Indegene IPO: The initial public offering (IPO) of private equity (PE) firms Carlyle and Nadathur Fareast-backed Indegene will open for subscription on May 6, 2024. The maiden public issue of the digital services provider for the life sciences industry will remain open for bidding till May 8, 2024, according to the red herring prospectus (RHP) filed by the the company.
Indegene assists with drug development, clinical trials, regulatory submissions, pharmacovigilance, complaints management, and sales or marketing support.
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Indegene IPO Details:
Indegene IPO is a book built issue. The issue comprises of fresh issue of ₹760.00 crore and offer for sale of 2.39 crore shares. The allotment for the Indegene IPO is expected to be finalized on Thursday, May 9, 2024. Indegene IPO will list on BSE, NSE with tentative listing date fixed as Monday, May 13, 2024. Indegene IPO price bands are yet to be announced. Certain media reports indicate that the IPO issue size may be in the range of ₹1,750-2,500 crore.
PE firm Nadathur Fareast Pte Ltd, owned by Infosys co-founder Nadathur S Raghavan, is the largest shareholder in Indegene with a 23.64 per cent stake on a fully diluted basis, followed by the global PE firm Carlyle-backed CA Dawn Investments which holds 20.42 per cent shares, according to the RHP.
The private-sector company has reserved up to 50 per cent of the net issue size for qualified institutional buyers (QIB), 15 per cent for non-institutional investors (high-net-worth individuals), and the remaining 35 per cent for the retail investors in its public issue.
Kotak Mahindra Capital Company Ltd, Citigroup Global Markets India Private Ltd, JP Morgan India Private Ltd 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.
The Bengaluru-based company proposes to utilise the net proceeds towards the funding of the following objectives:
-Repayment and prepayment of indebtedness of one of the material Subsidiaries, ILSL Holdings, Inc
-Funding the capital expenditure requirements of the Company and one of the Material Subsidiaries, Indegene, Inc.
-General corporate purposes and inorganic growth.
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Indegene Company Details:
Founded in 1998, Indegene is engaged in the research and experimental development on natural sciences and engineering. It has a global presence in the US, the UK, Europe, China, Japan, and India. It provides solutions such as product commercialization, enterprise marketing and customer experience, data and analytics, medical transformation, and learning and development solutions.
It mainly caters to the biotech companies and medical device manufacturers. Several leading global healthcare organizations rely on Indegene to deliver effective and efficient clinical, medical and commercial outcomes every day, according to the company’s official website.
Indegene Limited’s revenue increased by 39.85 per cent and profit after tax (PAT) rose by 63.43 per cent between the financial year ending with March 31, 2023 and March 31, 2022. The company’s services can be broadly divided into following categories:
-Enterprise Commercial Solutions
-Omnichannel Activation
-Enterprise Medical Solutions
-Enterprise Clinical Solutions and consultancy services.
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Published: 27 Apr 2024, 09:34 PM IST
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