Shares of Indegene Ltd ended the day 1 of listing with 26 per cent gains. As against the IPO price of ₹452, the stock of healthcare tech firm closed at ₹570.65 on the BSE, a gain of 26.25 per cent. The stock listed at ₹659.70, a premium of 446 per cent, but could not on to the gains and slipped to hit a day’s low of ₹527.80. On the NSE, after listing at ₹655, the stock ended at ₹569.50, up 26 per cent over IPO price..

The IPO saw a robust response of nearly 70 times, with QIB portion getting a whopping 197.55 times. Others, Retail (7.8x, non-institutions 55x and employee 6 times), too showed great interest in the IPO.

“We believe the healthy listing is justified due to its virtual monopoly in its services tailor made for the life sciences industry and its deep domain expertise in pharmaceutical marketing, clinical trials, pharmacovigilance, medical and regulatory affairs, and health informatics which is benefiting its clientele base across the value chain,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

“However, post listing, we see the valuations are getting stretched and considering market selloff mood and other parameters, we are recommending conservative investors to book profits, while risk taking investors can continue holding for long term,” he added.

The issue size of the healthcare tech service provider was ₹ 1,842 crore - ₹760 crore fresh issue and ₹1,082 crore offer for sale from investors included CA Dawn Investments, a Carlyle group entity, Vida Trustees in its capacity 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, and individual investors Manish Gupta, Rajesh Bhaskaran Nair and Anita Nair.

Ahead of the IPO, the company had raised ₹549 crore from anchor investors who included Capital Group, Fidelity Investments, Jupiter Asset Management, Abu Dhabi Investment Authority, SBI Mutual Fund, ICICI Prudential Mutual Fund, Nippon India Mutual Fund, DSP Mutual Fund, Premji Invest, UTI Mutual Fund, Edelweiss Mutual Fund, Aditya Birla Sun Life Insurance Company and Bajaj Allianz Life Insurance Company.

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

Kotak Mahindra Capital, Citigroup Global Markets India, J P Morgan India, and Nomura Financial Advisory and Securities (India) are the issue’s book-running lead managers.

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