Healthcare tech firm Indegene shares rally over 26% in debut trade

Shares of healthcare tech firm Indegene Ltd on Monday ended with a premium of over 26 per cent against the issue price of Rs 452.

The stock listed at Rs 659.70, up 45.95 per cent from the issue price on the BSE. It later ended at Rs 570.65, rallying 26.25 per cent.

On the NSE, it started the trade at Rs 655, registering a gain of 44.91 per cent. The stock ended at Rs 569.50, up 25.99 per cent.

The company's market valuation stood at Rs 13,614.40 crore.

In volume terms, 22.73 lakh shares of the company were traded on the BSE and 356.45 lakh shares exchanged hands on the NSE during the day.

The Initial Public Offer (IPO) of Indegene got subscribed 69.71 times on the closing day of bidding on Wednesday last week.

The Rs 1,841.75 crore IPO had a fresh issue of up to Rs 760 crore and an offer-for-sale of up to 2,39,32,732 equity shares.

The price band for the offer was Rs 430-452 a share.

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

Founded in 1998, Indegene offers solutions that help enable biopharmaceutical, emerging biotech and medical devices companies to develop products, launch them in the market, and drive sales throughout their life cycle.