Pharmaceutical formulation company Rubicon Research Ltd.'s initial public offering has opened for its first day of subscription on Thursday. The company is to raise over Rs 1,000 crore from the primary market.
The 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 of 1.81 crore shares amounting to Rs 877.50 crore.
The price band for the IPO is set between Rs 461 and Rs 485 per share.
To participate in the IPO, retail investors need to bid for a single lot of 30 shares, requiring an investment of Rs 14,550. Small non-institutional investors need to bid for 14 lots, amounting to an investment of Rs 2,03,700. Big non-institutional investors can participate in the IPO by bidding for a minimum of 69 lots, leading to an investment of Rs 10,03,950.
The subscription window will be open from Oct. 9 to Oct. 13, with the allotment expected to be finalised on Oct. 14. The company will transfer shares to the demat accounts of successful bidders on Oct. 15 and refunds for non-allottees will be done on the same day.
The company has announced that it had collected Rs 619 crore from anchor investors, right before its initial-share-sale opening for public subscription.
Shares of the company are scheduled to list on the BSE and NSE on Oct. 16.
Axis Capital Ltd. is the book-running lead manager and MUFG Intime India Ltd. is the registrar for the issue.
About Rubicon Research And Use Of Proceeds
Rubicon Research is a pharmaceutical company that manufactures differentiated formulations. It has three manufacturing facilities in India.
The company will use proceeds from the IPO to clear debts and to fund inorganic growth.
Rubicon Research IPO: Subscription Day One
The Rubicon Research IPO was subscribed 0.22 times or 22% as of 1:39 p.m. on Thursday.
Qualified institutional buyers (QIB): nil.
Non-Institutional investors (NII): 0.24 times or 29%
Retail investors: 0.86 times or 86%.
Employee reserved: 0.59 times or 59%.
Rubicon Research GMP
According to InvestorGain, the GMP for Rubicon Research stood at Rs 98 as of 12:28 p.m. Oct 9. It indicates a listing price of Rs 583 apiece at a premium of 20.21% on the upper limit of the price band.
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 red herring prospectus thoroughly before placing bids.
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