The initial public offering of Sagility India closes for public subscription today. The IPO of the Bengaluru-based healthcare-focused services provider has been subscribed 52 per cent or 0.52 times so far. The ₹2,106.60-crore issue comes at a price band of ₹28-30 a share.
The entire issue is an offer-for-sale of 70.22 crore shares by its Netherland-based promoter, Sagility BV.
The company has reserved 75 per cent of the issue for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors (NIIs) and 10 per cent for retail investors. Investors can bid for at least 500 shares worth ₹14,000 and in multiples after that. The company is offering a discount of ₹2 per share to eligible employees bidding in the employee reservation portion.
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The IPO saw a strong response from retail investors on Day 2 as their quota was subscribed 2.24 times and the employee portion, too, was subscribed 2.44 times. On the other hand, NIIs remained lukewarm at 0.24 times, while QIBs are yet to bid.
As part of the IPO process, Sagility India has raised ₹945 crore from anchor investors
It has allocated 31,51,34,668 shares at ₹30 per share on Monday to 52 anchor investors, including global funds such as Nomura Funds, Government Pension Fund Global, Florida Retirement System, TIMF Holdings, Societe Generale, and Goldman Sachs and domestic institutions and mutual funds such as ICICI Prudential Mutual Fund, HDFC Mutual Fund, Mirae Asset, ICICI Prudential Life Insurance, Whiteoak Capital, PGIM India, Edelweiss Trusteeship, Motilal Oswal Mutual Fund, Baroda BNP Paribas Mutual Fund, Max Life Insurance, Aditya Birla Sun Life Insurance, Invesco India, SBI General Insurance, and Bharti Axa Life Insurance.
The objective of the offer is to achieve the benefits of listing on the stock exchanges, it said.
Sagility India Ltd, previously known as Berkmeer India Private Limited, specialises in providing healthcare-focused solutions and services to both Payers (US health insurers) and Providers (hospitals, physicians, diagnostics, and medical technology companies). The company supports the primary operations of both Payers and Providers.
For Payers, services cover the entire operational spectrum, including centralised claims administration and clinical services functions such as claims processing, payment integrity, and clinical management. For Providers, Sagility offers revenue cycle management services to help manage billing and claims from Payers.
Additionally, Sagility extends some of its services for Payers to Pharmacy Benefit Managers (PBMs), who handle prescription drug coverage for insured members under health benefit plans.
ICICI Securities, IIFL Securities, Jefferies India Private Ltd and J.P. Morgan India Pvt Ltd are the book-runners, while Link Intime India is the registrar of the public issue.