Canara Robeco vs Rubicon Research vs Canara HSBC Life IPO: Subscription status, GMP & more
Three mainboard IPOs- Canara Robeco AMC, Rubicon Research and Canara HSBC Life Insurance- are open for investors for subscription currently, cumulatively raising over Rs 5,520 crore from investors.
- Oct 10, 2025,
- Updated Oct 10, 2025 1:53 PM IST
Three mainboard IPOs- Canara HSBC Life Insurance Company, Rubicon Research and Canara Robeco Asset Management Company- are open for investors for bidding. However, the former one opened for bidding today, while the latter two opened a day ago. All the three issues are looking to cumulatively raise more than Rs 5,220 crore via their primary offerings.
Canara Robeco Asset Management, which launched its IPO on Thursday, October 09, is having its day two of subscription. The issue saw an overall subscription of 39 per cent as 1.45 pm. Retail portion was booked only 61 per cent, while the HNI portion was subscribed 40 per cent. Quota for retail bidders was not even off the mark as of the same time.
Canara Robeco AMC is offering its shares in the range of Rs 253-266 apiece with a lot size of 56 equity shares to raise a total of Rs 1,326.13 crore, which entirely an offer-for-sale (OFS) of up to 4,98,54,357 shares. The offer will close for subscription on Monday, October 13. Canara Robeco AMC's grey market premium (GMP) stood at Rs 25-28, hinting a listing pop of upto 9-10 per cent.
Canara Robeco AMC, is a highly equity-focused AMC, with 92 per cent of its AUM in equity-oriented schemes, well above the industry average of 48 per cent. Despite its smaller scale relative to peers, the company demonstrates strong profitability, with an EBITDA margin of 65.4 per cent and ROE of 32 per cent, supported by a resilient retail base, said Nirmal Bang Securities.
"Its SIP AUM grew at a CAGR of 48 per cent, well above the industry average. Valuation multiples remain attractive, with an EV/EBITDA of 19.9 times and P/E of 27.8 per cent, lower than larger AMCs, suggesting upside potential. Given its strong growth trajectory, high equity orientation, and attractive valuation relative to peers, we assign a 'subscribe' rating with positive outlook," it said.
Rubicon Research, whose IPO opened on Thursday, October 9 and will close on Monday, October 13, is having its day two of bidding. It has been subscribed 1.06 times as of the same time. Retail portion was booked 2.95 times, while the HNI portion was subscribed 1.16 times. Quota for qualified institutional bidders was subscribed only 38 per cent.
Rubicon Research is offering its shares in the range of Rs 461-485 apiece with a lot size of 30 equity shares, to raise a total of Rs 1,377.50 crore, which includes a fresh share sale of Rs 500 crore and an offer-for-sale (OFS) of up to 1,80,92,762 shares. Its GMP was seen at Rs 110-115 apiece, suggesting a 22-23 per cent listing pop for the bidders.
Rubicon Research has demonstrated impressive growth, with revenue from operations more than tripling between FY23 and FY25. This growth is underpinned by a robust, multi-disciplinary, and data-driven product selection framework focused on sustainable new product development. Its strategic expansion into specialty products and diversified dosage forms, said Choice Broking.
"Rubicon’s efforts to leverage its US regulatory approvals to enter other similarly regulated markets. However, its strong brand equity, and expanding portfolio in high-growth B2B segments justify this valuation. Given its consistent performance, strategic initiatives, and favorable industry tailwinds, RRL is well-positioned for long-term value creation," it said with a 'subscribe for long-term rating.
Canara HSBC Life Insurance Company, whose IPO opened for bidding on Friday, October 10, has been subscribed only 6 per cent in nearly four hours of bidding. Retail portion was booked 10 per cent, while the HNI portion was subscribed 3 per cent. Quota for qualified institutional bidders was not even off the mark.
Canara HSBC Life is offering its shares in the range of Rs 100-106 apiece with a lot size of 140 equity shares, to raise a total of Rs 2,517.50 crore. The issue is entirely an offer-for-sale (OFS) of up to 23.75 crore equity shares. The offer will close for bidding on Tuesday, October 14. The issue commanded a grey market premium (GMP) of Rs 5 apiece, suggesting 5 per cent gains.
Three mainboard IPOs- Canara HSBC Life Insurance Company, Rubicon Research and Canara Robeco Asset Management Company- are open for investors for bidding. However, the former one opened for bidding today, while the latter two opened a day ago. All the three issues are looking to cumulatively raise more than Rs 5,220 crore via their primary offerings.
Canara Robeco Asset Management, which launched its IPO on Thursday, October 09, is having its day two of subscription. The issue saw an overall subscription of 39 per cent as 1.45 pm. Retail portion was booked only 61 per cent, while the HNI portion was subscribed 40 per cent. Quota for retail bidders was not even off the mark as of the same time.
Canara Robeco AMC is offering its shares in the range of Rs 253-266 apiece with a lot size of 56 equity shares to raise a total of Rs 1,326.13 crore, which entirely an offer-for-sale (OFS) of up to 4,98,54,357 shares. The offer will close for subscription on Monday, October 13. Canara Robeco AMC's grey market premium (GMP) stood at Rs 25-28, hinting a listing pop of upto 9-10 per cent.
Canara Robeco AMC, is a highly equity-focused AMC, with 92 per cent of its AUM in equity-oriented schemes, well above the industry average of 48 per cent. Despite its smaller scale relative to peers, the company demonstrates strong profitability, with an EBITDA margin of 65.4 per cent and ROE of 32 per cent, supported by a resilient retail base, said Nirmal Bang Securities.
"Its SIP AUM grew at a CAGR of 48 per cent, well above the industry average. Valuation multiples remain attractive, with an EV/EBITDA of 19.9 times and P/E of 27.8 per cent, lower than larger AMCs, suggesting upside potential. Given its strong growth trajectory, high equity orientation, and attractive valuation relative to peers, we assign a 'subscribe' rating with positive outlook," it said.
Rubicon Research, whose IPO opened on Thursday, October 9 and will close on Monday, October 13, is having its day two of bidding. It has been subscribed 1.06 times as of the same time. Retail portion was booked 2.95 times, while the HNI portion was subscribed 1.16 times. Quota for qualified institutional bidders was subscribed only 38 per cent.
Rubicon Research is offering its shares in the range of Rs 461-485 apiece with a lot size of 30 equity shares, to raise a total of Rs 1,377.50 crore, which includes a fresh share sale of Rs 500 crore and an offer-for-sale (OFS) of up to 1,80,92,762 shares. Its GMP was seen at Rs 110-115 apiece, suggesting a 22-23 per cent listing pop for the bidders.
Rubicon Research has demonstrated impressive growth, with revenue from operations more than tripling between FY23 and FY25. This growth is underpinned by a robust, multi-disciplinary, and data-driven product selection framework focused on sustainable new product development. Its strategic expansion into specialty products and diversified dosage forms, said Choice Broking.
"Rubicon’s efforts to leverage its US regulatory approvals to enter other similarly regulated markets. However, its strong brand equity, and expanding portfolio in high-growth B2B segments justify this valuation. Given its consistent performance, strategic initiatives, and favorable industry tailwinds, RRL is well-positioned for long-term value creation," it said with a 'subscribe for long-term rating.
Canara HSBC Life Insurance Company, whose IPO opened for bidding on Friday, October 10, has been subscribed only 6 per cent in nearly four hours of bidding. Retail portion was booked 10 per cent, while the HNI portion was subscribed 3 per cent. Quota for qualified institutional bidders was not even off the mark.
Canara HSBC Life is offering its shares in the range of Rs 100-106 apiece with a lot size of 140 equity shares, to raise a total of Rs 2,517.50 crore. The issue is entirely an offer-for-sale (OFS) of up to 23.75 crore equity shares. The offer will close for bidding on Tuesday, October 14. The issue commanded a grey market premium (GMP) of Rs 5 apiece, suggesting 5 per cent gains.