Rubicon Research IPO gets fully subscribed on Day 2

New Delhi, Oct 10 (PTI) Pharmaceutical company Rubicon Research's initial public offering got fully subscribed on the second day of share sale on Friday.

The Rs 1,377.5 crore IPO received bids for 3,89,23,560 shares against 1,64,55,670 shares on offer, as per the NSE data.

The category for Retail Individual Investors garnered 3.94 times subscription, and the portion for Qualified Institutional Buyers subscribed 2.11 times. The quota meant for Non Institutional Investors attracted 1.82 times subscription.

Rubicon Research's IPO received 51 per cent subscription on the first day of bidding on Thursday.

On Wednesday, Rubicon Research said it has mobilised Rs 619 crore from anchor investors.

The company's initial public offering (IPO) has a fresh issue of equity shares worth Rs 500 crore and an Offer For Sale (OFS) of Rs 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 per cent.

The issue will conclude on October 13 and has a price band of Rs 461-485 per share.

Proceeds from the fresh issue to the tune of Rs 310 crore would be used for debt repayment, and a portion would be allocated for inorganic growth through acquisitions, strategic initiatives, and general corporate purposes.

The company, in a public announcement on Wednesday, stated that Kotak Mutual Fund and Motilal Mutual Fund have together invested around Rs 169 crore in the pharmaceutical firm.

As part of the transaction, General Atlantic transferred a total of 34.86 lakh equity shares, representing a 2.25 per cent stake, at Rs 484.47 per share, amounting to approximately Rs 169 crore.

Apart from General Atlantic, other promoters of the company include Pratibha Pilgaonkar, Sudhir D Pilgaonkar, Parag S Sancheti, Surabhi P Sancheti, and Sumant S Pilgaonkar.

Rubicon Research is a pharmaceutical formulation company with a strong focus on R&D and innovation. Its portfolio includes an increasing number of speciality products and drug-device combination products targeting regulated markets, particularly the United States.

The company has also been expanding its manufacturing footprint. In June, it acquired Alkem Laboratories' formulations facility in Pithampur, Madhya Pradesh, in an all-cash deal worth Rs 149 crore.

It currently operates two US FDA-inspected R&D facilities -- one in India and another in Canada -- along with two manufacturing plants in India accredited by multiple regulatory authorities, including USFDA, Maharashtra FDA (WHO-GMP), and Health Canada. PTI HG HG SHW