Indegene IPO to open on May 6; check price band, GMP, other details here

Healthcare solutions provider Indegene is set to launch its Initial Public Offering (IPO) with a book-built issue of Rs 1,841.76 crore.

The IPO comprises a fresh issue of 16.8 million shares, valued at Rs 760 crore, alongside an offer for sale (OFS) of 23.9 million shares, worth Rs 1,081.76 crore.

Scheduled to open for subscription on May 6, 2024, the Indegene IPO will conclude on May 8, 2024. Indegene IPO has set its price band between Rs 430 to Rs 452 per equity share with a face value of Rs 2.

The company plans to utilise the net proceeds in repayment/prepayment of indebtedness of one of the Material Subsidiaries, ILSL Holdings, Inc.; funding the capital expenditure requirements of the company and one of the material subsidiaries, Indegene, Inc.; and general corporate purposes and inorganic growth.

Established in 1998, Indegene Limited specialises in delivering digital solutions tailored for the life sciences sector. Its comprehensive services span across various critical areas including drug development, clinical trials facilitation, regulatory submissions, pharmacovigilance, complaints management, and sales as well as marketing support.

The company's offerings are structured into core categories including enterprise commercial solutions; omnichannel activation; enterprise medical solutions; enterprise clinical solutions; and consultancy services

Here is all you need to know about the Indigene IPO:

Lot size

The minimum lot size is 33 shares. For retail investors, the minimum investment required stands at Rs 14,916. Meanwhile, small individual investors (sNII) are required to invest in a minimum of 14 lots (462 shares), totaling Rs 208,824, while qualified institutional buyers (QIBs) must invest in at least 68 lots (2,244 shares), amounting to Rs 1,014,288.

Allotment, listing details

The allotment process is expected to be finalised by Thursday, May 9, 2024, with plans for listing on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) tentatively set for Monday, May 13, 2024.

GMP

The Grey Market Premium (GMP) of the company is Rs 160, indicating a listing gain of 35 per cent for Indigene on the bourses.

Lead managers

Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, and Nomura Financial Advisory And Securities (India) Pvt Ltd are serving as the book running lead managers for the Indegene IPO, with Link Intime India Private Ltd appointed as the registrar for the issue.

Financials

Indegene Limited's revenue rose 39.9 per cent to Rs 2,364 crore and profit after tax (PAT) jumped 63 per cent to Rs 266 crore between the financial year ending with March 31, 2023 and March 31, 2022. Its reserve and surplus jumped to Rs 1,019 crore during the same period.

Competitors

Indigene competes with companies like eClinicalWorks, athenaOne, and Intergy among others in this segment.