Indegene IPO on Monday posted over 45 per cent gain on its listing day. The share opened at Rs 659.7 apiece on the BSE on the listing day as against the issue price of Rs 452. However, after the opening, the stock faced selling pressure and corrected around 10 per cent to Rs 594 apiece on the BSE.
The initial public offering (IPO) of healthcare tech firm Indegene, which was open for public subscription between May 6 and May 8, received a whopping 69.71 times subscription. The Rs 1,841.75-crore IPO received bids for 2,01,22,03,281 shares against 2,88,66,677 shares on offer.
Shivani Nyati, head of wealth, Swastika Investmart Ltd, said, “Indegene, the provider of digital-led commercialization services for the life sciences industry, defied market negativity with a spectacular debut on the stock exchanges. The company’s shares are listed at a staggering Rs. 655 per share, translating to a phenomenal 45% gain over its issue price of Rs. 452. This impressive performance comes on the back of a strong investor response, with the IPO receiving an overwhelming 70 times subscription.”
She added that Indegene boasts a well-established presence in the life sciences sector, serving leading biopharmaceutical companies and demonstrating consistent growth. The company’s robust technology portfolio and focus on digital-led services position it well for future success in a rapidly evolving market.
“Long-term investors are suggested to hold their position by keeping stoploss and continue monitoring the company’s performance and market conditions,” Nyati added.
The portion for Qualified Institutional Buyers (QIBs) got subscribed a whopping 197.55 times while the part for non-institutional investors received 54.75 times subscription. The quota for Retail Individual Investors (RIIs) garnered 7.68 times subscription. The IPO had a fresh issue of up to Rs 760 crore and an offer for sale of up to 2,39,32,732 equity shares.
The price range for the offer remained Rs 430-452 a share. On Friday, Indegene Ltd said it raised Rs 549 crore from anchor investors.
Funds raised through the fresh issue would be used to pay debt, fund capital expenditure requirements, payment of deferred consideration for one of its past acquisitions, fund inorganic growth and general corporate purposes. Founded in 1998, Indegene offers solutions that help enable biopharmaceutical, emerging biotech and medical devices companies to develop products, launch them in the market, and drive sales throughout their life cycle.
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.
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