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Indegene IPO Subscribed 1.67 Times on Day 1 of Bidding

Written by : Nikita Saha

May 7, 2024

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Indegene’s IPO opened for subscription on May 6th and will close on May 8. The tentative date for the listing of shares on the BSE and NSE is May 13.

The initial public offering (IPO) of Bengaluru-based healthtech firm Indegene received an amazing response across categories, yesterday, on its first day of bidding.

Reportedly, the IPO was completely booked with subscriptions over 1.67 times on Monday. The IPO was primarily fueled by strong interest from non-institutional investors (NII).

Indegene’s IPO opened for subscription on May 6th and will close on May 8. The tentative date for the listing of shares on the BSE and NSE is May 13.

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.

Digging into Details

According to NSE data, the IPO worth INR 1,841.75 Cr received bids for 4,80,93,837 shares against 2,88,66,677 shares on offer.

Further, the category for non-institutional investors received 4.13 times the subscription. Additionally, the quota meant for Qualified Institutional Buyers (QIBs) garnered a 5% subscription.

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

The Offer for Sale (OFS) will involve the divestment of shares by current investors including CA Dawn Investments, a Carlyle group entity, Vida Trustees acting as a partner of Group Life Spring, Brighton Park Capital’s entities BPC Genesis Fund I SPV Ltd, and BPC Genesis Fund I-A SPV Ltd, along with individual investors Manish Gupta, Rajesh Bhaskaran Nair, and Anita Nair.

Currently, the largest shareholder in Indegene is Nadathur Fareast, holding a 23.64% stake. CA Dawn Investments holds a 20.42% stake, while Brighton Park Capital has a 12% stake in the company.

The capital raised from the new issue will be allocated towards debt repayment, funding capital expenditure needs, payment of deferred consideration for a previous acquisition, supporting inorganic growth, and other general corporate purposes.

The offer is being managed by Kotak Mahindra Capital Company, Citigroup Global Markets India, J P Morgan India, and Nomura Financial Advisory and Securities (India).

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.


About Chime India

The College of Healthcare Information Management Executives (CHIME) is an executive organization dedicated to serving senior digital health leaders. CHIME includes more than 5,000 members in 56 countries and two US territories and partners with over 150 healthcare IT businesses and professional services firms. CHIME enables its members and business partners to collaborate, exchange ideas, develop professionally and advocate the effective use of information management to improve the health and care throughout the communities they serve. CHIME's members are chief information officers (CIOs), chief medical information officers (CMIOs), chief nursing information officers (CNIOs), chief innovation officers (CIOs), chief digital officers (CDOs), and other senior healthcare leaders. The CHIME India Chapter became the first international chapter outside North America in 2016 and is now a community of over 70+ members in India. For more information, please visit www.chimecentral.org

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