IPO includes fresh issue and offer for sale by promoter shareholder General Atlantic Singapore RR Pte. Ltd.
Rubicon Research IPO.
Rubicon Research IPO: Mumbai, October 29, 2025: Rubicon Research Limited, a Mumbai-based pharmaceutical formulations company specializing in branded specialty products, has raised US $155.7 million (₹1,377.5 Crore) crore through its initial public offering (IPO). The offering comprised a fresh issue and an offer for sale by promoter shareholder General Atlantic Singapore RR Pte. Ltd.
Legal advisory for the transaction was split between two leading law firms. AZB & Partners advised Rubicon Research on the IPO, as per the Draft Red Herring Prospectus (DRHP), while Khaitan & Co advised the Book Running Lead Managers—Axis Capital Limited, IIFL Capital Services Limited, JM Financial Limited, and SBI Capital Markets Limited.
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The AZB & Partners transaction team was led by Subhayu Sen (Partner), Ayush Mohata (Partner), Aparna Bagree (Partner), and Johann Valladares (Senior Associate), supported by associates Aayush Virani, Avantika Tanwar, and Mehar Sharma.
Rubicon Research is recognized for developing, manufacturing, and marketing specialty pharmaceutical products, catering primarily to other pharmaceutical companies. The successful IPO is expected to strengthen the company’s capital base, support business expansion, and enhance its position in the specialty pharmaceutical segment.
The transaction reflects strong investor interest in India’s pharmaceutical sector, particularly in companies focusing on branded and niche products, amid increasing domestic and global demand for innovative formulations.
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