Rubicon Research raises Rs 619 crore from 32 anchor investors ahead of Rs 1,377 crore IPO

Rubicon Research IPO News

Pharmaceutical company Rubicon Research has mopped up Rs 619.08 crore from 32 anchor investors on October 8, a day before the IPO opening for public subscription.

The company aims to raise Rs 1,377.5 crore through its maiden public issue which is a combination of fresh issuance of shares worth Rs 500 crore, and an offer-for-sale of Rs 877.5 crore worth shares by promoter General Atlantic Singapore RR which has brought down its stake tad below 50 percent recently.

The initial public offering (IPO) will open for the public on October 9 and close on October 13.

Rubicon Research in its filing to exchanges on Wednesday said it has finalised allocation of 1,27,64,691 equity shares to anchor investors at Rs 485 per share.

Of which, 49.56 lakh shares (38.83 percent of anchor allocation) worth Rs 240.4 crore were allocated to eight domestic mutual funds including PGIM India, Mirae Asset, Bajaj Finserv, Kotak Mahindra AMC, HDFC AMC, and ICICI Prudential Mutual Fund.

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Global marquee investors like Goldman Sachs, Fidelity, Nomura Funds, Amansa Holdings, Societe Generale, University of Notre Dame, and GP Emerging Markets Strategies.

Rubicon Research intends to utilise Rs 310 crore of fresh issue proceeds for repayment of its certain borrowings, and the remaining amount for inorganic growth through unidentified acquisitions and general corporate purposes.

On October 6-7, promoter entity General Atlantic Singapore RR sold 34.86 lakh shares (2.25 percent stake) to Motilal Oswal Small Cap Fund, Kotak Midcap Fund, and Kotak Manufacture in India Fund, at Rs 484.47 per share, for Rs 168.9 crore, bringing down its own stake to 49.9 percent.

Shivanand Mankekar HUF is the second largest shareholder in the pharma company with 14.42 percent stake, while Amansa Investments held 3.33 percent shares which were bought recently from General Atlantic.

The merchant bankers managing the Rubicon Research IPO are Axis Capital, IIFL Capital Services, JM Financial, and SBI Capital Markets.