Indegene makes strong market debut; lists 46% premium over issue price

At 10:01 am; Indegene was trading at Rs 579.90, a 28 per cent premium over its issue price and fallen 12 per cent from its listing price on the BSE

Indegene made a strong stock market debut with its shares getting listed at Rs 659.70, a 46 per cent premium over its issue price of Rs 452 per share on the BSE on Monday. On the National Stock Exchange (NSE), the stock of healthcare research, analytics and technology company opened at Rs 655, 45 per cent higher against its issue price. 

At 10:01 am; Indegene was trading at Rs 579.90 with a 28 per cent premium over its issue price. It has fallen 12 per cent from its listing price on the BSE. The stock touched an intra-day low of Rs 575. A combined 6.9 million equity shares changed hands on the NSE and BSE. In comparison, the S&P BSE Sensex and Nifty 50 were down by around 1 per cent each.

The issue got healthy response with the IPO getting subscribed 70.30 times. In the retail category, the IPO of Indegene got bids 7.86 times more than the offered shares. The qualified institutional buyers (QIB) segment was subscribed 192.72 times, and the non-institutional investors (NII) category 55.91 times.

Indegene is a technology led digital commercialisation provider to the life sciences industry, including biopharmaceutical, emerging biotech and medical device companies.

Indegene operates across enterprise commercial solutions, medical solutions, omnichannel activation and clinical solutions and consultancy services. Indegene offers its services to 65 clients as of 9MFY24. The company operates through an internally developed artificial intelligence (AI) and machine learning (ML) based proprietary platform which allows it to offer solutions to clients across the globe.

The company operates with a unique business model and strategic client’s relationship with 17 of the top 20 global biopharmaceutical companies in FY23. The company recorded a strong PAT CAGR of 12.7 per cent between FY21-FY23 and is expected to become net debt free post issue, SBI Securities said in IPO note.

Analyst at Mehta Equities believe Indegene gives investors a unique opportunity to invest in a leading provider of digital-led commercialisation services tailored for the life sciences industry.

The brokerage firm highlighted Indegene’s deep domain expertise in life sciences, coupled with advanced tech solutions, optimising sales, activating omnichannels, speeding patient recruitment, and simplifying regulatory submissions, benefiting companies across the commercialisation chain.

Analysts also said that the company's investment in proprietary tools and platforms, such as "NEXT" suite, underscore their commitment to driving transformation across the commercialisation lifecycle. The brokerage firm concurred that operating through two effective delivery models, Indegene is well-positioned to provide customised, enterprise-wide solutions over multi-year periods, delivering significant value and impact to their clients.