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    Indegene IPO booked over 10x so far on Day 3. Check subscription, GMP and other details

    Synopsis

    Indegene IPO GMP: On the final day of the initial public offer (IPO), Indegene was booked a little over 10 times so far on Wednesday, the last day of the bidding process.

    Indegene IPO booked over 10x so far on Day 3. Check subscription, GMP and other detailsAgencies
    On the final day of the initial public offer (IPO), Indegene was booked a little over 10 times so far on Wednesday, the last day of the bidding process.

    Non-institutional investors led the strong demand with a subscription of nearly 30 times, followed by QIB investors booking nearly 6 times and retail investors category booking 5 times.

    Ahead of the issue opening, the company raised nearly Rs 549 crore from anchor investors.

    Some of the marquee investors who participated in the anchor round include Capital Group, Fidelity Investments, Loomis Sayles and Company, Jupiter Asset Management, Abu Dhabi Investment Authority, SBI Mutual Fund, ICICI Prudential Mutual Fund among others.

    The IPO comprises fresh equity issues worth up to Rs 750 crore and offer for sale (OFS) of up to 2.93 crore equity shares by existing investors.

    Under the OFS, Manish Gupta, Rajesh Bhaskaran Nair, Anita Nair, Carlyle, Brighton Park Capital, Nadathur Family Office among others will offload shares.

    The funds raised through the fresh issue would be used to pay a debt, fund capital expenditure requirements, payment of deferred consideration for one of its past acquisitions, fund inorganic growth and general corporate purposes.


    Indegene IPO GMP


    In the unlisted market, the company's shares are trading with a premium of Rs 260, unchanged from the previous day.

    Also Read: TBO Tek IPO opens for subscription. Should you apply?


    Indegene IPO review


    Analysts believe Indegene IPO gives investors a unique opportunity to invest in a leading provider of digital-led commercialisation services tailored for the life sciences industry

    "We are recommending investors to subscribe the issue for the long term and if we get good healthy listing gains above 25% we recommend conservative investors to book profit," said Mehta Equities.

    "We believe outsourcing should services by the pharma companies should grow at a much faster rate than the pharma sector and within pharma - biopharma should continue to outpace general pharma industry growth and this along with debt repayment and the capex should yield very healthy growth, hence we recommend to subscribe to the issue," said SMIFS.


    Indegene IPO price band


    Indegene has fixed a price band of Rs 430-452 for its maiden public offer. At the upper end, the company plans to raise Rs 1,842 crore through the issue.

    Other details


    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.

    The company combines over two decades of healthcare domain expertise and our technology platforms to provide solutions that assist life science companies in clinical trials, support their regulatory and safety operations, aid in the launch of their products in the market and drive sales and marketing through the life cycle of their products.

    For the period ended December 2023, the company clocked revenue from operations of Rs 1,969 crore and posted a profit after tax of Rs 241 crore.

    Kotak Mahindra Capital, Citigroup Global Markets India, J P Morgan India, Nomura Financial Advisory and Securities (India) are book-running lead managers to the issue.

    (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)


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