The Indegene IPO has had an amazing response across categories, and on its first day, it was completely booked. The retail investor part received a 1.50-time subscription, while the non-institutional investor category received a 4.13-time subscription. The employee quota was booked 1.31 times. According to BSE data, the Indegene IPO subscription status was 1.67 times on the first day.
On Monday, May 6, the Indegene IPO began for subscription; it will end on Wednesday, May 8. For each equity share with a face value of ₹2, the price band has been fixed between ₹430 and ₹452. On Friday, May 3, the Indegene IPO raised ₹548.77 crore from 36 anchor investors at the upper price range of ₹452 per equity share.
It has allocated 15% for NII, up to 50% for QIB, and 35% for retail investors in the public offering.
Digital services are provided by Indegene Limited for the life sciences industry. They offer assistance with managing complaints, pharmacovigilance, managing clinical trials, developing new medications, developing regulatory filings, and sales and marketing.
The company’s services may be divided into several categories, including consultancy, enterprise commercial solutions, omnichannel activation, enterprise medical solutions, and enterprise clinical solutions.
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Indegene IPO details
An offer-for-sale (OFS) of 23,932,732 equity shares by the investor selling shareholder and a fresh issue of ₹760 crore make up the ₹1,841.76 crore Indigene IPO.
The following parties are selling their holdings: Ltd.; BPC Genesis Fund I SPV (up to 2,657,687 equity share); Manish Gupta (up to 1,118,596 equity shares); Vida Trustees Private Limited (up to 3,600,000 equity shares); Dr. Rajesh Bhaskaran Nair (up to 3,233,818 equity shares); Anita Nair (up to 1,151,454 equity shares); and CA Dawn Investments (up to 10,792,650 equity shares).
The proceeds of the fresh issue will be used by the company to finance inorganic growth, general corporate purposes, capital expenditure requirements for both the company and one of its material subsidiaries, Indegene, Inc, as well as the repayment or prepayment of ILSL Holdings, Inc’s debt.
The book running lead managers of the Indigene IPO are Nomura Financial Advisory And Securities (India) Pvt Ltd, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, and Kotak Mahindra Capital Company Limited. The issue’s registrar is Link Intime India Private Ltd.
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Indegene IPO Review
SBI Securities
The business is valued at an annualised FY24 P/E multiple of 30.5x, based on the upper price band of the post-issue capital, according to the brokerage. With 20 of the Top 20 global biopharmaceutical firms in FY23, the company has strategic client relationships and works under a distinctive business strategy. The firm is anticipated to become net debt free after the issuance, having demonstrated a high PAT CAGR of 12.7% between FY21 and FY23. Investors are advised by the brokerage to SUBSCRIBE to the issue.
Reliance Securities
With over two decades of experience, healthcare domain knowledge, and technology that is appropriate for its intended use, Indgene is regarded by the brokerage as one of the most innovative companies in the life sciences sector. Its portfolio of solutions addresses every facet of the commercial, medical, regulatory, and R&D operations of life sciences companies.
In order to serve their clients effectively across the regions, the management is adopting a prudent strategy of diversifying revenues, with a major emphasis on exports and a high margin product mix going forward. A higher share of business is coming from the enterprise medical solutions IL global delivery model and motivated talent pool supported by marquee investors. In the upcoming years, the company plans to grow both organically and inorganically. As a result, the brokerage suggests SUBSCRIBING to the publication.
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Indegene IPO GMP today
Indegene IPO GMP or grey market premium is +255. This indicates Indegene IPO share price were trading at a premium of ₹255 in the grey market, according to investorgain.com.
After taking into consideration the upper end of the IPO pricing range and the existing premium on the grey market, it is expected that Indegene shares will list at a price of ₹707 per share, which is 56.42% more than the IPO price of ₹452.
Grey market activity over the previous 11 sessions indicates that the IPO GMP is moving upward and that a good listing is anticipated. Analysts at investorgain.com estimate that the lowest GMP is ₹160 and the maximum GMP is ₹266, respectively.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
