Indegene IPO subscribed 69.71 times on closing day of bidding

The healthcare technology firm Indegene witnessed overwhelming demand for its Initial Public Offering (IPO), which was subscribed 69.71 times on the closing day of bidding on Wednesday.

According to data from National Stock Exchange (NSE) Rs 1,841.75 crore IPO received bids for a staggering 2,01,22,03,281 shares against the 2,88,66,677 shares on offer.

The portion designated for Qualified Institutional Buyers (QIBs) witnessed an exceptional subscription of 197.55 times, while the segment for non-institutional investors garnered a subscription of 54.75 times. Retail Individual Investors (RIIs) also showed significant interest, with a subscription of 7.68 times.

The IPO comprised a fresh issue of up to Rs 760 crore and an offer for sale of up to 2,39,32,732 equity shares. Priced in the range of Rs 430-452 per share, the IPO attracted considerable attention from investors.

Earlier, on Friday, Indegene Ltd announced that it successfully raised Rs 549 crore from anchor investors, signalling strong investor confidence in the company's growth prospects.

Proceeds from the fresh issue will be allocated towards various purposes, including debt repayment, funding capital expenditure requirements, payment of deferred consideration for past acquisitions, inorganic growth initiatives, and general corporate purposes.

Established in 1998, Indegene specializes in providing solutions to biopharmaceuticals, emerging biotech, and medical devices companies. Its offerings aid in product development, market launch, and sales management throughout the product life cycle.

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

(With PTI inputs)