Pre-IPO Funding: Amansa Investments Invests ₹250 Crore In Pharma Formulation Firm Rubicon Research

New Delhi: Amansa Investments Ltd has invested Rs 250 crore in pharma formulation firm Rubicon Research Ltd through a pre-initial public offering (IPO) funding round.

Rubicon Research is expected to come out with its maiden public issue by the end of this year, people familiar with the matter said.

As part of the transaction, General Atlantic Singapore RR Pte Ltd, one of Rubicon Research's promoters, transferred 51.60 lakh equity shares to Amansa Investments at Rs 484.47 per share, amounting to Rs 250 crore, the company said in a public announcement on Thursday.

At the time of filing draft papers in July 2024, General Atlantic held 8.89 crore equity shares, representing a 57.34 per cent stake. Following the pre-IPO deal, it will hold 8.37 crore equity shares, or 54.01 per cent of the company.

The transaction, conducted in consultation with the book running lead managers (BRLMs) of Rubicon Research, received board approval on August 12.

Other promoters of the company include Pratibha Pilgaonkar, Sudhir D Pilgaonkar, Parag S Sancheti, Surabhi P Sancheti, and Sumant S Pilgaonkar.

Rubicon Research's proposed IPO consisted of a fresh issue of equity shares worth Rs 500 crore alongside an offer-for-sale of shares valued Rs 585 crore. Following the latest fundraise, the size of the fresh issue would be reduced.

The company plans to utilise proceeds from the fresh issue for payment of debt, supporting inorganic growth through unidentified acquisitions as well as other strategic initiatives and general corporate purposes.

In June, Rubicon Research completed the acquisition of Alkem Laboratories' formulations manufacturing facility in Pithampur, Madhya Pradesh in an all-cash deal for Rs 149 crore.

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

The pharma firm has two US FDA-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, the company 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.

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