Rubicon Research IPO | Through its first public offering, which consists of both a new issuance of shares valued at Rs 500 crore and an offer-for-sale of shares valued at Rs 877.5 crore by promoter General Atlantic Singapore RR, the business hopes to raise Rs 1,377.5 crore.
Thirty-two anchor investors contributed Rs 619.08 crore to the pharmaceutical startup Rubicon Research on October 8, the day before the IPO opened for public subscription.
Through a combination of a new issuance of shares valued at Rs 500 crore and an offer-for-sale of shares valued at Rs 877.5 crore by promoter General Atlantic Singapore RR, which recently reduced its stake to just under 50 percent, the company hopes to raise Rs 1,377.5 crore through its first public offering.
The initial public offering (IPO) will begin for the public on October 9 and end on October 13.
In an exchange statement on Wednesday, Rubicon Research said that it has finalized the distribution of 1,27,64,691 equity shares to anchor investors at a price of Rs 485 per share.
Of these, eight domestic mutual funds—PGIM India, Mirae Asset, Bajaj Finserv, Kotak Mahindra AMC, HDFC AMC, and ICICI Prudential Mutual Fund—were given 49.56 lakh shares (38.83 percent of the anchor allocation) valued at Rs 240.4 crore.
Prominent international investors include GP Emerging Markets Strategies, Societe Generale, University of Notre Dame, Fidelity, Nomura Funds, Amansa Holdings, and Goldman Sachs.
Rubicon Research plans to use Rs 310 crore of the proceeds from the new offer to pay back some of its debts, with the remainder sum going towards general business needs and inorganic development via unnamed acquisitions.
Promoter General Atlantic Singapore RR reduced its own stake to 49.9 percent on October 6-7 by selling 34.86 lakh shares (2.25 percent stake) to Motilal Oswal Small Cap Fund, Kotak Midcap Fund, and Kotak Manufacture in India Fund for Rs 168.9 crore, or Rs 484.47 per share.
With a 14.42 percent interest, Shivanand Mankekar HUF is the second-biggest stakeholder in the pharmaceutical firm. Amansa Investments, which recently purchased 3.33 percent of the company’s shares from General Atlantic, is the largest shareholder.
Axis Capital, IIFL Capital Services, JM Financial, and SBI Capital Markets are the merchant bankers in charge of overseeing the Rubicon Research IPO.