Rubicon Research shares make strong market debut, list at 28% premium over issue price

Rubicon Research IPO listing: Against a blockbuster response for its initial public offering (IPO) and a firm trend in the grey market, Rubicon Research shares listed at a healthy premium in the Indian stock market on Thursday, October 16.

Rubicon Research share price listed at ₹620.10 on the BSE, a premium of ₹135.10 or 27.86%, as against the IPO price of ₹485. Meanwhile, on the NSE, Rubicon Research shares debuted at a premium of ₹135 or 27.84% at ₹620.

The listing was in line with expectations. Ahead of Rubicon Research IPO listing today, the grey market premium (GMP) was ₹145, signalling a listing price of ₹630 — a premium of 29.9%.

Rubicon Research IPO Details

Rubicon Research IPO was subscribed 103.90 times by the end of the third day of the bidding process as the offer received bids for 1,70,96,76,420 shares as against 1,64,55,670 shares on offer, according to NSE data.

The portion for Qualified Institutional Buyers (QIBs) attracted 130.26 times subscription. The category for non-institutional investors got subscribed 97.61 times, and Retail Individual Investors (RIIs) received 35.47 times subscription.

The ₹1,377.5-crore IPO of Rubicon Research, which ran from October 9 to October 13, consisted of a fresh issue of equity shares worth ₹500 crore and an offer for sale (OFS) of ₹877.5 crore by the promoter, General Atlantic Singapore RR Pte Ltd.

Rubicon Research IPO had a price band of ₹461-485 per share.

The company plans to use the proceeds from the fresh issue to the tune of ₹310 crore would be used for debt repayment, and a portion would be allocated for inorganic growth through acquisitions, strategic initiatives, and the remaining for general corporate purposes.

Rubicon Research is a pharmaceutical formulation company that places a strong emphasis on research and development and innovation. Its portfolio is growing to include a rising number of speciality products and drug-device combination products aimed at regulated markets, especially the United States.

Additionally, the company has been broadening its manufacturing capabilities. In June, it acquired Alkem Laboratories’ formulations facility in Pithampur, Madhya Pradesh, through an all-cash transaction valued at ₹149 crore.

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