- Anchor Investor Bidding Date: Friday, May 03, 2024
- Bid/ Offer Closing Date: Wednesday, May 08, 2024
- Bids can be made for a minimum of 33 Equity Shares and in multiples of 33 Equity Shares thereafter
- The IPO comprises a fresh issue of 16.8 million shares, valued at ₹760 crore, alongside an offer for sale (OFS) of 23.9 million shares, worth ₹1,081.76 crore
NE BUSINESS BUREAU
AHMEDABAD, APRIL 30
Private equity giant Carlyle-backed healthcare solutions provider Indegene Limited on Tuesday announced it is set to launch the Initial Public Offering (IPO) with a book-built issue of ₹1,841.76 crore on Monday, May 6. The IPO comprises a fresh issue of 16.8 million shares, valued at ₹760 crore, alongside an offer for sale (OFS) of 23.9 million shares, worth ₹1,081.76 crore.
Bid/ Offer Closing Date will be Wednesday, May 08, 2024. Anchor Investor Bidding Date is one Working Day prior to Bid/Offer Opening Date, that is, Friday, May 03, 2024.
The Price Band of the Offer has been fixed from ₹430 per Equity Share to ₹452 per Equity Share. Bids can be made for a minimum of 33 Equity Shares and in multiples of 33 Equity Shares thereafter.
The Company intends to use the proceeds of the Fresh Issue utilize towards funding the Repayment/prepayment of indebtedness of one of its Material Subsidiaries, ILSL Holdings, Inc., funding the capital expenditure requirements of the Company and one of its Material Subsidiaries, Indegene, Inc. as well as funding the general corporate purposes and inorganic growth.
“We are aiming to be a zero-debt company post initial public offering (IPO) issue. At present, Carlyle holds around 21 per cent stake and post the IPO their stake will come down to 15 percent. We will use Rs 391 cr to repay debt. With this we will be a zero-debt company,” said Chairman and CEO Manish Gupta.
Established in 1998, Indegene Limited specialises in delivering digital solutions tailored for the life sciences sector. Its comprehensive services span across various critical areas including drug development, clinical trials facilitation, regulatory submissions, pharmacovigilance, complaints management, and sales as well as marketing support.
The company’s offerings are structured into core categories, including enterprise commercial solutions; omnichannel activation; enterprise medical solutions; enterprise clinical solutions; and consultancy services
Indegene Limited’s revenue rose 39.9 per cent to ₹2,364 crore and profit after tax (PAT) jumped 63 per cent to ₹266 crore between the financial year ending with March 31, 2023 and March 31, 2022. Its reserve and surplus jumped to ₹1,019 crore during the same period.
The shares will be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
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 serving as the book running lead managers for the Indegene IPO, with Link Intime India Private Ltd appointed as the registrar for the issue.
