Pharmaceutical company <a href="https://www.mid-day.com/business/stock-market/article/stock-market-today-sensex-jumps-595-points-nifty-up-by-170-as-india-us-trade-talks-resume-23594311" target="_blank" rel="none noopener">Rubicon Research</a> is set to raise Rs 1,377.50 crore through its initial public offering (IPO), which will open for subscription on October 9.
According to the Red Herring Prospectus (RHP), the issue will close on October 13, while the bidding for anchor investors will open for a day on October 8.
The company has fixed a price band at Rs 461 to Rs 485 per share for its maiden public offering.
Rubicon Research's proposed IPO comprises a fresh issue of <a href="https://www.mid-day.com/business/stock-market/article/indian-stock-market-hits-9-month-high-as-sensex-surges-past-84-000-nifty-nears-25-650-23580001" target="_blank" rel="none noopener">equity shares</a> worth Rs 500 crore, along with an offer-for-sale (OFS) of shares valued at Rs 877.5 crore by the promoter, General Atlantic Singapore RR Pte Ltd.
Proceeds from the fresh issue amounting to Rs 310 crore will be used for debt repayment, with a portion allocated for inorganic growth through acquisitions, strategic initiatives, and general corporate purposes.
In September, General Atlantic Singapore sold 28.89 lakh equity shares (1.86 per cent stake) for Rs 140 crore at Rs 484.47 apiece to TIMF Holdings and 360 ONE, while in August, it transferred 51.60 lakh equity shares (3.3 per cent stake) to Amansa Investments at the same price for Rs 250 crore.
Following the transfer, it remained the majority <a href="https://www.mid-day.com/business/stock-market/article/nse-to-launch-monthly-electricity-futures-in-next-2-3-weeks-23579088" target="_blank" rel="none noopener">shareholder</a> with 52.15 per cent of the company.
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 formulations company with a strong focus on R&amp;D and innovation. Its portfolio includes an increasing number of specialty 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 <a href="https://www.mid-day.com/business/stock-market/article/stock-market-today-investors-cheer-as-sensex-jumps-1000-36-points-for-third-straight-day-amid-easing-geopolitical-tensions-23578929" target="_blank" rel="none noopener">Alkem Laboratories'</a> formulations facility in Pithampur, Madhya Pradesh, in an all-cash deal worth Rs 149 crore.
It currently operates two US FDA-inspected R&amp;D facilities -- one in India and another in Canada -- along with two manufacturing plants in India accredited by multiple regulatory authorities, including the USFDA, Maharashtra FDA (WHO-GMP), and Health Canada.
In terms of allocation, 75 per cent of the issue size has been reserved for qualified institutional buyers, 15 per cent for <a href="https://www.mid-day.com/business/stock-market/article/nifty-sensex-continue-to-gain-on-thursday-opening-investors-to-track-powell-speech-ukraine-talks-23590472" target="_blank" rel="none noopener">non-institutional investors</a> and the remaining 10 per cent for retail investors.
Rubicon Research is expected to make its stock market debut on October 16.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.

Pharmaceutical company Rubicon Research is set to raise Rs 1,377.50 crore through its initial public offering (IPO), which will open for subscription on October

Rubicon Research announces Rs 1,377.5-cr IPO starting October 9

Gold surges Rs 700 to hit record high of Rs 1.24 lakh per 10g in Delhi

According to the Red Herring Prospectus (RHP), the issue will close on October 13, while the bidding for anchor investors will open for a day on October 8

Rubicon Research to launch Rs 1,377.5-cr IPO on October 9

Trending Stories

Latest Photos

Latest Videos

Latest Web Stories

Mid-Day Fast

Home / Business / Business News / Article / Rubicon Research to launch Rs 1,377.5-cr IPO on October 9