Rubicon Research IPO: Check Day Three Subscription, Latest GMP And More

The initial public offering of Rubicon Research Ltd. was subscribed over a 100 times in the third day of subscription.

The company is looking to raise Rs 1,337 crore, with Rs 500 crore being raised from fresh issues. The offer-for-sale component stands at around Rs 877 crore.

The company has collected Rs 619 crore from anchor investors, ahead of the IPO.

The price band for the IPO is set between Rs 461 and Rs 485 per share, meaning retail investors can bid for a single lot of 30 shares, which comes down to Rs 14,550.

The share allotment status for Rubicon Research 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.

The pharma company, which manufactures differentiated formulations and has three facilities in India, will use proceeds from the IPO to clear debt and fund inorganic growth.

Incorporated in 1999, Rubicon Research has a portfolio of 72 active Abbreviated New Drug Application (ANDA) and New Drug Application (NDA) products, all of which are approved by the US FDA.

The company also has a portfolio of 66 commercialised products, which contributed $195 million in topline in FY24.

The Rubicon Research IPO was subscribed 103.90 times as of noon on Monday.

• Qualified institutional buyers (QIB): 130.26 times

• Non-Institutional investors (NII): 97.61times

• Retail investors: 35.47 times

• Employee reserved: 16.80 times

According to InvestorGain, the latest GMP for Rubicon Research stood at Rs 117. It indicates a listing price of Rs 602 apiece at a premium of 24.12% on the upper limit of the price band.

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