Indegene IPO subscribed 7.34 times on day 2 of offer

Indegene IPO: The healthcare tech firm Indegene witnessed robust investor interest as its Initial Public Offering (IPO) garnered subscription of 7.34 times on the second day of bidding, reflecting strong market demand.

According to data from the National Stock Exchange (NSE), the Rs 1,841.75 crore IPO received bids for 21,20,23,944 shares against the 2,88,66,677 shares on offer.

Non-institutional investors showed significant interest, subscribing to the category by 18.02 times, while Qualified Institutional Buyers (QIBs) demonstrated a subscription rate of 5.59 times. Retail Individual Investors (RIIs) also participated actively, with a subscription of 3.82 times.

The IPO comprises 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 successfully raised Rs 549 crore from anchor investors prior to the IPO.

The offer for sale (OFS) includes shares sold by existing investors such as CA Dawn Investments, Vida Trustees, Brighton Park Capital's entities, and individual investors Manish Gupta, Rajesh Bhaskaran Nair, and Anita Nair. Presently, Nadathur Fareast Pte Ltd holds the largest stake in Indegene with 23.64 per cent, followed by CA Dawn Investments with 20.42 per cent and Brighton Park Capital with 12 per cent.

Proceeds from the fresh issue will be utilised to address debt, fund capital expenditure requirements, settle deferred consideration for past acquisitions, support inorganic growth, and fulfil general corporate objectives.

Established in 1998, Indegene offers comprehensive solutions to biopharmaceutical, emerging biotech, and medical devices companies, facilitating product development, market launch, and sales enhancement throughout their life cycle.

The IPO is managed by Kotak Mahindra Capital Company, Citigroup Global Markets India, J P Morgan India, and Nomura Financial Advisory and Securities (India).

(With PTI inputs)