Rubicon Research Limited has filed its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”). 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. 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 ₹ 5,000 million and an offer for sale aggregating up to ₹ 5,850 million by the promoter selling shareholder, General Atlantic Singapore RR Pte Limited.
The company proposes to utilize the Net Proceeds from the fresh issue offer towards prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the company, funding inorganic growth through unidentified acquisitions and 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.
Axis Capital Limited, IIFL Securities, and SBI Capital Markets Limited are the Book Running Lead Managers to the issue.
