Liquidity Events
Pharma co. Rubicon Research’s Rs.1,378-Cr IPO subscribed 104x
The INR 1,377.5 crore initial public offering (IPO) of pharmaceutical company Rubicon Research Ltd garnered a 103.90 times subscription, receiving bids for 1,70,96,76,420 shares against 1,64,55,670 shares on offer. The portion for Qualified Institutional Buyers (QIBs) attracted 130.26 times subscription. The category for Non-Institutional Investors (NIIs) got subscribed 97.61 times, and Retail Individual Investors (RIIs)’ part received 35.47 times subscription. Earlier, Rubicon collected INR 619 crore from anchor investors. The issue had a price band of INR 461-485 per share.The issue comprised a fresh issue of equity shares worth INR 500 crore and an Offer For Sale (OFS) of INR 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%.Rubicon’s portfolio includes speciality products and drug-device combination products targeting regulated markets, particularly the USA. Proceeds from the fresh issue to the tune of INR 310 crore would be used for debt repayment, and a portion would be allocated for inorganic growth through acquisitions and strategic initiatives.
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