Indegene IPO subscribed 1.67 times on first day of bidding

Indegene IPO: Share sale of Indegene via initial public offering (IPO) was subscribed by 1.67 times, indicating strong investor interest in the company's future prospects.

The IPO, valued at Rs 1,841.75 crore, received bids for 4,80,93,837 shares against the 2,88,66,677 shares on offer, according to data from the National Stock Exchange (NSE).

Non-institutional investors showed significant interest, subscribing to the category by 4.13 times, while Retail Individual Investors (RIIs) demonstrated a subscription rate of 1.50 times. However, the portion for Qualified Institutional Buyers (QIBs) saw only a 5% subscription.

The IPO consists of a fresh issue of up to Rs 760 crore and an offer for sale of up to 2,39,32,732 equity shares, with a price range of Rs 430-452 per share.

Indegene Ltd, in its statement on Friday, revealed that it successfully raised Rs 549 crore from anchor investors, indicating strong confidence from institutional investors.

The offer for sale (OFS) will see shares being sold by existing investors including CA Dawn Investments, a Carlyle group entity, Vida Trustees, Brighton Park Capital's entities BPC Genesis Fund I SPV Ltd, BPC Genesis Fund I-A SPV Ltd, and individual investors Manish Gupta, Rajesh Bhaskaran Nair, and Anita Nair.

Currently, Nadathur Fareast Pte Ltd holds the largest stake in Indegene with a 23.64 per cent share, followed by CA Dawn Investments with a 20.42 per cent stake, and Brighton Park Capital with a 12 per cent stake.

The funds raised through the fresh issue will be utilised for debt repayment, capital expenditure requirements, payment of deferred consideration for past acquisitions, funding inorganic growth, and general corporate purposes.

Kotak Mahindra Capital Company, Citigroup Global Markets India, J P Morgan India, and Nomura Financial Advisory and Securities (India) are the managers to the offer.

Established in 1998, Indegene provides solutions to enable biopharmaceutical, emerging biotech, and medical devices companies in product development, market launch, and sales optimization throughout their life cycle.

(With PTI inputs)