Pharmaceutical company, Rubicon Research Ltd, started trading at the stock exchange on Thursday at ₹620.10, up 27.85 per cent, from the issue price of ₹485 on the BSE.
At the NSE, the stock made its debut at ₹620, registering a jump of 27.83 per cent, bringing the company’s total market valuation to ₹9,917.97 crore.
Rubicon Research is a pharmaceutical formulation company with a strong focus on R&D and innovation. Its portfolio includes an increasing number of specialty products and drug-device combination products targeting regulated markets, particularly the United States.
The initial public offer of Rubicon Research garnered 103.90-times subscription on the closing day of bidding on Monday.
The ₹1,377.5-crore IPO had a price band of ₹461-485 per share.
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The company’s initial public offering (IPO) had a fresh issue of equity shares worth ₹500 crore and an Offer-For-Sale (OFS) of ₹877.5 crore by the promoter, General Atlantic Singapore RR Pte Ltd.
Proceeds from the fresh issue to the tune of ₹310 crore would be used for debt repayment, and a portion would be allocated for inorganic growth through acquisitions, strategic initiatives, and general corporate purposes, a company statement said.
Currently operating two US FDA-inspected R&D facilities – one in India and another in Canada – along with two manufacturing plants in India accredited by multiple regulatory authorities, including USFDA, Maharashtra FDA (WHO-GMP), and Health Canada, Rubicon Research has been expanding its footprint, having acquired Alkem Laboratories’ formulations facility in Pithampur, Madhya Pradesh, in June in an all-cash deal worth ₹149 crore.
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