Indegene IPO to Raise ₹760 Crore, Offering Fresh Equity and employee reservation at a discount

Indegene is a unique player in digital-led commercialization services and Life Science Industry

• It enjoys virtual monopoly and has posted steady growth in its top and bottom lines
• Based on FY24 annualized earnings, though the issue appears fully priced, its niche place in the segment makes it a reasonably priced issue
• The segments in which this company is operating is poised for bright prospects ahead
• Investors may lap it up for the medium to long term rewards

BILKULONLINE

Ahmedabad, April 30: Healthcare solutions provider, Indegene Limited, has announced plans to open its initial public offering (IPO) on Monday, May 6, 2024. The bidding period will extend for three days, concluding on Wednesday, May 8, 2024.

The offer, priced between ₹430 and ₹452 per equity share, comprises a fresh issue of equity shares estimated at ₹ 760 Crore, and an offer for sale of up to 23,932,732 equity shares. Eligible investors are allowed to bid for a minimum of 33 equity shares and can increase their bids in multiples of 33 equity shares. Moreover, a special reservation for eligible employees, amounting to ₹12.5 crore, has been set aside within the IPO, featuring a discount of ₹30 per equity share.

The proceeds from the fresh issue of equity shares are said to be utilized for the repayment and prepayment of indebtedness of one of its principal subsidiaries, ILSL Holdings Inc, and for meeting capital expenditure requirements of Indegene Inc, another key subsidiary of the company. Additionally, the funds will also be used towards general corporate purposes and inorganic growth.

Founded in 1998, Indegene Ltd has today emerged today as a digital-first, life sciences commercialization company. Indegene Ltd helps biopharmaceutical, emerging biotech, and medical device companies in their journey to develop products, take to market, and grow their impact through the life cycle.

 Indegene brings to the table an amalgam of healthcare domain expertise, quality technology, and an agile operating model. The focus has been on customized solutions rather than on off-the-shelf products. The customer experience is not only personalized, but also scalable and an omnichannel experience for patients and physicians. In short, the company enables healthcare organizations to be future ready. Indegene has over 5,000 team members worldwide across 17 global offices and services all the top global pharmaceutical companies globally.

Chairman and CEO Manish Gupta talks about the company’s growth prospects in the life sciences industry, client profile and acquisition plans during his interaction with media in Ahmedabad on Tuesday. Dr. Sanjay Suresh Parikh, Executive Director and Executive Vice President, Suhas Prabhu, CFO of the company and Rahul Nandwani from Kotak Mahindra Capital company were also present to answer the queries of the press.

Gupta siad “Among the key offerings of Indegene Ltd is enterprise commercial solutions intended to elevate customer experience across enterprise and transform commercial operations. The other offering is enterprise medical solutions that help communicate scientific information lucidly to improve regulatory compliance and manage safety efficiently. The third business line is enterprise clinical solutions which help to accelerate clinical trials in order to bring innovative therapies to patients quicker. Indegene Ltd also offers omnichannel activation solutions to customers which help to grow revenues, elevate customer experience, and augment teams with a go-to-market approach. Finally, Indegene Ltd also offers NEXT Technology Platforms that are intended to scale up outcomes in a non-linear fashion. All these solutions are delivered to the customers by Indegene Ltd through consulting, centres of excellence, and through development and co-commercialization”.

Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, J.P. Morgan India Private Limited and Nomura Financial Advisory and Securities (India) Pvt Ltd are the book running lead managers of the Indegene IPO, while Link Intime India Private Ltd is the registrar for the issue.