Indegene stock debuts with 46% premium over issue price
Indegene's stock debuts at Rs 659.7, a 46% premium over the issue price. The IPO, oversubscribed 70 times, raised funds for debt and capital expenditure. Revenue reached Rs 1,969 crore for the period ending December 2023.
The of debuted on the exchanges on Monday with a premium of 46%. The stock was listed at Rs 659.7 on BSE as against an issue price of Rs 490.Ahead of the , the company's shares commanded a of Rs 290 in the grey . The received robust response from with an overall subscription of 70 times at close.
Ahead of the IPO opening, the company raised nearly Rs 549 crore from investors. Some of the marquee investors who participated in the anchor round include , , , , , , ICICI Prudential Mutual Fund among others.
The IPO comprised fresh equity issue worth up to Rs 750 crore and offer for sale (OFS) of up to 2.93 crore equity shares by existing investors. Under the OFS, Manish Gupta, Rajesh Bhaskaran Nair, Anita Nair, Carlyle, Brighton Park Capital, Nadathur Family Office among others offloaded shares.
The 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.
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Analysts believe gave investors a unique opportunity to invest in a leading provider of digital-led commercialisation services tailored for the life sciences industry
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.
The company combines over two decades of healthcare domain expertise and our technology platforms to provide solutions that assist life science companies in clinical trials, support their regulatory and safety operations, aid in the launch of their products in the market and drive sales and marketing through the life cycle of their products.
For the period ended December 2023, the company clocked revenue from operations of Rs 1,969 crore and posted a profit after tax of Rs 241 crore.
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.
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Source: Stocks-Markets-Economic Times
