Rubicon Research IPO Sees Strong Demand, Fully Subscribed by Day Two
Rubicon Research's IPO, amounting to Rs 1,377.5 crore, was fully subscribed on the second day. The retail investor category saw a 3.94 times subscription. The funds will be used for debt repayment and growth initiatives. General Atlantic will see its stake reduced post-IPO.
- Country:
- India
Rubicon Research's initial public offering (IPO), valued at Rs 1,377.5 crore, achieved full subscription by the second day of sales, successfully rallying strong interest from various investor categories.
The IPO, which received bids for 3,89,23,560 shares against the 1,64,55,670 on offer, saw a notable 3.94 times subscription from retail individuals, 2.11 times from qualified institutional buyers, and 1.82 times from non-institutional investors. On its first day, the offering attracted 51 percent subscription.
Anticipated to conclude on October 13, Rubicon's equity issue includes a Rs 500 crore fresh issue and a Rs 877.5 crore offer for sale by promoter General Atlantic Singapore RR Pte Ltd. The proceeds aim to facilitate debt repayment, acquisitions, and corporate strategies. Additionally, anchor investors Kotak Mutual Fund and Motilal Mutual Fund have invested approximately Rs 169 crore.
(With inputs from agencies.)
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