The unlisted shares of Rubicon Research and Canara Robeco Asset Management Company are trading at a premium in the grey market, hinting at positive listing gains when both IPOs hit the market this week.
Both IPOs closed their three-day subscription period on October 13, receiving solid investor response—especially from Qualified Institutional Buyers (QIBs).
Rubicon Research IPO GMP Update
As of 1:00 p.m. on October 14, the Rubicon Research IPO grey market premium (GMP) stood at ₹137 per share. Based on the IPO price band of ₹461–₹485, this suggests an expected listing price of ₹622, reflecting a 28.25% premium over the upper band.
This is the highest GMP recorded for the issue so far, indicating strong investor enthusiasm.
The Rubicon Research IPO is a book-built issue worth ₹1,377.50 crore, consisting of a fresh issue of ₹500 crore (1.03 crore shares) and an offer for sale (OFS) of ₹877.50 crore (1.81 crore shares).
- Price Band: ₹461 – ₹485 per share
- Lead Manager: Axis Capital Ltd.
- Registrar: MUFG Intime India Ltd.
- Allotment Date: October 14
- Listing Date: October 16 on BSE and NSE
Successful bidders will receive shares in their demat accounts on October 15, while refunds for others will be processed the same day.
Also Check: Canara Robeco AMC IPO: Price Band, Subscription Status, GMP, and Listing Details
Canara Robeco IPO GMP Update
Meanwhile, the Canara Robeco IPO GMP was ₹11 per share as of 2:00 p.m. on October 14, suggesting an estimated listing price of ₹277—a 4.14% premium over the issue’s upper band of ₹266.
The Canara Robeco IPO is a book-built offer worth ₹1,326.13 crore, entirely through an offer-for-sale of 4.99 crore shares.
- Price Band: ₹253 – ₹266 per share
- Allotment Date: October 14
- Tentative Listing Date: October 16 on BSE and NSE
Canara Robeco Asset Management Company is the investment manager for Canara Robeco Mutual Fund, one of India’s established asset management firms.
Key Takeaway
The latest GMP trends suggest that Rubicon Research could deliver up to 28% listing gains, while Canara Robeco may open around 4% higher than its issue price.
However, investors should remember that grey market premiums are speculative and not based on official data. It’s advisable to review the red herring prospectus and consult a financial advisor before making any investment decisions.
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