Indegene raises ₹549 cr from anchor investors; IPO to open today

Ahead of the opening of initial public offering (IPO), healthcare tech firm Indegene has raised ₹548.77 crore from anchor book. The Bengaluru-based firm has allotted 1,21,41,102 equity shares to 36 anchor investors at the upper price band of ₹452 per equity share with a face value of ₹2 per share.

Out of the total allocation of 1.2 crore equity shares to the anchor investors, 4.8 lakh shares, or 39.58%, were allocated to 10 domestic mutual funds through a total of 18 schemes. The list includes SBI Mutual Fund, ICICI Prudential Mutual Fund, Nippon India Mutual Fund, DSP Mutual Fund, Premji Invest, UTI Mutual Fund, Bandhan Mutual Fund, Invesco Mutual Fund, and others.  

The anchor book saw participation from a wide variety of marquee investors, including Capital Group, one of the world's largest investment management firms, Fidelity Investments, Loomis Sayles & Company, Jupiter Asset Management, Abu Dhabi Investment Authority, Custody Bank of Japan, WhiteOak Capital Management, and Copthall Mauritius Investment Limited.

The ₹1,842 crore IPO of Indegene will open for subscription on May 6 and close on May 8. The tentative date for the listing of shares of Indegene on the BSE and NSE is May 13.

The offer comprises a fresh issue of equity shares worth up to ₹760 crore and an offer for sale (OFS) of up to 23,932,732 shares worth ₹1,082 crore by existing shareholders and investors.

The price band of the IPO is ₹430-452 and investors can bid for a minimum of 33 shares and in multiples thereafter. The minimum application amount for a retail investor is ₹14,916 for 33 shares or 1 lot, while the maximum is ₹193,908 for 13 lots or 429 shares.

As per the document filed with the SEBI, the company has reserved half of the issue for qualified institutional buyers (QIBs), up to 35% for retail investors, and remaining 10% for non institutional investors (NIIs). The offer includes a reservation of equity shares aggregating up to ₹12.5 crore for eligible employees, which will be offered at a discount of ₹30 per equity share.

Indegene intends to use the proceeds of the fresh issue to fund the repayment of debts of one of its material subsidiaries, ILSL Holdings, Inc. A part of the capital will be used for funding the capital expenditure requirements of the company and one of its subsidiaries, Indegene, Inc., as well as to meet general corporate purposes and inorganic growth.

Established in 1998, Indegene provides digital services for the life sciences industry for the past 25 years. It is a ‘digital-first’ commercialisation firm, empowering biopharmaceutical, emerging biotech, and medical devices companies to develop and launch products, helping them with clinical trials, regulatory submissions, pharmacovigilance, complaints management, and sales & marketing support.