Rubicon Research shares jump 29.5 pc in market debut trade

New Delhi, Oct 16 (PTI) Shares of pharmaceutical company Rubicon Research Ltd on Thursday ended with a premium of 29.5 per cent against the issue price of Rs 485.

The stock started trading at Rs 620.10, up 27.85 per cent, from the issue price on the BSE. During the day, it zoomed 31.75 per cent to Rs 639. Shares of the firm finally ended at Rs 627.45, up 29.37 per cent.

At the NSE, the stock made its debut at Rs 620, registering a jump of 27.83 per cent. It finally ended at Rs 628.20, up 29.52 per cent.

The company's market valuation stood at Rs 10,337.26 crore.

The initial public offer of Rubicon Research garnered 103.90-times subscription on the closing day of bidding on Monday.

The Rs 1,377.5-crore IPO had a price band of Rs 461-485 per share.

The company's initial public offering (IPO) had 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.

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.

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 SUM SUM MR