Rubicon Research IPO vs Canara Robeco AMC IPO: Subscription Opens Oct 9: Check GMP & Expected Listing Gains

Tomorrow, on Oct 8, two high-profile IPOs are opening for subscription: Rubicon Research IPO and Canara Robeco AMC IPO. Both public issues have already created a lot of interest among investors, as the trading activity in the grey market is also very promising, hinting at some good listing gains.

Both IPOs open on October 9th and will close on October 13th, with allotment results expected on October 14th, and listing on the exchanges is scheduled for next week, October 16th.

Rubicon Research IPO Details

The Rubicon Research Ltd IPO is worth Rs. 1,377.50 crore. It is a book which includes both fresh issues and an offer for sale. The price band for the Rubicon Research IPO has been fixed at Rs. 461 to Rs. 485 per share.

Rubicon Research Ltd is an integrated pharmaceutical product development company with a strong presence in the U.S. generics and speciality drug markets. It has over 65 commercialised products, a deep pipeline, and state-of-the-art manufacturing facilities in India serving multiple global markets.

Brokerage firm Arihant Capital, in its IPO report, has given the issue a "Subscribe" rating, citing the company's data-driven product strategy and strong scalability potential.

The report said, "Rubicon combines innovation with cost efficiency. Its recent entry into the speciality branded space through the Validus acquisition enhances growth visibility, while its data-driven portfolio strategy and integrated supply chain ensure sustainable profitability and scalability. At the upper band of INR 485, the issue is valued at a P/E ratio of ~60x, based on an annualised PAT of FY25 EPS of INR 8.2, an OFS of INR 8,775 Mn (18.09 Mn shares) and a fresh issue of INR 5,000 Mn (10.31 Mn shares). We are recommending a "Subscribe" rating for this issue."

Canara Robeco AMC IPO Details

The Canara Robeco Asset Management Company Ltd IPO is another book-built issue, valued at Rs. 1,326.13 crore. The issue is entirely an offer for sale of 4.99 crore shares, meaning no fresh equity will be issued.

Canara Robeco AMC, one of India's oldest and most trusted mutual fund houses, is a joint venture between Canara Bank and Robeco Group.

The Canara Robeco AMC IPO price band has been fixed at Rs. 253 to Rs. 266 per share.

GMP Update: Rubicon Research IPO vs. Canara Robeco AMC IPO

Investor sentiment is upbeat in the unlisted market, as both IPOs are currently commanding strong premiums.
As per the latest GMP update from the Investorgain website, on October 8th the Rubicon Research IPO GMP stood at Rs. 80, suggesting a possible listing price of Rs. 565 per share, a healthy 16.49% premium over the upper end of its price band. Meanwhile, the Canara Robeco AMC IPO is also attracting investor attention, as the issue was trading at a GMP of Rs. 35, hinting at an estimated listing price of Rs. 301 per share, providing an expected gain of around 13.16%.

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