Rubicon Research, a pharmaceutical formulations company, has announced that in a pre-IPO transaction, General Atlantic Singapore RR transferred 2.889 million equity shares to TIMF Holdings and 360 ONE funds at INR 484.47 per share, aggregating to INR 140 crore.

Before the deal, General Atlantic held 83.7 million equity shares, representing 54.01 percent. Following the transfer, it remains the majority shareholder with 80.8 million shares, or 52.15 percent of the company.

General Atlantic Singapore RR, one of Rubicon Research’s promoters, earlier held 83,727,262 shares (54.01 percent) at the time of the previous pre-IPO placement in August 2025. After the latest transaction, it continues to hold 80,837,506 shares (52.15 percent). Other promoters of the company include Pratibha Pilgaonkar, Sudhir D. Pilgaonkar, Parag S. Sancheti, Surabhi P. Sancheti and Sumant S. Pilgaonkar.

In August 2025, General Atlantic Singapore RR Pte Ltd also transferred 5.16 million shares to Amansa Investments at INR 484.47 per share, raising INR 250 crore.

Rubicon Research has previously filed its Draft Red Herring Prospectus (DRHP) with SEBI for an initial public offering comprising a fresh issue of equity shares worth up to INR 500 crore and an offer for sale of up to INR 585 crore. The revised issue size will be confirmed in the Red Herring Prospectus (RHP) at the time of launch.

Axis Capital Limited, IIFL Capital Services Limited, JM Financial Limited and SBI Capital Markets Limited are acting as the Book Running Lead Managers to the issue.