Indegene IPO to open on May 6th

30 Apr 2024 , 08:44 AM

Indegene, a leading provider of digital-centric commercialization services for the life sciences sector, backed by private equity firms Carlyle and Nadathur Fareast, has announced the price band for its much-anticipated initial public offering (IPO). The IPO, valued at ₹1,842 Crore, is set to open for subscription on May 6.

The price band for the offering has been fixed at ₹430-452 per share. Of this, the company aims to raise ₹760 Crore through fresh issue, while existing shareholders will offer shares worth approximately ₹1,081.75 Crore. Notable selling shareholders include Manish Gupta, Dr. Rajesh Bhaskaran Nair, Anita Nair, Vida Trustees, BPC Genesis Fund I SPV, BPC Genesis Fund I-A SPV, and CA Dawn Investments.

Nadathur Fareast Pte Ltd, owned by Infosys co-founder Nadathur S Raghavan, holds the largest stake in Indegene at 23.64% on a fully diluted basis, followed by CA Dawn Investments, a Carlyle entity, with a 20.42% share.

Anchor bidding for the IPO is scheduled to commence on May 3, with the subscription period closing on May 8. Allotment will be finalized on May 9, followed by the initiation of refunds the next day. Trading of the stock is expected to commence on May 13.

Proceeds from the fresh issue will primarily be utilized to repay debts of subsidiary ILSL Holdings Inc, amounting to ₹391.3 Crore. Additionally, ₹102.9 Crore will be allocated for meeting capital expenditure requirements of material subsidiary Indegene Inc, with the remainder earmarked for general corporate purposes and potential inorganic growth opportunities.

Indegene caters to biopharmaceutical, emerging biotech, and medical devices companies, offering services ranging from drug development and clinical trials to regulatory submissions, pharmacovigilance, complaints management, and sales and marketing support. The company boasts 65 active clients as of December, served through its operational hubs in North America, Europe, and Asia.

The IPO is being managed by Kotak Mahindra Capital Company, Citigroup Global Markets India, JP Morgan India, and Nomura Financial Advisory and Securities (India), with Link Intime India serving as the registrar to the offer.