Rubicon Research IPO: 54% subscription on day 1; GMP signals modest listing gain
The Rs 1,377.50-crore Rubicon Research IPO that opened for bidding on October 9, managed to attract 0.54 times subscription overall on the first day. Among all categories of investor, it has triggered highest enthusiasm among retail investors who have bid for 143% of the portion earmarked for them.
Kolkata: Rubicon Research IPO which began bidding on October 9, intends to raise Rs 1,377.50 crore. On the first day of application, Rubicon Research IPO was subscribed 0.54 times overall -- 1.43 times in the retail category, 0.27 times in QIB (Ex Anchor) category and 0.49 times in the NII category. Rubicon Research has raised Rs 619 crore from anchor investors such as Fidelity Funds, ICICI Prudential MF, Goldman Sachs, Aranda Investments Pte, HDFC Mutual Fund (MF), Kotak Mahindra MF and Amansa Holdings.
Brokerage firm Ventura Research has advised investors to bid for Rubicon Research IPO and assigned a ‘Subscribe’ rating for this pharmaceutical company. Ventura Research highlighted that the company has a robust R&D base. It has a portfolio of high-margin products and is focused on the US market. The company is expected to grow in the coming years.
Rubicon Research IPO GMP
According to investorgain, Rubicon Research IPO GMP stood at Rs 100 on the morning of October 10, the second day of the bidding process. Considering a price band of Rs 485, the listing gain indicated by this GMP is 20.62%. It must be mentioned that the GMP of this issue has been rising for the past few days, signaling abiding investor interest. It was recorded at Rs 60 on October 4, Rs 68 on October 5, Rs 80 on October 6-7, Rs 98 on October 9 and Rs 100 on October 9.
Rubicon Research price band, lot size, key dates
The Rubicon Research IPO price band has been fixed at Rs 461-485. The minimum lot size for a retail investor is 30 shares which calls for an application amount of Rs 14,550 based on the upper end of the price band. The smallest lot size for an sNII investor is 14 lots or 420 shares and that for a bNII investor is 69 or 2,070 shares. Axis Capital is the lead manager and MUFG Intime India the registrar to the issue.
Rubicon Research IPO allotment date is October 14. The initiation of refunds is on October 15.
Shares could be credited to the demat accounts of successful investors on October 15 and the date of listing is October 16.
Disclaimer: This article is only meant to provide information. TV9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, precious metals, commodity, REITs, INVITs, any form of alternative investment instruments and crypto assets.