Rubicon Research Sets IPO Price Band At Rs 461-485 Per Share — Check Other Details

Pharmaceutical company Rubicon Research Ltd., has set the price band for its upcoming Rs 1,377.5-crore initial public offering of shares. The IPO will open on Oct. 9 and close on Oct. 13.

The company has fixed a price band at Rs 461 to Rs 485 per share for its maiden public offering. Bids can be made for a minimum of 30 equity shares of face value of Rs 1 each.

The company will seek investments from large institutions through the pre-IPO anchor round on Oct. 8.

The allotment of shares to IPO investor will be finalised by Oct. 14. The company will list of the BSE and NSE on Oct. 16.

Rubicon Research's proposed IPO comprises a fresh issue of equity shares worth Rs 500 crore, along with an offer-for-sale of shares valued at Rs 877.5 crore by the promoter, General Atlantic Singapore RR Pte Ltd.

Apart from General Atlantic, other promoters of the company include Pratibha Pilgaonkar, Sudhir D Pilgaonkar, Parag S Sancheti, Surabhi P Sancheti, and Sumant S Pilgaonkar.

In terms of allocation, 75% of the issue size has been reserved for qualified institutional buyers, 15% for non-institutional investors and the remaining 10% for retail investors.

Proceeds from the fresh issue amounting to Rs 310 crore will be used for debt repayment, with a portion allocated for inorganic growth through acquisitions, strategic initiatives, and general corporate purposes.

Rubicon Research is a pharmaceutical formulations company with a strong focus on R&D and innovation. Its portfolio includes an increasing number of specialty products and drug-device combination products targeting regulated markets, particularly the United States.

The company has also been expanding its manufacturing footprint. In June, it acquired Alkem Laboratories' formulations facility in Pithampur, Madhya Pradesh, in an all-cash deal worth Rs 149 crore.

It currently operates two US FDA-inspected R&D facilities -- one in India and another in Canada -- along with two manufacturing plants in India accredited by multiple regulatory authorities, including the USFDA, Maharashtra FDA (WHO-GMP), and Health Canada.