Indegene Limited started its journey on the market with a solid debut on May 13, opening at Rs 655, marking a 45 percent premium over its issue price of Rs 452.
However, these initial gains fell short of grey market predictions, where shares were trading at a 68 percent premium. The grey market, an unofficial trading platform, allows shares to be traded well before the subscription offer opens and continues until the listing day.
During the three-day subscription period, the Rs 1,841.76-crore public offer garnered strong interest, with a subscription rate of 69.91 times. Investors snapped up 201.81 crore equity shares, surpassing the 2.88 crore shares on offer. High net worth individuals led the way, subscribing to the reserved portion 55.07 times, followed by Qualified Institutional Buyers (QIBs) at 197.55 times. Retail investors also showed significant interest, booking 7.95 times their portion.
The company intends to utilize the fresh proceeds from the offering to repay subsidiaries’ debt, fund capital expenditure requirements, and for general corporate purposes.
The company raised Rs 549 crore through the 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.
Indegene specializes in providing digital services for the life sciences industry, supporting various aspects including drug development, clinical trials, regulatory submissions, pharmacovigilance, complaints management, and sales and marketing support.
Disclaimer: It is advised to consult certified experts before making any investment decisions.
