Sagility India Bags INR 945 Cr from Anchor Investors Ahead of IPO

The IPO will remain open until November 7, with a price band set between INR 28-30 per share.

Sagility India, a technology-enabled healthcare services provider, raised over INR 945 Cr from anchor investors on Monday, ahead of its initial public offering (IPO) set to open for public subscription on November 5.

The IPO will remain open until November 7, with a price band set between INR 28-30 per share.

Top anchor investors include Nomura Funds Ireland, Government Pension Fund Global, Florida Retirement System - Allspring Global Investments, LLC, Amundi Funds New Silk Road, and Goldman Sachs (Singapore) Pte, according to a circular on the BSE website.

Domestic participants in the anchor round include ICICI Prudential Mutual Fund, HDFC Mutual Fund, Motilal Oswal Mutual Fund, Max Life Insurance, and ICICI Prudential Life Insurance Company.

Sagility allotted 31.51 crore equity shares to 52 funds at INR 30 per share, totaling INR 945.40 Cr. Of this allocation, 11.84 crore shares were distributed to eight domestic mutual funds across 26 schemes.

The Bengaluru-based company’s IPO is structured as an Offer for Sale (OFS) by promoter Sagility BV, involving 70.22 crore shares, valued at INR 2,106.60 Cr at the upper price band. Since this is an OFS, proceeds will go entirely to the selling shareholders, with no funds directed to the company.

Sagility stated that the purpose of the IPO is to gain the benefits of listing on stock exchanges, which includes increasing brand visibility, providing liquidity for shareholders, and creating a public market for equity shares.

Sagility provides technology-driven services for both payers, such as US health insurers, and providers, including hospitals and healthcare companies.

In March 2024, Sagility acquired BirchAI, a healthcare technology firm specializing in cloud-based generative AI. The acquisition aims to improve member and provider engagement and reduce operational costs with AI-driven support solutions integrated into Sagility’s offerings.

ICICI Securities, IIFL Securities, Jefferies India, and JP Morgan India are the book-running lead managers for the IPO, and the shares are proposed to be listed on both the BSE and NSE.

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