Shares of Indegene will be listed at the bourses today. The company has fixed the issue price at ₹452, the upper cand of the price band of ₹430-452.
The initial public offering saw a robust response from all category investors, as the issue was subscribed 69.70 times, thanks mainly to qualified institutional buyers.
The issue size of the healthcare tech service provider was ₹ 1,842 crore, which received bids for 201.35 crore shares against 2.89 crore shares on offer (net of anchor portion).
The portion for qualified institutional buyers was subscribed a whopping 197.55 times, while that of non-institution received bids 54.82 times. The quota for retail investors received 7.78x subscription times, and the portion for employees, who get discounts of ₹30, received bids 6.34 times.
The IPO comprised a fresh issue of shares worth up to ₹760 crore, and an offer-for-sale of up to 2.34 crore equity shares, aggregating ₹1,082 crore. Through the OFS investors such as 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 will sell stake.
Ahead of the IPO, the company had raised ₹549 crore from anchor investors. It had allotted 1.21 crore shares to 36 funds at ₹452 apiece. Among the anchor investors are 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.