After a tremendous response from investors for the Rubicon Research IPO that resulted in 103 times the subscription rate, the shares finally hit the stock market on October 16 at Rs 620.
The listed price is approximately 28 per cent above the IPO price of Rs 485.
During the days allotted for public bidding, investors could apply for the IPO for a minimum investment of Rs 13,830 per lot that included 30 shares. The price band for the IPO was set between Rs 461-485.
Rubicon Research is a pharmaceutical formulations company engaged in developing and commercialising speciality products and drug-device combination products, primarily for regulated markets, with a focus on the US, as per Groww, an online investment platform.
Rubicon Research IPO was available for investors to apply from October 9 to 13. The allotment status was announced on October 14 and shares were listed on October 16.
According to Mint, the company aims to use the proceeds from the fresh issue to the tune of Rs 310 crore would be used for debt repayment and a portion would be allocated for inorganic growth and the remaining for general corporate purposes.
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