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April 29, 2024

Indegene IPO: A Deep Dive into Healthcare Solutions Provider’s Market Debut

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Indegene IPO: A Comprehensive Look at Healthcare Solutions Provider’s Market Debut

Indegene Limited, a leading provider of healthcare solutions, is gearing up for its much-anticipated Initial Public Offering (IPO) scheduled to open on May 6, 2024. With a book-built issue of Rs 1,841.76 crore, this IPO is poised to make waves in the market.

Price Band and Offer Details

The IPO comprises a fresh issue of 16.8 million shares valued at Rs 760 crore, along with an offer for sale (OFS) of 23.9 million shares worth Rs 1,081.76 crore. Indegene IPO has set its price band between Rs 430 to Rs 452 per equity share, with a face value of Rs 2.

Utilization of Proceeds

Indegene plans to utilize the net proceeds for various purposes including repayment/prepayment of indebtedness of one of its Material Subsidiaries, funding the capital expenditure requirements, and for general corporate purposes and inorganic growth.

Company Overview

Established in 1998, Indegene Limited specializes in delivering digital solutions tailored for the life sciences sector. Its comprehensive services span across various critical areas including drug development, clinical trials facilitation, regulatory submissions, pharmacovigilance, complaints management, and sales as well as marketing support. The company’s offerings are structured into core categories including enterprise commercial solutions; omnichannel activation; enterprise medical solutions; enterprise clinical solutions; and consultancy services.

Lot Size and Investment Requirements

The minimum lot size for the IPO is 33 shares. Retail investors need a minimum investment of Rs 14,916. Small individual investors (sNII) are required to invest in a minimum of 14 lots (462 shares), totaling Rs 208,824, while qualified institutional buyers (QIBs) must invest in at least 68 lots (2,244 shares), amounting to Rs 1,014,288.

Allotment and Listing Details

The allotment process is expected to be finalized by Thursday, May 9, 2024, with plans for listing on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) tentatively set for Monday, May 13, 2024.

Grey Market Premium (GMP)

The Grey Market Premium (GMP) of Indegene stands at Rs 160, indicating a listing gain of 35 per cent.

Lead Managers and Registrar

Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited, and Nomura Financial Advisory And Securities (India) Pvt Ltd are serving as the book running lead managers for the Indegene IPO, with Link Intime India Private Ltd appointed as the registrar for the issue.

Financial Performance

Indegene Limited’s revenue rose 39.9 per cent to Rs 2,364 crore and profit after tax (PAT) jumped 63 per cent to Rs 266 crore between the financial year ending March 31, 2023, and March 31, 2022. Its reserve and surplus also saw a significant increase, reaching Rs 1,019 crore during the same period.

Competitors

Indegene faces competition from companies like eClinicalWorks, athenaOne, and Intergy in the healthcare solutions segment.

As the Indegene IPO marks its debut, investors are keeping a keen eye on its performance, given its strong market position and promising financials.

Jhumpa Lahiri

Jhumpa Lahiri

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