Rubicon Research IPO gets subscribed 18 times on Day 3 so far; check latest GMP

The initial public offering (IPO) of pharmaceutical company Rubicon Research is set to close for public bidding today. The ₹1,377.5-crore IPO was subscribed 18 times so far on October 13 (Day 3).

The maiden public issue of the company received bids for nearly 29.68 crore shares as against the offer size of 1.64 crore shares, according to data on NSE at 1 pm.

Retail and Non Institutional Investors (NII) have fully booked their reserved portions, subscribing them 18.17 times and 43.86 times so far. Qualified Institutional Buyers (QIB) have booked 5.12 times of the portion reserved for them.

Ahead of listing, the unlisted shares of Rubicon Research were trading at a premium of 20% in the grey market, according to data on Investorgain.

Rubicon Research has mobilised ₹619 crore from anchor investors, ahead of its initial share-sale opening for public subscription.

The anchor book received widespread participation from foreign as well as domestic institutional investors, including Goldman Sachs, HDFC Mutual Fund (MF), Fidelity Funds, ICICI Prudential MF, Kotak Mahindra MF, Amansa Holdings and Aranda Investments Pte.

The company's IPO comprises 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.

Post the IPO, General Atlantic's shareholding is expected to reduce to over 35%.

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 general corporate purposes.

Rubicon Research had earlier said that Kotak Mutual Fund and Motilal Mutual Fund have together invested around ₹169 crore in the pharmaceutical firm.

As part of the transaction, General Atlantic transferred a total of 34.86 lakh equity shares, representing a 2.25% stake, at a price of ₹484.47 per share, amounting to approximately Rs 169 crore.

In September, General Atlantic sold 28.89 lakh equity shares (1.86% stake) for ₹140 crore at ₹484.47 apiece to TIMF Holdings, and 360 ONE, while in August, it transferred 51.60 lakh equity (3.3% stake) to Amansa Investments in the company at same price for ₹250 crore.

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.

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 USFDA, Maharashtra FDA (WHO-GMP), and Health Canada.

Rubicon Research is expected to make its stock market debut on October 16.