Global law firm White & Case LLP has advised the book running lead managers on the INR 13.775 billion (approximately US$155 million) Rule 144A/Regulation S Initial Public Offering (IPO) of Rubicon Research Limited (Rubicon Research) on the Bombay Stock Exchange and the National Stock Exchange of India.
"This IPO saw massive institutional interest and was oversubscribed over 100 times, implying strong market confidence and demand," said White & Case partner Rahul Guptan. "Rubicon Research's public listing marks our involvement in the second Indian IPO for General Atlantic as a selling shareholder, with the first one being KFin Technologies Limited's IPO, which our team advised on in 2022."
The book running lead managers were Axis Capital Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited), JM Financial Limited and SBI Capital Markets Limited.
This offering comprised a fresh issue aggregating to INR 5 billion and an offer for sale aggregating to INR 8.775 billion by selling shareholder General Atlantic Singapore RR Pte. Ltd.
Rubicon Research is a pharmaceutical formulations company driven by innovation through focused research and development. It has an increasing portfolio of specialty products and drug-device combination products targeting regulated markets, primarily the United States.
The White & Case team which advised on the transaction was led by partners Rahul Guptan (London) and Kaya Proudian (Singapore) and included partner Steven Gee (New York), local partner James Hsiao (Hong Kong), associates Ji Yang Lim (Singapore), Tarang Nagar (London) and Royston Tan (Hong Kong).
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