New Delhi| Shares of pharmaceutical company Rubicon Research Ltd made a robust debut on Thursday, closing nearly 29.5% higher than its issue price of Rs 485 per share.
On the BSE, the stock opened at Rs 620.10, a rise of 27.85% from the issue price, and during the day it surged as high as Rs 639, up 31.75%. It eventually settled at Rs 627.45, marking a 29.37% gain.
At the NSE, the shares opened at Rs 62, registering a 27.83% increase, and closed at Rs 628.20, up 29.52*. The company’s market capitalization stood at Rs 10,337.26 crore at the end of the trading session.
The stellar debut follows the company’s highly successful Initial Public Offering (IPO), which was subscribed 103.9 times when bidding closed on Monday. The Rs 1,377.5-crore IPO was priced in the range of Rs 461–485 per share.
The offering included a fresh issue of equity shares worth Rs 500 crore and an Offer-for-Sale (OFS) of Rs 877.5 crore by the promoter, General Atlantic Singapore RR Pte Ltd.
According to the company, proceeds from the fresh issue — amounting to Rs 310 crore — will primarily be used for debt repayment, and part of the funds will go toward acquisitions, strategic initiatives, and general corporate purposes.
Rubicon Research, known for its strong focus on R&D and pharmaceutical innovation, develops specialty formulations and drug-device combination products for regulated markets, especially the United States.
In June, the company acquired Alkem Laboratories’ formulations facility in Pithampur, Madhya Pradesh, in an all-cash deal worth Rs 149 crore, further strengthening its manufacturing base.
Rubicon currently operates two US FDA-approved R&D centers — one in India and another in Canada — along with two manufacturing facilities in India certified by USFDA, Maharashtra FDA (WHO-GMP), and Health Canada.
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