The initial public offering (IPO) of Indegene continued to attract robust investor interest as it headed into the final day of bidding on May 8. The issue garnered subscriptions of 9.42 times, with investors bidding for 27.19 crore equity shares against the 2.88 crore shares on offer.
Indegene specializes in providing digital services for the life sciences industry, assisting in various aspects such as drug development, clinical trials, regulatory submissions, pharmacovigilance, complaints management, and sales/marketing support.
High net worth individuals led the subscriptions, oversubscribing their reserved portion by 25.68 times, followed by qualified institutional buyers (QIBs) who subscribed 5.69 times their portion. Retail investors also showed strong interest, booking 4.61 times their allocated shares.
The Rs 1,841.76-crore public offer consists of a combination of a fresh issuance of shares worth Rs 760 crore and an offer-for-sale of 2.39 crore shares worth Rs 1,081.76 crore at the upper price band of Rs 452.
Indegene raised Rs 549 crore through its anchor book on May 3, with institutional investors including Smallcap World Fund Inc, Abu Dhabi Investment Authority, East Bridge Capital Master Fund, Copthall Mauritius Investment, SBI Mutual Fund, ICICI Prudential MF, Whiteoak Capital, DSP Mutual Fund, and Kotak Mutual Fund participating.
The company is set to debut on the BSE and NSE, with the tentative listing date scheduled for Monday, May 13, 2024.
