Indegene Limited IPO Sees 70.22x Subscription on Closing Day

On the last day of the bidding process, Wednesday, May 8, 2024, the IPO of Indegene Limited was subscribed 70.22x. The retail portion was subscribed 7.74x, while 192.72x in Qualified Institutional Buyers (QIB), 55.78x in the Non-Institutional Investors (NII) and 6.54x in the employees category. The allotment of shares is expected to happen on May 9, 2024, while the stock will likely be listed on May 13, 2024, on NSE and BSE.

Here are the day-wise subscription details of the Indegene IPO

On May 8, 2024, Indegene IPO last GMP was ₹280.

Indegene Limited IPO opened for subscription on Monday, May 6, 2024, and closed today, May 8, 2024. The price band of the IPO was at ₹430 to ₹452 per share per equity share. The minimum investment (retail) required for the IPO was ₹14,916, and the lot size was 33 shares. The IPO comprises a fresh issue and Offer For Sale (OFS) of a total issue size of 40,746,891 shares, aggregating up to ₹1,841.76 crore.

The object of the Indegene Limited IPO is to

• Repay or prepay the borrowings of ILSL Holdings, Inc., the material subsidiary of the company.
• Fund the capital expenditure requirements of the company and one of the material subsidiaries, Indegene, Inc.
• For general corporate purposes and inorganic growth.

On May 3, 2024, the company’s IPO committee and the book-running lead managers finalised allocating 12,141,102 equity shares to Anchor Investors at an Anchor Investor allocation price of ₹452 per share.

About Indegene Ltd

Indegene Limited offers digital-led commercialisation services for the life sciences industry. They help the companies with clinical trials, drug development, complaints management, regulatory submissions and more. For the nine months ended December 31, 2023, the company reported a total revenue from operations of ₹19,166.11 million, up by ~14.48% compared to the same period in 2022. The restated profit after tax in the nine months ended December 31, 2023, was ₹2,419.02 million, up by ~11.34% compared to the same period in 2022.

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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.