubicon. The shares were sold at a price of ₹484.47 per share, totalling the significant pre-IPO investment.

This strategic financial move was finalised in consultation with the book running lead managers (BRLMs) of Rubicon Research and received board approval on 12 August 2025. The company had previously filed its draft red herring prospectus (DRHP) with SEBI for an IPO, comprising a fresh issue of equity shares aggregating ₹500 crore and an offer for sale aggregating up to ₹585 crore. The revised issue size will be detailed in the final prospectus.

Rubicon Research, a pharmaceutical formulations company, focuses on regulated markets, particularly in the United States. The company's total revenue from operations surged from ₹313.57 crores in fiscal 2022 to ₹853.89 crores in fiscal 2024, a compound annual growth rate (CAGR) of 62.5%. This growth rate significantly outpaces the average growth of its peers, according to Frost & Sullivan.

The company is recognised for its innovation, with a strong emphasis on research and development. In fiscal 2024, Rubicon had 69 active US FDA-approved ANDA and NDA products and secured 14 approvals that year, ranking it among the top 10 Indian companies by total ANDA approvals. Its focus on R&D is evident, with expenditure in the last three fiscal years representing 13%, 18.52%, and 40.15% of revenue from operations, respectively.

A unique aspect of Rubicon's operations is its exclusive focus on regulated markets, as it is the only Indian pharmaceutical player among its peers with such a strategy. This approach, as noted by Frost & Sullivan, positions the company favourably in the competitive pharmaceutical landscape.

The pre-IPO deal has adjusted the promoter holding in Rubicon Research. General Atlantic Singapore RR Pte. Ltd. now holds 54.01% of the company's shares post-deal, down from 57.34%. Other key promoters include Pratibha Pilgaonkar, Sudhir D. Pilgaonkar, Parag S. Sancheti, Surabhi P. Sancheti, and Sumant S. Pilgaonkar.

The IPO is managed by Axis Capital, IIFL Capital Services, JM Financial, and SBI Capital Markets as the lead managers. Key details like the IPO open and close dates, along with the listing date, are yet to be announced.