Mumbai: Investors’ eyes are set on Rubicon Research Ltd. as the pharmaceutical firm prepares to make its stock market debut this week. Following a robust subscription, the company’s initial public offering (IPO) is poised to generate substantial listing gains for early investors.
The Rubicon Research IPO closed with an overwhelming response on Monday, with the final day of bidding seeing the issue oversubscribed 103.90 times. Investors placed bids for 1,70,96,80,620 shares against the 1,64,55,670 shares on offer, reflecting strong market appetite for the pharmaceutical company’s equity.
The share allotment status was finalised on Tuesday, October 14, allowing successful bidders to expect their shares credited to demat accounts on Wednesday, October 15. Market participants have been closely tracking the movement of unlisted shares in the grey market, which have shown a consistent upward trend since the subscription opened on October 9.
The Grey Market Premium (GMP) for Rubicon Research shares stood at Rs 128 as of 9:30 a.m. on October 15 the highest recorded for this IPO. If this trend holds, the company’s shares could list at an indicative price of Rs 613 per share (Rs 485 upper band + Rs 128 GMP), translating to a premium of 26.39% over the upper price band. Investors in the private market continue to monitor GMP movements as the IPO readies for its official market debut.
Rubicon Research is scheduled to list on the NSE and BSE on Thursday, October 16, marking a significant milestone for the company and its investors.
The Rubicon Research IPO is a book-built issue of Rs 1,377.50 crore, comprising a fresh issue of 1.03 crore shares worth Rs 500 crore and an Offer for Sale (OFS) of 1.81 crore shares aggregating Rs 877.50 crore. The price band for the IPO was fixed between Rs 461 and Rs 485 per share.
Axis Capital Limited served as the book-running lead manager, while MUFG Intime India Private Limited acted as the registrar for the issue.
Rubicon Research is a pharmaceutical company focused on differentiated formulations. The firm operates three manufacturing facilities in India, catering to domestic and international markets. The IPO proceeds are expected to bolster the company’s expansion plans and strengthen its balance sheet ahead of its public market journey.
With strong oversubscription, bullish grey market activity, and a promising GMP, Rubicon Research’s listing is shaping up to be one of the most closely watched market debuts of the year.