Upcoming IPOs: Canara Robeco, Canara HSBC Life, Rubicon Research IPO GMPs rise up to 16%

Canara Robeco, Canara HSBC Life, Rubicon Research IPO GMPs rise.

Shares of Canara Robeco Asset Management Company, Canara HSBC Life Insurance and Rubicon Research are trading at a premium in the grey market ahead of their initial public offerings (IPOs), with their GMPs rising up to 16 percent, according to websites tracking the grey market activity.

Canara Robeco Asset Management Company has fixed a price band of Rs 253–266 per share for its Rs 1,326-crore IPO. The issue will open for subscription on October 9 and close on October 13, while the anchor book will open for a day on October 8.

As per data from Investorgain, shares of Canara Robeco are quoting a grey market premium (GMP) of about Rs 35, indicating a potential listing gain of 13.16 percent.

Drug firm Rubicon Research has set a price band of Rs 461–485 per share for its Rs 1,377.5-crore IPO, which will also open for subscription on October 9.

The Mumbai-based company said the net proceeds from the fresh issue will be used for repayment of certain borrowings, funding inorganic growth through acquisitions and other strategic initiatives, and general corporate purposes.

According to Investorgain, Rubicon Research shares are commanding a GMP of Rs 80, implying a listing premium of around 16.49 percent in the unregulated market.

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Meanwhile, Canara HSBC Life Insurance Company has fixed a price band of Rs 100–106 per share for its Rs 2,516-crore IPO, valuing the insurer at about Rs 10,000 crore at the upper end.

The issue will open for public subscription on October 10 and close on October 14, with the anchor book opening on October 9.

The shares of Canara HSBC Life are quoting a GMP of around 9 percent, as per grey market tracking portals.

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