General Atlantic Singapore has sold a 2.25 per cent stake in Rubicon Research to several Indian mutual funds for approximately Rs 169 crore, just a day before the company’s initial public offering (IPO) opens for subscription.
The private equity firm transferred 3,486,363 equity shares at a price of Rs 484.47 per share in a secondary market transaction. This block sale is separate from the shares it plans to sell in the company’s public issue, which begins on 9 October 2025.
The buyers in the deal were domestic fund houses. Motilal Oswal Small Cap Fund acquired the largest portion, buying a 1.06 per cent stake for about Rs 79.4 crore. Kotak Mahindra Mutual Fund’s schemes also participated, with Kotak Midcap Fund picking up a 0.86 per cent stake for Rs 64.4 crore and Kotak Manufacture in India Fund buying a 0.33 per cent stake for roughly Rs 25 crore.
This transaction is part of a series of pre-IPO stake sales by General Atlantic, which has previously sold shares to other investors including Amansa Investment and TIMF Holdings in August and September.
Following the IPO, General Atlantic’s shareholding in Rubicon Research will range between 35.16 per cent and 35.84 per cent, depending on the final issue price.
Rubicon Research’s IPO comprises a fresh issue of equity shares worth up to Rs 500 crore and an offer for sale of up to Rs 877.5 crore by General Atlantic Singapore RR Pte Ltd. The offer will open on 9 October 2025 and close on 13 October 2025.
The company plans to use the net proceeds from the fresh issue to repay borrowings, fund acquisitions and other strategic initiatives, and for general corporate purposes. The offer for sale proceeds will go directly to the selling shareholder, General Atlantic.
The IPO includes a reservation of equity shares for eligible employees, who will also receive a discount of Rs 46 per share. |
