Pharmaceutical firm Rubicon Research has raised ₹619.08 crore from 32 anchor investors on October 8, a day before the launch of its initial public offering (IPO) for public subscription.
The company aims to raise ₹1,377.5 crore through its maiden public issue, comprising a fresh share issue worth ₹500 crore and an offer-for-sale (OFS) of ₹877.5 crore by its promoter, General Atlantic Singapore RR, which recently trimmed its stake to just below 50 percent.
The IPO opens on October 9 and will close on October 13. According to Rubicon’s filing with the exchanges on Wednesday, the company has finalised the allocation of 1,27,64,691 equity shares to anchor investors at ₹485 per share.
Out of this, 49.56 lakh shares (38.83% of anchor allocation) worth ₹240.4 crore were allotted to eight domestic mutual funds, including PGIM India, Mirae Asset, Bajaj Finserv, Kotak Mahindra AMC, HDFC AMC, and ICICI Prudential Mutual Fund.
Global marquee investors such as Goldman Sachs, Fidelity, Nomura Funds, Amansa Holdings, Société Générale, University of Notre Dame, and GP Emerging Markets Strategies also participated in the anchor book.
Rubicon Research plans to use ₹310 crore from the fresh issue for repayment of certain borrowings, while the remaining funds will be utilised for inorganic growth through potential acquisitions and general corporate purposes.
On October 6–7, promoter entity General Atlantic Singapore RR sold 34.86 lakh shares (2.25% stake) to Motilal Oswal Small Cap Fund, Kotak Midcap Fund, and Kotak Manufacture in India Fund, at ₹484.47 per share, for a total of ₹168.9 crore, thereby reducing its stake to 49.9 percent.
Shivanand Mankekar HUF is the second-largest shareholder in the company with a 14.42 percent stake, while Amansa Investments holds 3.33 percent, acquired recently from General Atlantic.
Also Read