Indegene, a company backed by private equity firms Carlyle and Nadathur Fareast, has announced the price band for its initial public offering (IPO) scheduled to open on May 6. The price range is set at Rs 430-452 per share for a total IPO size of Rs 1,842 crore. The IPO comprises a fresh issue to raise Rs 760 crore, while existing shareholders will offer shares worth approximately Rs 1,081.75 crore.
The selling shareholders include Manish Gupta, Dr. Rajesh Bhaskaran Nair, Anita Nair, Vida Trustees (Trustee of Fig Tree Trust), and entities like 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 with 23.64%, followed by CA Dawn Investments backed by Carlyle with 20.42%.
Anchor bidding will commence on May 3, and the IPO will close on May 8, with allotment basis decided by May 9 and refunds initiated the next day. The company is expected to list on stock exchanges on May 13.
Indegene, headquartered in Bengaluru, plans to utilize Rs 391.3 crore from the fresh issue proceeds to repay debts of its subsidiary ILSL Holdings Inc. Additionally, Rs 102.9 crore will be allocated for capital expenditure requirements of its material subsidiary, Indegene Inc, with the remaining funds earmarked for general corporate purposes and potential inorganic growth.
The company provides digital-led commercialization services for the life sciences industry, catering to biopharmaceutical, emerging biotech, and medical devices companies across drug development, clinical trials, regulatory submissions, pharmacovigilance, complaints management, and sales and marketing. As of December, Indegene had 65 active clients, serving them from operational hubs in North America, Europe, and Asia.
The IPO’s book-running managers are 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.
