Kotak and Motilal Mutual Funds Invest ₹169 Crore in Rubicon Research Ahead of IPO

Thane, October 8: Kotak Mutual Fund and Motilal Mutual Fund have jointly invested around ₹169 crore in Rubicon Research Ltd, as the company prepares for its upcoming Initial Public Offering (IPO). This comes after the company officially made an announcement today, with the communication that General Atlantic Singapore RR Pte Ltd transferred 34.86 lakh equity shares, representing a 2.25% stake, at ₹484.47 per share, worth approximately ₹169 crore.

Rubicon Research Ltd is an Indian company that manufactures branded and generic medicines and OTC products. The company was established in 1999, and is headquartered in Thane, Maharashtra.

Investment Breakdown

Under the transaction:

• Motilal Oswal Small Cap Fund acquired 16.4 lakh shares (1.06% stake) worth about ₹79.4 crore.
• Kotak Midcap Fund purchased 13.3 lakh shares (0.86% stake) for ₹64.4 crore.
• Kotak Manufacture In India Fund added 5.16 lakh shares (0.33% stake) worth ₹25 crore.

Previous Stake Sales by General Atlantic

This investment comes after General Atlantic Singapore had previously sold the shares of the company previously. In September, the company sold 28.89 lakh shares (1.86%) worth ₹140 crore to TIMF Holdings and 360 ONE. Additionally, in August, it transferred 51.6 lakh shares (3.3%) valued at ₹250 crore to Amansa Investments, at the same per-share price of ₹484.47.

Fresh Issue of ₹1,377.50 Crores

The issue size of the IPO is ₹1,377.50 crores, which is a combination of fresh issue of 1.03 crore shares aggregating to ₹500.00 crores and offer for sale of 1.81 crore shares aggregating to ₹877.50 crores. The company has set ₹461.00 to ₹485.00 per share as the price band. The lot size is 30 shares, amounting to a minimum investment of ₹14,550 (30 shares) based on the upper price.

The lot size investment for sNII is 14 lots (420 shares), amounting to ₹2,03,700. Axis Capital Ltd. is the book-running lead manager, while MUFG Intime India Pvt. Ltd is the registrar of the issue. The IPO will open for subscription on October 9, and will close on October 13.

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