Indegene IPO Posts Stellar 45% Listing Gains


Indegene IPO received a whopping 69.71 times subscription.

Indegene IPO received a whopping 69.71 times subscription.

Indegene’s share opened at Rs 659.7 apiece on the BSE on the listing day as against the issue price of Rs 452

Indegene IPO on Monday posted over 45 per cent gain on its listing day. The share opened at Rs 659.7 apiece on the BSE on the listing day as against the issue price of Rs 452. However, after the opening, the stock faced selling pressure and corrected around 10 per cent to Rs 594 apiece on the BSE.

The initial public offering (IPO) of healthcare tech firm Indegene, which was open for public subscription between May 6 and May 8, received a whopping 69.71 times subscription. The Rs 1,841.75-crore IPO received bids for 2,01,22,03,281 shares against 2,88,66,677 shares on offer.

The portion for Qualified Institutional Buyers (QIBs) got subscribed a whopping 197.55 times while the part for non-institutional investors received 54.75 times subscription. The quota for Retail Individual Investors (RIIs) garnered 7.68 times subscription. The IPO had a fresh issue of up to Rs 760 crore and an offer for sale of up to 2,39,32,732 equity shares.

The price range for the offer remained Rs 430-452 a share. On Friday, Indegene Ltd said it raised Rs 549 crore from anchor investors.

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. 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.

Kotak Mahindra Capital Company, Citigroup Global Markets India, J P Morgan India and Nomura Financial Advisory and Securities (India) are the managers to the offer.



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