The initial public offering of Rubicon Research, a pharmaceutical formulation company, has witnessed an 11 times subscription on the third day of bidding, October 13. Investor interest continues to remain strong, reflecting confidence in the company’s growth and R&D focus.
By mid-day, the IPO received bids for over 18.08 crore shares against an offer of 1.64 crore shares, according to NSE data. Retail investors were particularly active, with their quota receiving 14.2 times subscription, while non-institutional investors oversubscribed their portion 26.37 times. Qualified Institutional Buyers (QIBs) also participated strongly, with their quota 225% subscribed.
IPO Snapshot
- Total IPO Size: Rs 1,377.5 crore
- Fresh Issue Component: Rs 500 crore
- Offer for Sale (OFS): Rs 877.5 crore by promoter General Atlantic Singapore RR Pte Ltd
- Price Band: Rs 461–485 per share
- IPO Closing Date: October 13
Proceeds from the fresh issue, totaling Rs 310 crore, are earmarked for debt repayment. The remainder is allocated for inorganic growth, strategic initiatives, and general corporate purposes.
Anchor Investors
Rubicon Research raised Rs 619 crore from anchor investors, with major contributions from Kotak Mutual Fund and Motilal Mutual Fund, who together invested around Rs 169 crore.
In addition, General Atlantic transferred 34.86 lakh equity shares, representing a 2.25% stake, at Rs 484.47 per share, totaling approximately Rs 169 crore.
Company Details
Rubicon Research operates with a strong focus on R&D and innovation, particularly in regulated markets like the United States. Its portfolio includes speciality products and drug-device combination products. Key operational highlights include:
- Two US FDA-inspected R&D facilities – one in India, another in Canada
- Two manufacturing plants in India accredited by USFDA, Maharashtra FDA (WHO-GMP), and Health Canada
- Recent acquisition of Alkem Laboratories’ formulations facility in Pithampur, Madhya Pradesh, for Rs 149 crore
Promoters include General Atlantic, Pratibha Pilgaonkar, Sudhir D Pilgaonkar, Parag S Sancheti, Surabhi P Sancheti, and Sumant S Pilgaonkar. Post-IPO, General Atlantic’s stake is expected to reduce to over 35%.
Summary
On stock market today, Rubicon Research’s IPO has seen overwhelming subscription across retail, non-institutional, and QIB segments. The company’s strong R&D capabilities, expanding manufacturing footprint, and focus on speciality pharmaceutical products have kept investor sentiment high. The IPO concludes on October 13, marking a significant milestone for Rubicon Research in India’s pharmaceutical sector.
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