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CHANDIGARH — The eagerly anticipated Initial Public Offering (IPO) of Rubicon Research Limited is set to open for public subscription this week, with the company announcing a fixed price band and key dates for the mega-issue. The pharmaceutical firm’s IPO, valued at a total of up to crore, is poised to be a major event in the primary market, drawing attention from institutional, non-institutional, and retail investors alike.
The book-building issue will commence on Thursday, October 9, 2025, and will close on Monday, October 13, 2025. This three-day window provides investors with an opportunity to bid for shares of the company, which is looking to strengthen its balance sheet and pursue strategic growth initiatives.
Price Band and Investor Bidding
Rubicon Research has fixed the price band for its equity shares at to per equity share, each with a face value of . Prospective investors are required to bid for a minimum of 30 Equity Shares and in multiples of 30 shares thereafter.
In a move to incentivize participation, the company has designated the day prior to the opening, Wednesday, October 8, 2025, for the Anchor Investor Bidding Date. This is when a select group of institutional investors—including mutual funds, foreign portfolio investors, and insurance companies—will bid for their reserved allocation.
A Dual-Purpose Issue: Fresh Funds and OFS
The total offering size is a combination of a Fresh Issue of Equity Shares and a substantial Offer for Sale (OFS).
The Fresh Issue component is slated to be up to crore. The proceeds raised through this route will flow directly to the company, bolstering its financial structure. Rubicon Research plans to strategically deploy these funds for:
- Prepayment or scheduled repayment of all or a portion of certain outstanding borrowings, which will help deleverage the company’s balance sheet.
- Funding inorganic growth through unidentified acquisitions and other strategic initiatives, signaling the company’s ambition for expansion in the pharmaceutical sector.
- General corporate purposes, providing the company with operational flexibility.
The second and larger component is the Offer for Sale (OFS), aggregating up to crore. This portion is being divested by the promoter selling shareholder, General Atlantic Singapore RR Pte Limited. It is important for investors to note that the proceeds from the OFS will go entirely to the selling shareholder and not the company.
Employee Reservation and Discount
In a measure aimed at promoting employee ownership and loyalty, the Offer includes a reservation of Equity Shares aggregating up to million for subscription by eligible employees (the “Employee Reservation Portion”).
A generous discount of per Equity Share is being offered to eligible employees bidding in this reserved portion.
Book Building and Allocation Structure
The IPO is being made through the Book Building Process in compliance with the SEBI ICDR Regulations. The allocation structure for the Net Offer (the Offer minus the Employee Reservation Portion) is heavily weighted towards institutional participation to ensure a broad base of high-quality investors:
- Qualified Institutional Buyers (QIBs): Not less than 75% of the Net Offer. Up to 60% of the QIB Portion may be allocated to Anchor Investors on a discretionary basis, with at least one-third reserved for domestic Mutual Funds.
- Non-Institutional Bidders (NIIs): Not more than 15% of the Net Offer. This portion is further sub-divided between applicants with bids from to and those with bids above .
- Retail Individual Bidders (RIBs): Not more than 10% of the Net Offer.
All non-Anchor Investors are mandated to use the Application Supported by Blocked Amount (ASBA) process for bidding.
The Equity Shares are proposed to be listed on both the BSE Limited and the National Stock Exchange of India Limited (NSE), providing investors with liquidity and visibility on the secondary market.
The Book Running Lead Managers (BRLMs) steering the issue are Axis Capital Limited, IIFL Capital Services Limited, JM Financial Limited, and SBI Capital Markets Limited.
With the dates and pricing now set, Rubicon Research’s IPO is poised to be one of the most closely watched public issues of the month.
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