General Atlantic trims stake in Rubicon Research ahead of IPO, raises ₹140 crore

US-based private equity firm General Atlantic has pared down its stake in Maharashtra-based pharma company Rubicon Research, which is gearing up for its initial public offering (IPO). The investor offloaded shares worth ₹140 crore last week, ahead of the company’s public market debut.

According to Rubicon’s September 21 filing, General Atlantic Singapore RR transferred 28.89 lakh equity shares (1.86% stake) at ₹484.47 per share on September 19, amounting to ₹140 crore. TIMF Holdings, part of US-based

Think Investments, emerged as the largest buyer, acquiring 14.44 lakh shares for ₹70 crore. The remaining shares were picked up by four funds managed by 360 ONE.

Following the transaction, General Atlantic’s stake in Rubicon dropped to 52.15% from 54.01%. This comes on the heels of its earlier stake sale on August 12, when it sold 51.6 lakh shares (3.33% stake) to Amansa Investments for ₹250 crore. Combined, the two deals saw the promoter divest a 5.19% stake, raising ₹390 crore.

Rubicon filed draft IPO papers with SEBI on July 31, 2024, seeking to raise ₹1,085 crore. The regulator cleared the proposal in November, paving the way for the IPO launch before November 2025. The issue will comprise a fresh issue of ₹500 crore and an offer-for-sale (OFS) of ₹585 crore by General Atlantic. Proceeds from the fresh issue will primarily go toward debt repayment (₹310 crore), acquisitions, and corporate purposes, while the OFS proceeds will flow to the selling shareholder.

Founded in 1999, Rubicon Research competes with leading players like Sun Pharma, Aurobindo Pharma, Zydus Lifesciences, Dr Reddy’s, and Alembic. The company reported strong financials in Q1FY26, with profit jumping 69.4% YoY to ₹43.3 crore and revenue rising 11.3% to ₹352.5 crore.

The IPO will be managed by Axis Capital, IIFL Capital Services, JM Financial, and SBI Capital Markets.