General Atlantic Singapore transfers 3.49 million Rubicon Research shares ahead of IPO
Shares worth Rs 169 crore transferred to mutual funds, while Rubicon Research opens IPO from 9–13 October 2025
General Atlantic Singapore RR has transferred an aggregate of 3,486,363 equity shares, representing 2.25 per cent of the pre-offer paid-up equity share capital of Rubicon Research on a fully diluted basis, at a price of Rs 484.47 per equity share.
The aggregate transaction, valued at approximately Rs 169 crore, saw participation from Motilal Oswal Small Cap Fund, which acquired 1,639,976 shares, representing 1.06 per cent of the pre-offer paid-up equity share capital, for a consideration of about Rs 79.4 crore. Kotak Midcap Fund purchased 1,330,360 shares, equivalent to 0.86 per cent, for Rs 64.4 crore, while Kotak Manufacture in India Fund acquired 516,027 shares, representing 0.33 per cent, for approximately Rs 25 crore.
The following are the secondary market deals done by General Atlantic Singapore RR; August 12 – Amansa Investment; September 19 – TIMF Holdings, 360 ONE Equity Opportunity Fund Series 4, 360 ONE Equity Opportunity Fund Series 11, 360 ONE Equity Opportunity Fund Series 12, and 360 ONE Equity Opportunity Fund Series 13.
Post-IPO, the shareholding of General Atlantic Singapore RR at the lower end of the price band will be 35.16 per cent and at the upper end will be 35.84 per cent.
Rubicon Research proposes to open an initial public offering (IPO) of its equity shares of face value of ₹1 each from Thursday, 9 October 2025, closing on Monday, 13 October 2025.
The IPO comprises a fresh issue of up to Rs 500 crore and an offer for sale aggregating up to Rs 877.5 crore by the promoter selling shareholder, General Atlantic Singapore RR Pte Limited.
The offer includes a reservation of equity shares of face value of Rs 1 each, aggregating up to Rs 17.50 million for subscription by Eligible Employees (the “Employee Reservation Portion”). The offer, less the Employee Reservation Portion, is referred to as the Net Offer. A discount of Rs 46 per equity share is being offered to Eligible Employees bidding in the Employee Reservation Portion (“Employee Discount”).
The company proposes to utilise the Net Proceeds from the fresh issue towards prepayment or scheduled repayment of all or a portion of certain outstanding borrowings, funding inorganic growth through 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, IIFL Capital Services, JM Financial, and SBI Capital Markets are the Book Running Lead Managers to the issue.