Sagility India IPO Kicks Off Today, Anchor Investors Pour in ₹945 Crore

5 Nov 2024 , 03:17 AM

Bengaluru-based healthcare services provider Sagility India has raised ₹945.4 crore from 52 anchor investors on November 4. The ₹2,107-crore IPO will open for all investors on November 5 and will close on November 7.

This IPO is an offer-for-sale of 70.2 crore equity shares by the Netherlands-based promoter Sagility BV, which is affiliated with EQT Private Capital Asia. The offer price has been set at ₹28-30 per share, giving Sagility India a valuation of ₹14,044 crore at the upper price limit.

According to filings, Sagility India has allocated 31,51,34,668 equity shares to anchor investors at ₹30 per share. Key global investors participating include Nomura Funds, Government Pension Fund Global, Florida Retirement System, TIMF Holdings, Societe Generale, and Goldman Sachs.

Several domestic funds and insurance firms have also invested, including ICICI Prudential Mutual Fund, HDFC Mutual Fund, Mirae Asset, ICICI Prudential Life Insurance, Whiteoak Capital, PGIM India, Edelweiss Trusteeship, Motilal Oswal Mutual Fund, Baroda BNP Paribas Mutual Fund, Max Life Insurance, Aditya Birla Sun Life Insurance, Invesco India, SBI General Insurance, and Bharti Axa Life Insurance.

Sagility India disclosed that 11.84 crore shares were allocated to eight domestic mutual funds through 26 schemes.

Focused on the U.S. healthcare market, Sagility India provides services to “payers” (health insurance companies) and “providers” (hospitals, physicians, diagnostic firms, and medical device companies).

In late October, the promoter raised ₹366 crore by selling 12.2 crore equity shares at ₹30 each to investors such as Adani Properties, Elpro International, Avendus, 360 ONE, Jasub Property Holdings, Jaya Chandrakant Gogri, Rashesh Chandrakant Gogri, PAM Family Trust, Shradha Family Trust, and Unmaj Ventures.

Sagility India will not receive any proceeds from the IPO, as funds raised (excluding expenses) will go to the promoter Sagility BV.

ICICI Securities, IIFL Capital Services, Jefferies India, and JP Morgan India are the lead managers for the IPO.