The ₹1,842-crore initial public offering of healthcare tech service provider Indegene Ltd opens for public subscription today. The issue will close on May 8. The IPO comes with a price band of ₹430-452 and the market lot is 33 shares.

IPO details

The IPO comprises a fresh issue of equity shares worth up to ₹760 crore, and an offer-for-sale of up to 2.34 crore equity shares, aggregating ₹1,082 crore. Through the OFS investors such as CA Dawn Investments, a Carlyle group entity, Vida Trustees in its capacity as a partner of Group Life Spring, Brighton Park Capital’s entities BPC Genesis Fund I SPV Ltd, and BPC Genesis Fund I-A SPV Ltd, and individual investors Manish Gupta, Rajesh Bhaskaran Nair, and Anita Nair will sell stake.

Currently, Nadathur Fareast Pte Ltd is the biggest shareholder in Indegene, with a 23.64 per cent stake. CA Dawn Investments holds 20.42 per cent stake and Brighton Park Capital 12 per cent stake in the healthcare company.

The digital service provider that caters to the life sciences industry, has reserved 50 per cent of the net issue to qualified institutional bidders (QIBs), while 15 per cent is reserved for non-institutional investors (NIIs) and the balance 35 per cent for retail investors

Anchor investors

As part of the IPO, the company on Friday raised ₹549 crore from anchor investors. It has allotted 1.21 crore shares to 36 funds at ₹452 apiece.

Among the anchor investors are Capital Group, Fidelity Investments, Jupiter Asset Management, Abu Dhabi Investment Authority, SBI Mutual Fund, ICICI Prudential Mutual Fund, Nippon India Mutual Fund, DSP Mutual Fund, Premji Invest, UTI Mutual Fund, Edelweiss Mutual Fund, Aditya Birla Sun Life Insurance Company and Bajaj Allianz Life Insurance Company.

Utility of funds

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

Founded in 1998, Indegene offers solutions that enable biopharmaceutical, emerging biotech and medical devices companies develop products, launch them in the market, and drive sales throughout their lifecycle.

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