IPO GMP Today: Rubicon Research vs Canara Robeco — Check Latest Grey Market Trends

The initial public offerings (IPOs) of Canara Robeco Asset Management Company and Rubicon Research concluded their 3-day subscription on October 13. The IPO of Rubicon Research was oversubscribed 103.90 times, whereas the IPO of Canara Robeco was oversubscribed 9.74 times. The demand for both these mainboard IPOs was led by Qualified Institutional Buyers.

The grey market premium (GMP) for the IPOs continues to be in the news as private market investors continue to trade the unlisted shares on the grey market. Investors can expect a potential listing gain from 4% up to 28% when the shares list on the stock market this week.

Here's a look at what the latest grey market premium (GMP) indicates for these IPOs.

The GMP for the Rubicon Research IPO was Rs 137 as of 1:00 p.m. on October 14. It indicates a listing price of Rs 622 (Rs 485 + Rs 137) per share at a premium of 28.25% on the upper limit of the price band.

This is the highest GMP recorded for the IPO so far.

This means the unlisted shares of Rubicon Research Limited have been trading at Rs 622 in the private market. Investors can expect a potential gain of around 28% when the stock debuts on the market this week.

The Rubicon Research IPO is a book-built issue of Rs 1,377.50 crore. It comprises a fresh issue of 1.03 crore shares worth Rs 500 crore and offer-for-sale (OFS) of 1.81 crore shares amounting to Rs 877.50 crore.

The price band for the IPO was set between Rs 461 and Rs 485 per share.

Axis Capital Ltd. is the book-running lead manager, and MUFG Intime India Ltd. is the registrar for the issue.

The share allotment status for Rubicon Research IPO is expected to be finalised on October 14. The company will transfer shares to the demat accounts of successful bidders on October 15 and refunds for non-allottees will be done on the same day. 

Shares of Rubicon Research are scheduled to list on the BSE and NSE on October 16.

According to InvestorGain, the GMP for the Canara Robeco IPO was Rs 11 per share as of 2:00 p.m. on October 14. It indicates a listing price of Rs 277 apiece at a premium of 4.14% over the upper limit of the IPO price band. 

The Canara Robeco IPO is a book build issue of Rs 1,326.13 crore. It comprises an offer-for-sale (OFS) of 4.99 crore shares.

The price band for the IPO was set between Rs 253 and Rs 266 per share.

The share allotment status for the Canara Robeco IPO is expected to be finalised on October 14. Shares of Canara Robeco are tentatively scheduled to be listed on the BSE and NSE on October 16.

Canara Robeco Asset Management Company is an asset management firm. It is the investment manager for Canara Robeco Mutual Fund.

Note: GMP does not represent official data and is based on speculation.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.