Rubicon Research IPO Gains Momentum Despite Initial Lukewarm Response
Rubicon Research's IPO saw a 51% subscription on its first day. Retail investor interest was high, but institutional investor participation lagged. The IPO aims to raise Rs 1,377.5 crore, funding debt repayment, acquisitions, and corporate needs. Rubicon is focused on R&D, especially in US markets.
- Country:
- India
Pharmaceutical firm Rubicon Research launched its initial public offering (IPO) to a modest start, achieving 51 per cent subscription on the first day of bidding, as per data from the National Stock Exchange (NSE).
The IPO saw bids for over 84 lakh shares against the total offer of more than 1.64 crore shares. While individual retail investors showed significant interest with 135 per cent subscription, non-institutional investors only subscribed at 47 per cent, and Qualified Institutional Buyers (QIBs) subscribed at 26 per cent.
Rubicon had earlier raised Rs 619 crore from anchor investors, including major players like Kotak Mutual Fund and Motilal Mutual Fund. The IPO, aiming to gather a total of Rs 1,377.5 crore, consists of a new equity issue and an Offer for Sale (OFS) by existing promoter General Atlantic, who will see their stake reduced but still hold over 35 per cent post-IPO.
(With inputs from agencies.)
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