Rubicon Research to launch Rs 1,377.5-cr IPO on October 9

Pharmaceutical company Rubicon Research is set to raise Rs 137750 crore through its initial public offering IPO which will open for subscription on October 9According to the Red Herring Prospectus RHP the issue will close on October 13 while the bidding for anchor investors will open for a day on October 8The company has fixed a price band at Rs 461 to Rs 485 per share for its maiden public offeringRubicon Researchs proposed IPO comprises a fresh issue of equity shares worth Rs 500 crore along with an offerforsale OFS of shares valued at Rs 8775 crore by the promoter General Atlantic Singapore RR Pte LtdProceeds from the fresh issue amounting to Rs 310 crore will be used for debt repayment with a portion allocated for inorganic growth through acquisitions strategic initiatives and general corporate purposesIn September General Atlantic Singapore sold 2889 lakh equity shares 186 per cent stake for Rs 140 crore at Rs 48447 apiece to TIMF Holdings and 360 ONE while in August it transferred 5160 lakh equity shares 33 per cent stake to Amansa Investments at the same price for Rs 250 croreFollowing the transfer it remained the majority shareholder with 5215 per cent of the companyApart from General Atlantic other promoters of the company include Pratibha Pilgaonkar Sudhir D Pilgaonkar Parag S Sancheti Surabhi P Sancheti and Sumant S PilgaonkarRubicon Research is a pharmaceutical formulations company with a strong focus on RampD and innovation Its portfolio includes an increasing number of specialty products and drugdevice combination products targeting regulated markets particularly the United StatesThe company has also been expanding its manufacturing footprint In June it acquired Alkem Laboratories formulations facility in Pithampur Madhya Pradesh in an allcash deal worth Rs 149 croreIt currently operates two US FDAinspected RampD facilities one in India and another in Canada along with two manufacturing plants in India accredited by multiple regulatory authorities including the USFDA Maharashtra FDA WHOGMP and Health CanadaIn terms of allocation 75 per cent of the issue size has been reserved for qualified institutional buyers 15 per cent for noninstitutional investors and the remaining 10 per cent for retail investorsRubicon Research is expected to make its stock market debut on October 16This story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever