The offer received bids for 21.20 crore shares as against 2.88 crore shares on offer.
The initial public offer (IPO) of Indegene received 21,20,23,944 bids for shares as against 2,88,66,677 shares on offer, according to stock exchange data at 17:00 IST on Tuesday (7 May 2024). The issue was subscribed 7.34 times.The issue opened for bidding on Monday (6 May 2024) and it will close on Wednesday (8 May 2024). The price band of the IPO is fixed at Rs 430 to 452 per share. An investor can bid for a minimum of 33 equity shares and in multiples thereof.
The offer comprises fresh issue of equity shares worth up to Rs 760 crore and an offer for sale of 2,39,32,732 equity shares aggregating up to Rs 1,081.76 crore.
The objectives of the fresh issue include Rs 391 crore for repayment/prepayment of debt; Rs 103 crore to fund working capital requirement and the remaining amount to be used for general corporate purposes and inorganic growth.
Ahead of the IPO, Indegene on Friday, 3 May 2024, raised Rs 548.77 crore from anchor investors. The board allotted 1.21 crore shares at Rs 452 each to 36 anchor investors.
Indegene provides digital-led commercialization services for the life sciences industry, including biopharmaceutical, emerging biotech, and medical devices companies. The company assists in drug development, clinical trials, regulatory submissions, pharmacovigilance, complaints management, and sales and marketing.
The company provides services such as enterprise commercial solutions, omnichannel activation, enterprise medical solutions and enterprise clinical solutions and consultancy services.
The firm reported a net profit of Rs 241.90 crore and sales of Rs 1,916.61 crore for the nine months ended on 31 December 2023.
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