The much-awaited Initial Public Offering (IPO) of Indegene Limited is poised to enter the Indian primary market on Monday, breaking a notable trend of no IPO launches in May during the past four Lok Sabha Election cycles. Typically, the period from April to June witnesses subdued activity in primary markets due to election-related uncertainties. However, this trend has been disrupted by the recent JNK India IPO, followed by the upcoming Indegene IPO. Indegene Limited, a digital service provider, has set the price band for its IPO at ₹430 to ₹452. The book build issue commenced today and will run until 8th May 2024, offering investors ample time to participate. Currently, Indegene Limited shares are commanding a significant premium in the grey market, trading at a premium of ₹246, as noted by stock market observers. The IPO comprises a combination of fresh shares and offers for sale (OFS), presenting investors with a diversified opportunity. The public issue is slated for listing on both the BSE and NSE, promising wider accessibility to investors across the board. With the buoyant interest in the grey market and the anticipation surrounding its debut on the exchanges, the Indegene IPO is poised to make a significant impact in the market landscape.
Indegene IPO subscription status
By 2:30 PM on the first day of bidding, the public issue had been subscribed 0.83 times, while the retail component had been booked 0.97 times. The NII part of the public offering was booked 1.54 times.
Important Indegene IPO details
- Indegene IPO GMP: According to market experts, shares of the business are currently trading at a premium of ₹246 on the gray market.
- Indegene’s IPO price is set at ₹430 to ₹452 per share.
- Indegene IPO date: The book build issue begins now and concludes on May 8, 2024.
The Indegene IPO combines fresh shares and OFS, intending to raise ₹1841.76 crore. The company aims to raise ₹760 crore through the issue of new shares as part of its expansion strategy. The remaining ₹1081.76 crore is earmarked for the OFS route, giving existing shareholders the opportunity to depart. The financial structure of the IPO shows Indegene’s strategic approach to the public offering.
- Indegene IPO lot size: A bidder can apply in lots for the mainboard IPO, with each lot containing 33 firm shares.
- Indegene IPO allotment date: The expected date for share allotment is May 9, 2024, which falls on Thursday this week.
Link Intime India Private Limited has been designated as the official registrar for Indegene IPO.
Indegene IPO listing: The book build issue is planned for listing on the BSE and NSE.
Indegene IPO listing date: Following the implementation of the ‘T+3 listing rule’, the most likely date for share listing is May 13, 2024.
Indegene IPO: Good or bad for investors?
- Indegene IPO review: With a ‘subscribe’ tag to the public issue, Prathamesh Masdekar, Research Analyst at StoxBox, said, “Indegene is a provider of digital-led commercialization services for the life sciences industry, including biopharmaceutical, emerging biotech and medical devices companies. The company has developed various tools and platforms, including applications that automate and create AI-based efficiencies in developing commercial assets, regulatory documents, and medical content. Since its inception, Indegene has completed 13 acquisitions, which have helped it access new technologies, markets and clients and expanded the range of solutions it offers to clients. The company grew its revenues at a CAGR of 54.5% during the FY21-23 period. Going ahead, the improvement in operational performance is anticipated to be driven by strengthening their go-to-market approach through deepening relationships with existing clients, establishing new client relationships, strengthening new market segments, focusing on high-value opportunities, and scaling promising business verticals. Therefore, we remain positive and recommend investors apply to the IPO from a medium to long-term perspective.”
Amit Goel, Co-Founder and Chief Global Strategist at Pace 360, advised investors to apply for the public offering, stating, “Before the IPO debut, the company’s shares are demanding a huge premium of over 55% on the gray market, signaling strong investor interest. Prospective investors may consider subscribing in order to take advantage of potential listing advantages. Investors can park moderate assets for the long time and add more post-listing at lower levels to average their investment with a long-term investing strategy.”
BP Equities, Indsec Securities, SBICAP Securities, SMIFS, and Ventura Securities have all given the Indegene IPO a ‘buy’ rating, whereas Mehta Equities, Sushil Finance, and Axis Capital have not.
