NE BUSINESS BUREAU
CHENNAI/AHMEDABAD, AUG 1
Mumbai-based Rubicon Research Limited has filed its Draft Red Herring Prospectus (https://www.icicisecurities.com/Upload/ArticleAttachments/Paras%20Healthcare%20Limited%20-%20DRHP.pdf) with market regulator Securities and Exchange Board of India (SEBI). Based on the peer set (of six listed Indian companies assessed by F&S, and the company), Rubicon Research is the only Indian pharmaceutical player with a complete focus on regulated markets. (Source: F&S Report)
The company’s initial public offering comprises a fresh issue of up to ₹500 crore and an offer for sale aggregating up to ₹585 crore by the promoter selling shareholder, General Atlantic Singapore RR Pte Limited.
- Focused on regulated markets, Rubicon Research plans to use proceeds for debt repayment, strategic acquisitions, and corporate initiatives as it prepares for a public offering
- As of March 31, 2024, Rubicon Research had a portfolio of 69 products approved by the USFDA, 19 new drugs awaiting the USFDA’s nod and 46 products in various stages of development
The company proposes to utilise proceeds from the fresh issue to the tune of ₹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.
The proceeds from the offer for sale shall be received by the selling shareholder, General Atlantic Singapore RR Pte Limited, says a company statement.
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 of March 31, 2024, Rubicon Research had a portfolio of 69 products approved by the USFDA, 19 new drugs awaiting the USFDA’s nod and 46 products in various stages of development.
Axis Capital Limited, IIFL Securities, and SBI Capital Markets Limited are the Book Running Lead Managers to the issue.
