Ahead of IPO, Rubicon Research collects Rs 619 cr from anchor investors

New Delhi, Oct 8 (PTI) Pharmaceutical company Rubicon Research on Wednesday said it has mobilised Rs 619 crore from anchor investors, ahead of its initial share-sale opening for public subscription.

The anchor book received widespread participation from foreign as well as domestic institutional investors, including Goldman Sachs, HDFC Mutual Fund (MF), Fidelity Funds, ICICI Prudential MF, Kotak Mahindra MF, Amansa Holdings and Aranda Investments Pte, according to a circular uploaded on BSE's website.

Rubicon Research has allotted more than 1.27 crore equity shares to 32 funds at Rs 485 per share, the circular showed.

The company's Rs 1,377.5 crore initial public offering comprises a fresh issue of equity shares worth Rs 500 crore and an Offer For Sale (OFS) of Rs 877.5 crore by the promoter, General Atlantic Singapore RR Pte Ltd.

Post the IPO, General Atlantic's shareholding is expected to reduce to over 35 per cent.

The issue will open for subscription on October 9 and close on October 13, with a price band of Rs 461-485 per share.

Proceeds from the fresh issue to the tune of Rs 310 crore would be used for debt repayment and a portion would be allocated for inorganic growth through acquisitions, strategic initiatives, and general corporate purposes.

Earlier in the day, Rubicon Research, in a public announcement, stated Kotak Mutual Fund and Motilal Mutual Fund have together invested around Rs 169 crore in the pharmaceutical firm.

As part of the transaction, General Atlantic transferred a total of 34.86 lakh equity shares, representing a 2.25 per cent stake, at a price of Rs 484.47 per share, amounting to approximately Rs 169 crore.

In September, General Atlantic sold 28.89 lakh equity shares (1.86 percent stake) for Rs 140 crore at Rs 484.47 apiece to TIMF Holdings, and 360 ONE, while in August, it transferred 51.60 lakh equity (3.3 per cent stake) to Amansa Investments in the company at same price for Rs 250 crore.

Apart from General Atlantic, other promoters of the company include Pratibha Pilgaonkar, Sudhir D. Pilgaonkar, Parag S. Sancheti, Surabhi P. Sancheti, and Sumant S. Pilgaonkar.

Rubicon Research is a pharmaceutical formulations company with a strong focus on R&D and innovation. Its portfolio includes an increasing number of specialty products and drug-device combination products targeting regulated markets, particularly the United States.

The company has also been expanding its manufacturing footprint. In June, it acquired Alkem Laboratories' formulations facility in Pithampur, Madhya Pradesh in an all-cash deal worth Rs 149 crore.

It currently operates two US FDA-inspected R&D facilities -- one in India and another in Canada -- along with two manufacturing plants in India accredited by multiple regulatory authorities, including USFDA, Maharashtra FDA (WHO-GMP), and Health Canada.

In terms of allocation, 75 per cent of the issue size has been reserved for qualified institutional buyers, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.

Rubicon Research is expected to make its stock market debut on October 16. PTI SP HVA