Big Whale Akash Prakash’s Amansa Investments Limited has purchased 5,160,278 equity shares in pharmaceutical formulations company Rubicon Research from private equity investor General Atlantic. According to a public announcement, Amansa Investments purchased these shares at a price of INR 484.47 per share, putting the total deal value to INR 250 crore. The deal was signed under a share purchase agreement dated 11 August and approved by Rubicon’s board on 12 August 2025.
Separately, Rubicon Research is looking to raise INR 500 crore by selling fresh shares through an IPO. Since the latest transaction is a secondary deal between two independent parties, it is not going to affect Rubicon’s IPO plans.
Rubicon Research Secondary Sale Details
The transaction involved General Atlantic Singapore RR, Rubicon’s primary promoter, transferring 51,60,278 equity shares to Amansa at INR 484.47 per share (INR 1 face value + INR 483.47 premium).
- Before the deal: General Atlantic held ~8.89 crore shares, or 57.57% of the company.
- After the deal: Its stake fell to 8.37 crore shares, representing 54.01%.
- The overall promoter group’s stake dropped from 83.20% to approximately 79.87%.
Though there is dilution, General Atlantic still holds majority control, with other promoters—Pratibha Pilgaonkar, Sudhir D. Pilgaonkar, Parag S. Sancheti, Surabhi P. Sancheti, and Sumant S. Pilgaonkar—holding significant stakes.
No Impact On IPO Size
Rubicon had filed its DRHP in July 2024 for an INR 1,085 crore IPO, comprising:
- INR 500 crore fresh issue
- INR 585 crore OFS by General Atlantic
The BRLMs—Axis Capital, IIFL Capital Services, JM Financial, and SBI Capital Markets—are managing the public issue. Rubicon’s business fundamentals look good. Between FY22 and FY24, revenue from operations grew from INR 313.57 crore to INR 853.89 crore, a 62.5% CAGR—five times the industry growth rate, as per Frost & Sullivan.
Key highlights:
- USFDA Leadership: 69 approved products, 14 ANDA approvals in FY24, making Rubicon one of the top 10 in India in that year.
- R&D Focus: FY24 research spend at 13% of revenue—2.5x peer average—indicating its focus on innovation.
- Geographic Strategy: Exclusive focus on regulated markets, especially the United States—a unique position among Indian peers.
- Manufacturing Footprint: Two USFDA-inspected R&D centres (India & Canada) and two manufacturing facilities in India with multiple regulatory accreditations.
- Strategic Expansion: Acquired Alkem Laboratories’ Pithampur formulation facility for INR 149 crore in June 2025 to increase manufacturing capacity.
Significance of the Rubicon Research Pre-IPO Deal
From a capital markets perspective, Amansa Investments’ presence as an investor serves multiple purposes:
- Validation of Growth Story: Institutional investment before the IPO means the company’s business model and market story are validated.
- Diversification in Shareholding: From an investors’ point of view, it is always better to have a higher number of marquee investors as it reduces risk of a single large party offloading its stake post-listing.
- Makes an IPO Attractive For Long-Term Investors: Presence of a marquee investor like Akash Prakash sends a positive signal to other investors to consider the stock as a long-term growth story. Prior to founding Amansa Capital in 2006, Akash was Director of Investments, India for Temasek Holdings – the investment vehicle of the Government of Singapore.
Conclusion
Rubicon Research secondary sale could set the tone for the company’s eventual listing, likely by year-end 2025, depending on market conditions. With strong financial performance, regulatory credibility, and an innovation-led product pipeline, the company’s public debut is positioned as one of the more high-profile pharma IPOs in recent years.
In the words of seasoned IPO watchers, deals like this often act as “dress rehearsals” for public listing—testing investor appetite and fine-tuning capital structures before stepping onto the main market stage.
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Note – A previous version of the story erroneously stated that the investment will halve Rubicon Research’s IPO fund raising requirements. The error is regretted and has been corrected.