Rubicon Research Ltd.'s initial public offering entered its second day on Friday and was still undersubscribed.
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.
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 collected Rs 619 crore from anchor investors, ahead of the IPO.
Rubicon Research shares are scheduled to list on the BSE and NSE on Oct. 16.
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 Two
The Rubicon Research IPO was subscribed 0.75 times or 75% as of 11:10 p.m. on Friday.
Qualified institutional buyers (QIB): 26%.
Non-Institutional investors (NII): 77%
Retail investors: 2.1 times
Employee reserved: 1.4 times.
Rubicon Research GMP
According to InvestorGain, the latest GMP for Rubicon Research stood at Rs 100. It indicates a listing price of Rs 585 apiece at a premium of 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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