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Indegene IPO Subscribed 69.71 times on Closing Day

Written by : Nikita Saha

May 10, 2024

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Following the closing of the subscription window for the Indegene IPO, all eyes of the investors will now be on the finalization of the shares of healthtech firm Indegene.

Healthtech firm Indegene’s initial public offer (IPO) got subscribed 69.71 times on the closing day of bidding on May 8.

The INR 1,841.75 Cr IPO opened for subscription on May 6, 2024, and received bids for 2,01,22,03,281 shares against 2,88,66,677 shares on offer, as per NSE data.

Following the closing of the subscription window for the Indegene IPO, all eyes of the investors will now be on the finalization of the shares.

The segments saw substantial interest for different types of investors. The section reserved for qualified institutional buyers (QIBs) was oversubscribed by an impressive 197.55 times.

Similarly, the portion set aside for non-institutional investors saw a subscription of 54.75 times.

Moreover, retail individual investors (RIIs) also showed keen interest, with their quota receiving 7.68 times the subscription.

The IPO had a fresh issue of up to INR 760 Cr and an offer for sale of up to 2,39,32,732 equity shares. The price range for the offer remained INR 430-452 a share.

Founded in 1998, by Rajesh Nair, Manish Gupta, Gaurav Kapoor, Dr Sanjay Parikh, and Anand Kiran, Indege is a global leader in the healthtech industry.

The company's services may be divided into several categories, including consultancy, enterprise commercial solutions, omnichannel activation, enterprise medical solutions, and enterprise clinical solutions.

Kotak Mahindra Capital Company, Citigroup Global Markets India, J P Morgan India, and Nomura Financial Advisory and Securities (India) are the managers of the offer.

Highlights of Day 1

IPO of Indegene was fully subscribed on Day 1.

Subscriptions were over 1.67 times.

Non-institutional investors (NII) showed strong interest, subscribing 4.13 times.

Qualified Institutional Buyers (QIBs) subscribed 5%.

The IPO received bids for 4,80,93,837 shares against 2,88,66,677 shares on offer.

Previously, Indegene announced that it had raised INR 548.77 Cr from anchor investors. The company allocated 1,21,41,102 equity shares to 36 anchor investors at the upper price band of INR 452 per equity share, each with a face value of 2 per share.

According to Indegene, funds raised through the fresh issue will be used to pay the debt, fund capital expenditure requirements, payment of deferred consideration for one of its past acquisitions, fund inorganic growth, and general corporate purposes.

The list of mutual funds includes SBI Mutual Fund, ICICI Prudential Mutual Fund, Nippon India Mutual Fund, DSP Mutual Fund, Premji Invest, UTI Mutual Fund, Bandhan Mutual Fund, and Invesco Mutual Fund, among others.

The anchor book attracted a diverse group of prominent investors.

These included Capital Group, a leading global investment management firm, Fidelity Investments, Loomis Sayles & Company, Jupiter Asset Management, Abu Dhabi Investment Authority, Custody Bank of Japan, WhiteOak Capital Management, and Copthall Mauritius Investment Limited.

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice.)


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