Indegene IPO gets ₹549 crore investment from anchor investors

6 May 2024 , 09:17 AM

Indegene’s IPO has received Rs 549 crore investment from anchor investors.

Out of the total allocation of 1,21,41,102 equity shares to anchor investors, a significant portion comprising 48,05,156 equity shares was designated to 10 domestic mutual funds across 18 schemes. This allocation underscores the confidence these institutional investors have in Indegene’s future prospects.

Notably, insurance companies such as Aditya Birla Sun Life Insurance, Bajaj Allianz Life Insurance, and Bharti Axa Life Insurance also participated in the anchor book, further diversifying the investor base and showcasing the broad appeal of Indegene’s IPO.

Indegene aims to raise a substantial amount of ₹1,841.76 Crore through its IPO at the upper price band. This includes a fresh issuance of shares worth ₹760 Crore and an offer-for-sale (OFS) of 2.39 Crore equity shares valued at ₹1,081.76 Crore by existing investors.

The selling shareholders in the OFS include Manish Gupta, Rajesh Bhaskaran Nair, Anita Nair, Vida Trustees, BPC Genesis Fund, and CA Dawn Investments, each playing a role in the IPO’s dynamics.

The Bengaluru-based company plans to utilize the net proceeds from the fresh issue primarily for repaying debts of its subsidiary ILSL Holdings Inc. Additionally, capital expenditure requirements of another subsidiary, Indegene Inc., will be met, ensuring strategic investment in future growth opportunities.

With a fixed price band of ₹430-452 per share, Indegene’s IPO aims to strike a balance between attractiveness to investors and the company’s valuation. The remaining fresh issue funds will be allocated towards general corporate purposes and fueling inorganic growth initiatives.