Indegene IPO subscribed 69.70 times as institutions bid aggressively

The initial public offering of Indegene saw a robust response from all category investors, as the issue was subscribed 69.70 times, thanks to QIBs.

The ₹1,842-crore IPO of healthcare tech service provider that came out with a price band of ₹430-452 received bids for 201.35 crore shares against 2.89 crore shares on offer (net of anchor portion).

The portion for qualified institutional buyers was subscribed a whopping 197.55 times while that of non-institution received bids for 54.82 times. The quota for retail investors got 7.78x subscription and the portion for employees, who enjoy a discount of ₹30, got subscribed 6.34 times.

The IPO comprised a fresh issue of shares worth up to ₹760 crore, and an offer-for-sale of up to 2.34 crore equity shares, aggregating ₹1,082 crore. Through the OFS investors such as CA Dawn Investments, a Carlyle group entity, Vida Trustees in its capacity as a partner of Group Life Spring, Brighton Park Capital’s entities BPC Genesis Fund I SPV Ltd, and BPC Genesis Fund I-A SPV Ltd, and individual investors Manish Gupta, Rajesh Bhaskaran Nair, and Anita Nair will sell stake.

As part of the IPO, the company on Friday raised ₹549 crore from anchor investors. It had allotted 1.21 crore shares to 36 funds at ₹452 apiece. Among the anchor investors are Capital Group, Fidelity Investments, Jupiter Asset Management, Abu Dhabi Investment Authority, SBI Mutual Fund, ICICI Prudential Mutual Fund, Nippon India Mutual Fund, DSP Mutual Fund, Premji Invest, UTI Mutual Fund, Edelweiss Mutual Fund, Aditya Birla Sun Life Insurance Company and Bajaj Allianz Life Insurance Company.

Funds raised through the fresh issue would be used to pay, fund capital expenditure requirements, payment of deferred consideration for one of its past acquisitions, fund inorganic growth and general corporate purposes.

Kotak Mahindra Capital, Citigroup Global Markets India, J P Morgan India, Nomura Financial Advisory and Securities (India) are the book-running lead managers to the issue