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20 Nov 2024
Indegene Limited IPO
Indegene Ltd. (IL) is providing digital-led commercialization services for the life sciences industry, including biopharmaceutical, emerging biotech and medical devices companies, that assist them with drug development and clinical trials, regulatory submissions, pharmacovigilance and complaints management, and the sales and marketing of their products. Its solutions enable life sciences companies to develop products, launch them in the market, and drive sales through their life cycle in a more effective, efficient and modern manner. Indegene IPO is a book built issue of Rs 1,841.76 crores.
The issue is a combination of fresh issue of 1.68 crore shares aggregating to Rs 760.00 crores and offer for sale of 2.39 crore shares aggregating to Rs 1,081.76 crores. Indegene IPO price band is set at ₹430 to ₹452 per share. The minimum lot size for an application is 33 Shares. Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited and Nomura Financial Advisory And Securities (India) Pvt Ltd are the book running lead managers of the Indegene IPO, while Link Intime India Private Ltd is the registrar for the issue.
Indegene IPO Overview
| Detail | Description |
|---|---|
| IPO Date | May 6, 2024 to May 8, 2024 |
| Listing Date | [.] |
| Face Value | ₹2 per share |
| Price Band | ₹430 to ₹452 per share |
| Lot Size | 33 Shares |
| Total Issue Size | 40,746,891 shares (aggregating up to ₹1,841.76 Cr) |
| Fresh Issue | 16,814,159 shares (aggregating up to ₹760.00 Cr) |
| Offer for Sale | 23,932,732 shares of ₹2 (aggregating up to ₹1,081.76 Cr) |
| Employee Discount | Rs 30 per share |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 222,435,091 |
| Share holding post issue | 239,249,250 |
Indegene IPO Timeline (Tentative Schedule)
| Detail | Description |
|---|---|
| IPO Open Date | Monday, May 6, 2024 |
| IPO Close Date | Wednesday, May 8, 2024 |
| Basis of Allotment | Thursday, May 9, 2024 |
| Initiation of Refunds | Friday, May 10, 2024 |
| Credit of Shares to Demat | Friday, May 10, 2024 |
| Listing Date | Monday, May 13, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on May 8, 2024 |
Indegene IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 33 | ₹14,916 |
| Retail (Max) | 13 | 429 | ₹193,908 |
| S-HNI (Min) | 14 | 462 | ₹208,824 |
| S-HNI (Max) | 67 | 2,211 | ₹999,372 |
| B-HNI (Min) | 68 | 2,244 | ₹1,014,288 |
Indegene IPO Reservation
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | 12,141,102 (29.78%) | NA |
| QIB Shares Offered | 8,094,069 (19.85%) | NA |
| NII (HNI) Shares Offered | 6,070,552 (14.89%) | |
| bNII > ₹10L | 4,047,034 (9.93%) | 8,759 |
| sNII < ₹10L | 2,023,518 (4.96%) | 4,379 |
| Retail Shares Offered | 14,164,620 (34.75%) | 429,230 |
| Employee Shares Offered | 296,209 (0.73%) | NA |
| Total Shares Offered | 40,766,552 (100%) |
Indegene IPO Promoter Holding
| Share Holding Pre Issue | 30.71% |
| Share Holding Post Issue |
Indegene IPO Anchor Investors Details
| Bid Date | May 3, 2024 |
| Shares Offered | 12,141,102 |
| Anchor Portion Size (In Cr.) | 548.78 |
| Anchor lock-in period end date for 50% shares (30 Days) | June 8, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | August 7, 2024 |
Company & Financials
The company was incorporated in 1998, Indegene Limited provides digital services for the life sciences industry. They assist with drug development, clinical trials, regulatory submissions, pharmacovigilance, complaints management, and sales/marketing support. The company achieves this by combining over two decades of healthcare domain expertise and fit-for-purpose technology. Its portfolio of solutions covers all aspects of commercial, medical, regulatory and R&D operations of life sciences companies. It has established client relationships with each of the 20 largest pharmaceutical companies in the world by revenue for the Financial Year 2023 (Source: Everest Report), having earned more than 69.00% of its total revenue from operations for each of the nine months ended December 31, 2023 and 2022 and the Financial Years 2023, 2022 and 2021 from these 20 customers. Positioned at the intersection of healthcare and technology, its solutions span across different stages of the commercialization lifecycle of drugs and medical devices.
Indegene Limited Financial Information
| Period Ended | 31 Dec 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 | ||||||||||||||||||||||||||||||||||||
| Assets | 2,518.15 | 2,203.87 | 1,353.47 | 596.04 | ||||||||||||||||||||||||||||||||||||
| Revenue | 1,969.75 | 2,364.10 | 1,690.50 | 996.92 | ||||||||||||||||||||||||||||||||||||
| Profit After Tax | 241.90 | 266.10 | 162.82 | 149.41 | ||||||||||||||||||||||||||||||||||||
| Net Worth | 1,327.00 | 1,063.72 | 763.90 | 324.51 | ||||||||||||||||||||||||||||||||||||
| Reserves and Surplus | 1,282.65 | 1,019.43 | 763.55 | 324.19 | ||||||||||||||||||||||||||||||||||||
| Total Borrowing | 399.33 | 394.34 | 18.24 | 24.76 | ||||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| Debt/Equity | 0.3 |
| RoNW | 18.23% |
| P/BV | 7.55 |
| PAT Margin (%) | 12.62 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 11.96 | 13.48 |
| P/E (x) | 37.78 | 33.53 |
Objectives of Indegene IPO
The Company proposes to utilise the Net Proceeds towards funding the following objectives:-
- 1. Repayment/prepayment of indebtedness of one of the Material Subsidiaries, ILSL Holdings.
- 2. Funding the capital expenditure requirements of the Company and one of the Material Subsidiaries, Indegene.
- 3. General corporate purposes and inorganic growth.
Indegene IPO Review
The company has a unique business model and enjoys virtual monopoly in its business that generates over 98% global revenue. It marked steady growth in its top and bottom lines for the reported periods, and the segment is poised for bright prospects ahead. Based on FY24 annualized earnings, the issue appears fully priced, but considering its niche play, it is reasonably priced leaving something on table for one and all. Investors may lap up this IPO for the medium to long term rewards.
FAQs for Indegene IPO
-
What Is The Size Of The Indegene Limited IPO?
The offer size of Indegene Limited is INR 1,841.76 crores, consisting of a fresh issue of shares worth INR 760 crores and an offer to sell 1,081.76 crore shares. The company aims to manage debt, finance projects, and pursue growth opportunities for sustainable development.
-
What Is The Price Band Of The Indegene Limited IPO?
The price band of the issue is INR 430-452 per share.
-
When will Indegene IPO open for subscription?
The IPO subscription window will open on May 6, 2024.
-
What is the listing date of the Indegene Limited IPO?
The listing date of Indegene Limited’s IPO is May 13, 2024.
-
When will Indegene IPO be allotted?
The Basis of Allotment will happen on Thursday, May 9, 2024.
-
What minimum lot size can retail investors subscribe to?
The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 33 shares.
Anchor Investor Link:
Anchor Investor Link of Indegene Limited IPO
-
What Is The Size Of The Indegene Limited IPO?
The offer size of Indegene Limited is INR 1,841.76 crores, consisting of a fresh issue of shares worth INR 760 crores and an offer to sell 1,081.76 crore shares. The company aims to manage debt, finance projects, and pursue growth opportunities for sustainable development.
-
What Is The Price Band Of The Indegene Limited IPO?
The price band of the issue is INR 430-452 per share.
-
When will Indegene IPO open for subscription?
The IPO subscription window will open on May 6, 2024.
-
What is the listing date of the Indegene Limited IPO?
The listing date of Indegene Limited’s IPO is May 13, 2024.
-
When will Indegene IPO be allotted?
The Basis of Allotment will happen on Thursday, May 9, 2024.
-
What minimum lot size can retail investors subscribe to?
The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 33 shares.
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