Rubicon Research IPO Sees Strong Investor Rush on Final Day; Subscribed Nearly 6.12 So Far

Thane, October 13: The ₹1,378-crore initial public offering (IPO) of Rubicon Research Limited is witnessing heavy investor demand across investor categories, especially from retail investors. The IPO opened on October 9 and will close today, on October 13. The share allotment is expected to be finalised on October 14. The company will credit the shares and initiate refunds on October 15. The shares are expected to list on NSE and BSE tentatively on October 16.

Rubicon Research Limited is an Indian company that is engaged in the development and manufacturing of pharmaceuticals. The company was established in 1999 and is headquartered in Thane, Maharashtra.

Subscription Led By NIIs

As of 11:00 AM, the issue has been subscribed to a total of 6.12 times. Anchor investors have fully subscribed to their portion of 1,27,64,691 shares, investing ₹619.09 crore. The QIB (Qualified Institutional Buyers) segment, excluding anchors, has been subscribed 2.29 times with bids for 1,95,10,620 shares worth ₹946.27 crore. Non-institutional buyers have shown strong interest, subscribing 11.32 times for 4,81,69,860 shares amounting to ₹2,336.24 crore. Within this group, big non-institutional investors (bNII) who have placed bids above ₹10 lakh subscribed 11.41 times, while small non-institutional investors (sNII) who have bid below ₹10 lakh subscribed 11.14 times. Retail investors have subscribed 9.78 times for 2,77,26,450 shares, investing ₹1,344.73 crore. Employees have subscribed 5.53 times for 2,21,580 shares worth ₹10.75 crore. Overall, the IPO has received bids for 9,56,28,510 shares against 1,56,37,349 shares offered, raising a total of ₹4,637.98 crore.

₹619.08 Crore From 38 Marquee Anchor Investors

Ahead of the issue, Rubicon Research raised ₹619.08 crore from 38 marquee anchor investors, allocating them 1,27,64,691 shares at ₹485 per share. Key investors included HDFC Mutual Fund, ICICI Prudential MF, Kotak MF, Goldman Sachs Funds, Amansa Holdings, and Aranda Investments.

Issue Size of ₹1,377.50 Crore

The issue size for the IPO is ₹1,377.50 crore, including a fresh issue of 1.03 crore shares amounting to ₹500.00 crores and an offer for sale of 1.81 crore shares amounting to ₹877.50 crores. The company has set a price band of ₹461.00 to ₹485.00 per share. The lot size for an application is 30, equalling to minimum investment of ₹14,550 (30 shares) by a retail investor at the upper price band. The lot size investment for sNII is 14 lots (420 shares), amounting to ₹2,03,700, and for bNII, it is 69 lots (2,070 shares), amounting to ₹10,03,950.

Axis Capital Ltd. is the book-running lead manager, and MUFG Intime India Pvt.Ltd is the registrar of the issue.

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